Finding the right banking solutions for your business

Whatever your business’ banking needs are, you want clear solutions. Banking products need to meet your requirements and support your business goals. Businesses typically have a variety of needs, such as cash flow management, payment solutions, loans, or expansion into overseas markets. There are a range of banking products to address these.

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

Deposit Products

Almost all businesses need some kind of bank account, allowing them to settle their payables and receivables. A Business Transaction Account gives you these functions. Bendigo Bank business accounts may include features like overdraft facilities, mobile payments, and internet and phone banking.

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, free e-banking transactions and a single interest rate.

An option for managing cash over the long, medium and short term is a Term Deposit. This offers businesses a way of reserving capital for future investments. For example, if your business has sold an asset such as a building, you might have significant capital funds that you don’t need access to for a specified period. Let’s say you won’t be purchasing a replacement straight away, but do need to have the funds available for a purchase in a year’s time. A term deposit could offer a way to preserve this base capital and earn interest on it, while still making sure you can access the funds after the agreed term for a future purchase.

There are a variety of term deposit periods available. This can offer security while letting business customers take advantage of competitive interest rates.

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

Receiving payments

A vital part of any business is receiving payments from customers. With the shift to cashless payments, it’s important to have a way for customers to pay with cards or other methods. That’s where Bendigo Bank powered by Tyro terminals come in. One option is an EFTPOS machine on the counter in a fixed premises. A mobile terminal allows you to take it to your customer – for example, taking payment directly at a table in a café.

Have you got an online store as well as, or instead of, a brick-and-mortar premises? Or are 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 when you’ve been paid, and by whom. 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

As well as storing and managing cash flow or capital funds, at some point most businesses may need finance. This can change at different stages of business. As you develop, you may need a new factory or bigger premises for your business, or seek to grow with further investments or inventory. The Bendigo Bank lending team can provide advice and support on finding finance to suit your needs.

Most businesses require 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.

Jacinta Jones is Project Owner, Customer Proposition at Bendigo Bank. She has a long history working in transactional banking. Her passion is addressing the complex challenges faced by business customers.

“At Bendigo, we don’t take a one-size-fits-all approach,” explains Jacinta. “Not all customers are alike, but their challenges are essentially similar when it comes to payments. We work to help customers make and receive payments with ease and confidence.”

What sets Bendigo Bank apart is that we build strong relationships with our business customers, and work with you over the long term. Whatever your business, whatever its size or stage, we work to find the banking products and services that serve your needs.

Your Business Matters! Make an enquiry today.