Small business banking

[Newretailer]

There must be something wrong with that amount. That's more than one would pay for a cash deposit. I hope FNB treats you a lot better.

[ians]

Been trying to figue out how this R 55 figue came about, reading through fee structure etc, the max fee for an electronic account payment is R 18 some change so I went back and looked at the statement again on the phone, Then decided to open it on the laptop instead, I must apologies it seems it is my mistake. It seems another purchase was made within a couple of minutes of each other from the same company. 😏

[IanF]

One thing I did forget to mention which I believe is going to be a huge factor when considering which bank to use as a small business. Smart phone payment methods, especially as a contractor, not so much for my manufacturing side, as payments will be done by electronic transfers.

As I am sure many contractors would agree, on site payments are going to become a reality soon. You fit the light, bill the customer and swipe the card. I believe this is going to help a lot of small contractor survive in the future, improving cash flow.

FNB informed me that they don't offer this facility at this point in time, but it should be available by the end of the year.

Ian
I just remembered about Payfast Pay now you could sign up no monthly fee and go onto the website at the job insert the amount and customers email. Then they can pay via Payfast website with their credit card. You can withdraw the money from Payfast after 48 hours which takes up to 2 days.
Just something to throw into the pot.

[Justloadit]

I have my Trust at Stranded, and just looked, they charge me R5.50 for an EFT.
I see now that FNB no longer show the cost of the EFT transaction on their online bank statement, but charge an amount at the end of the month, in my case somewhere around R3 odd an EFT, I do a lot of EFT's so may have miss counted on the number of EFTs when dividing into the total month cost.

[Newretailer]

Thank you, Ianf. I use Payfast on my website, but didn't realise I can use it for other payments. Does that mean I could get money from other countries that way as well?

[ians]

Inter account transfer R5
eft R4.70 +0.73 % to a max of R18.30

Here is one of the reason I need to move, debit and cheque card payment are charged at R4.15 + 0.67 % max of R 8.75
FNB unlimited free swipes on their cheque card.

[IanF]

Thank you, Ianf. I use Payfast on my website, but didn't realise I can use it for other payments. Does that mean I could get money from other countries that way as well?

Yup we get money that way but we always do it in Rands not sure if you can do other currencies.

[ians]

Something which stuck in my head after the FNB visit, let me word this correctly, you qualify for attention if you turnover more than 10 million or you are in a high level salary bracket,below that you get to deal with a call centre.

I believe this is what a lot of us little businesses dont understand. It clarifies the statements about just being a number. It works the same with personnel accounts your service is determined like everything else in this country, by colour. I know with woolworths for example if you have a black credit card when you contact the call centre they have a dedicated line just for those people, if you have a silver card you join the que and wait for an agent. A tip and i do this even though i only have a silver card i just key the letter and you still go to an agent just get put through a lot quicker.

Something i didnt realise until later in life, how important it is to get an education, by this i mean a degree, you can be the smartest person around but without a piece of paper to tell everyone, your entire being in life is affected, why i bought it up here, because even the manner in Which you are treated at the bank will be determined by that piece of paper. You must have wondered how they determine which card or type of account you get. You the working class account then you get the non working class, in other words you need to qualify for a card. With a degree for example you will earn a min salary of what the higher level bank account offer.

[ians]

My next question is why not as a sole prop open a bank account in Your personal capacity( considering everything about my business is regarded as personal) it would qualify me as prestige account because my turnover is up there with what some big shots companies earn? I get a company car and all the benefits. Just being silly this morning 😜

[Blurock]

My next question is why not as a sole prop open a bank account in Your personal capacity( considering everything about my business is regarded as personal) it would qualify me as prestige account because my turnover is up there with what some big shots companies earn? I get a company car and all the benefits. Just being silly this morning 😜

You are absolutely right. There is no need to register a company if it is only you and one or two employees. A formal registration gives more credibility, but it depends on who you are dealing with and what they or that industry require.

No need to open a separate bank account, as long as you have the discipline to differentiate between business and personal expenses. As a sole prop, everything, including your beer tends to become business expenses, which may bite you when it comes to SARS.

To qualify for a Platinum account at FNB, you need to have a regular deposit (salary) of R16,500 pm. If you can keep a minimum balance of R9000, you pay no bank charges. Link a credit card and there are more benefits such as E-Bucks and Slow Lounge when travelling.