Finding the right banking solutions for your business

Whatever your business’ banking needs, you want clear solutions. Banking products need to meet your requirements and support your business goals.

Businesses have a variety of needs. This can include cash flow management, payment solutions, loans, or expansion into overseas markets. There are a range of banking products to address these needs.

The right products work to make things simpler for you. That means you can spend less time on administration and more time on your business and customers.

Deposit products

Every business will need some kind of bank account. It’s essential to settle payables and receivables. And it’s important you understand your options and which one is right for you.

Business Transaction Accounts are specialised accounts that are flexible and easy to use. They include features like overdraft facilities, mobile payments, internet and phone banking, and more.

Your business may hold cash reserves to meet short term or unexpected costs. If you want to earn interest on these funds, a Business savings account could meet your needs. Bendigo Bank’s accounts include options that have no account service fee and free e-banking transactions. They also offer a single interest rate.

An option for managing cash over the long, medium and short term is a Term deposit. Businesses can reserve capital for future investments, earning interest on those funds for an agreed term. Generally, the longer the agreed term, the higher the rate of interest returned.

For customers who have more than $500,000 in deposit funds, the Money Market Investments team can help with tailored deposit solutions.

Receiving payments

Being in business means receiving payments for goods or services. With cashless payments becoming the standard, it’s important to have a way for customers to pay by card or other methods.

That’s where Bendigo Bank powered by Tyro comes in. Two of the latest options are Tap to Pay on iPhone with the Tyro BYO App and the Go EFTPOS reader.

These technologies allow businesses to take payments from anywhere, integrating with traditional EFTPOS machines to queue bust during peak times. They require little to no hardware – just your mobile phone or a small EFTPOS reader – and are cost effective. You can also track insights and data to help manage cash flow, and next day settlements help make running your business easier.
Another option is an EFTPOS machine on the counter in a fixed premises. Or a mobile terminal, which allows you to take it to your customer – for example, payment made at a table in a café.

If you regularly sending out invoices, you’ll likely need an eCommerce solution. Systems including BPAY, Direct Entry (both direct debit and credit), and Ezidebit allow your customers to pay invoices directly.

These options also make it easy to track who has paid you, and when. PayID now also offers a simple and more secure method to receive payments. With PayID you can use your ABN, an email address or phone number rather than BSB and account number, meaning you can keep banking details private.

Managing payments

Bulk payments are a way to make multiple payments with a single file, streamlining your processes and reducing the likelihood of errors. When you need to run your payroll or pay multiple suppliers, the bulk payment file can be used, enabling multiple payments at once.

For day-to-day expenses, some businesses have moved away from using petty cash and are providing employees with individual debit or credit cards. This means smaller expenses such as stationery or a conference registration can be paid by card, without the need for cash. This is typically more efficient, reduces security concerns, allows for online purchases, and makes payments easier to trace.

Business credit cards come with individual spending limits for each cardholder. Bendigo Bank cards offer flexible billing structures, competitive interest rates and interest-free periods. Our business debit cards let you transact online, over the phone, in Australia and overseas. This gives easy access to your cash wherever you are. There is no cost for additional cardholders.

Finance products

At some point most businesses may need finance. This can change at different stages of business. As you grow, you may need a new factory or bigger premises for your business, buy more inventory or make other investments. The Bendigo Bank lending team can provide advice and support on finding finance to suit your needs.

Many businesses need equipment. This could range from vehicles to manufacturing machinery, gardening equipment or industrial kitchens – whatever your business needs to run. If you need to purchase or upgrade, Equipment Finance provides a variety of loan and repayment options.

Operating internationally

You may find that importing or exporting goods or services provides new opportunities for your business. This could be anything from gourmet foods to software products.

Buying or selling internationally can open up new markets, but also mean additional challenges. International transactions will mean you need to work with foreign currency. This can open up risks around exchange rate fluctuations. You may also need to navigate logistics like shipping, customs and documentation.

Bendigo Bank has a specialist FX and trade finance team that can support all aspects of international operations. There are specific accounts and tools that can help businesses of all sizes, such as a Foreign Currency Account.

Trusted relationships with business

Bendigo Bank has a dedicated Specialist Solutions team. This team advises our business customers based on their unique needs. We can find solutions for challenges you’re facing with cash flow, liquidity, payments or other issues.

Any advice provided in this article is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether any product is appropriate for your situation before making a decision to acquire it.

Terms and conditions, fees and charges, and eligibility criteria applies. Credit criteria also applies for Trade Finance products. The Forward Exchange Contract, Foreign Currency Account and Trade Finance products each have a Product Disclosure Statement and Target Market Determination which are available on our website. Please read the applicable product documents including the terms and conditions and, if applicable, the Product Disclosure Statement on our website before acquiring or making a decision about a product.