BNZ Best in the Business
CANSTAR CANNEX announces Small Business Banking award.
Given the significant demise of an entire tier of institutions that previously provided important products and services to the small business sector one could be forgiven for thinking that small business is not well catered for in today’s market.
However research by ratings company CANSTAR CANNEX found that the major banks are stepping up to fill the breach and provide small business with the range of products, services and specialist business managers needed to support this important sector in the New Zealand economy.
Comparing business banking products is complicated and is one of those things a small business owner typically has neither the time nor the inclination to do. With a wide range of products available, comparing business banking products can be an exhaustive task in the already hectic lives of small business owners.
In order to assist small business,
CANSTAR CANNEX has instigated an annual comparison of
products and services of real value to small business. They
star rated business savings and transaction accounts,
compared term loan and credit cards features, the
availability of online and phone services as well as access
to specialist business banking specialists.
After all the points were added up, the BNZ triumphed as providing the best value in the area of small business banking.
CANSTAR CANNEX NZ National Manager, Derek Bonnar, said “it’s hugely encouraging to see the major Banks, such as the BNZ, stepping into the breach to support small business given the gap that was left in the market”.
“In response to feedback from business customers BNZ increased the number of small business managers and extended their hours of operation. They are to be congratulated for this.”
As well as providing specialised small business banking products and services, BNZ recognise that each business has different needs and provide a range of educational resources, articles, videos, podcasts, worksheets and templates to help owners stay informed and on track. Page 2 of 3
“It’s obvious the BNZ has put much thought into what is truly helpful to small business and has recognised the importance of this sector to the NZ economy” Mr Bonnar said.
It goes without saying that monitoring income and expenditure is more essential than ever for small business. Banking, too, should be reassessed every time you look at your overheads. These are costs to your business and need to be treated like any other operating expense.
According to CANSTAR CANNEX, there are ways to prune banking expenses, as well as banking practices that lead to unnecessary expenses.
How to keep banking costs under control
1. Aim for quick crediting of your merchant settlements, particularly if the peak time in your business is at weekends. Otherwise your money can be tied up for 3 days.
2. Look for low-cost transaction accounts.
3. If you pay credit card interest most of the time, switch to a low rate card and save yourself interest..
4. Keep the lid on penalty fees. Just a few can blow out costs. If this is a problem in your business, look at setting up an overdraft to cover gaps in your cashflow.
“You may not save an earth-shattering amount of money in each area of your banking but you might be surprised how it all adds up,” Mr Bonnar said.
Of course at the end of the day small business operators work long and hard for their money so it’s nice when you get something back and BNZ have done this by providing the only small business credit card that offers Airpoints. They also provide the lowest rate business credit card in the market at 14.95%.
“We’ve done the hard yards for you, comparing loan and credit card features as well as awarding five stars to savings and transaction products that offer outstanding value,” Mr Bonnar said.
The report can be downloaded on http://www.canstar.co.nz/