As any small business which has needed extra funding in the form of a loan may already know, wading through the jargon and costs associated with a small business loan can be seriously headache-inducing.
The Liberal National Government is targeting more than three million small businesses around Australia with two new initiatives aimed at improving access to better value funding for SME’s.
A collaboration between three of Australia’s largest banks will now allow small businesses and contractors to be paid instantly by their customers on the spot, without the need for cash or bank details like BSB or account numbers.
For many Australians, a savings account is the most accessible and flexible outlet for the money they’re looking to save. But as prospective savers know all too well, the value offered by savings accounts isn’t what it was a few years ago.
Business-only bank, Tyro have today announced the Tap & Save scheme designed to save small businesses processing costs when it comes to contactless payments.
With a rumoured launch date sometime in February, the countdown to the much-awaited New Payments Platform (NPP) - which is set to transform the Australian banking landscape - could be just a matter of weeks away.
If you thought the wait for your pay cheque was bad, spare a thought for Australian small business owners who were found to have to wait an average 25 days past the due date to receive payments for services according to data from a recent Inquiry into Payment Times and Practices.
It turns out that small businesses aren’t embracing the digital revolution quickly enough after new research from American Express revealed that just 52% have a website, despite it being a major convenience for customers.
Australian small business owners without brick-and-mortar assets are being held back from accessing much needed funding, but that could be about to change, as the Australian Small Business and Family Enterprise Ombudsman has thrown its support behind proposed changes to the Banking Act.
Small business owners could soon be interacting with NAB’s Aussie-first virtual chatbot bankers, as the bank continues to cut the time customers spend on tedious admin tasks.