Financial Services for SMEs You Should Care About
While financing your small business may be the most important aspect in which you require financial services for, it is definitely not the only area in which you could benefit from using the right service provider. There are so many areas, some of which you don’t even think of or know you have bank alternatives for.
Let’s begin with the countdown of the most important areas for you to improve on as an SME owner or financial manager.
Top 5 Most Important Small Business Bank Alternatives
Credit cards are also a form of business financing. Even the best cards provide high-interest loans which we recommend avoiding, but it’s a form of payment that is so common that there is no way around it. As a small business owner you will pay a lot of money via your credit card, whether it’s when you make online purchases on Paypal, buy machinery, computers or something else.
The question is what do you get back from the credit card. What kind of kickback or “cash back” offer does you credit card have. Find some options here on the Best Cash Back Credit Cards of CreditCompare.com.au. Some of them will give you as little as $50 back each month but some can give you 20,000 FlyBuys which means a free flight.
FX – Overseas Payments
Banks will charge you through the roof on overseas money transfers. What they are presenting on their advertising is only the wire fees which are meaningless for large overseas money transfers. What you should really care about is the margins they take from the real inter-bank rate which may be as high as 3%. There are alternative companies dealing with money transfers and specialising in the small business domain. One example of such firm is World First which has Australian offices and staff.
Most of the big banks in Australia will enable you to move to an online-only account which will prevent you from getting service and support at the branches but will save you arms and legs on the fees. In Canada, ING has Tangerine Bank which is a a completely separate brand name which operates on its own and has better fees all around.
Automated Employee Benefits and Insurance
Gone are the day in which your insurance agent was your go-to guy. In a digitalised world, that sort of thing is just not needed. You, or someone from your staff, can take care of it directly with the company. Similarly, employee benefits is something that should not be manually calculated and applied. There are smarter solutions like FlareHR!
Electricity and Gas
Why not compare electricity and gas providers? You can save up to 50% on your monthly bills with little to no effort and hassle. All you need to do is find an alternative provider and he will take care of the rest!
We hope this small business financial services list has provided you with some insights and understanding of the vast amounts of money you could save if you were to seek (and find!) the right service providers.