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Thread: Which is the best of the 4 evils (small business banking)

  1. #11
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    Quote Originally Posted by IanF View Post
    Hi Aiden
    Thanks for that I will check out Payu then.
    Cool, like i said, if you do actually want to use them, let me know, and ill PM you the ladies details.

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    Diamond Member Justloadit's Avatar
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    I am with FNB, and there is no charge for EFT deposits into my account, and this would probably be how the money enters into your account from whatever platform.

    The only time I pay for a deposit, is when there is cash or a cheque used for the deposit.

    If you wish to really pay low fees, then look at Capitec, not really business, per se, but give them a call and see what they say.

    I am with FNB and quite happy with the service as far as electronic banking goes. Hardly ever go to a branch, and usually have the manager come and visit me, but then again I have been their client for years, and have had a number of business accounts with them over the years.
    Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
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    Site Caretaker Dave A's Avatar
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    Capitec seems to come with the lowest costs - I'd seriously consider it while in early start-up mode.

    When it comes to the Big 4 - An FNB account would come with the potential of having a PayPal merchant account without having to pull tricky stunts...

    Fees may vary from bank to bank according to your banking profile, but best I can tell Standard has managed to become the most expensive across virtually all levels.

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    Quote Originally Posted by Dave A View Post
    but best I can tell Standard has managed to become the most expensive across virtually all levels.
    Its crazy, They are nuts. I bank with Nedbank, but have been severely underwhelmed.

    i like FNB because of all the stuff they offer with it (the extra goodies) which is why i asked the question on here.

    But getting any information from any bank is like drawing blood from a stone!

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    Site Caretaker Dave A's Avatar
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    Quote Originally Posted by aidenmark View Post
    Its crazy, They are nuts. I bank with Nedbank, but have been severely underwhelmed.
    I bank with Standard and I find their service levels great. Their fee structure options also improve once you reach a scale where their Business Online banking package starts to be viable - but only once you have to make around 50 payments or more per month. As a rough guide, if you're spending about R800.00 per month or more on your bank service fees, you might want to look at it.

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    Diamond Member Blurock's Avatar
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    Best and worst banks in South Africa
    # Bank SAcsi 2015
    1 Capitec 82.2
    2 FNB 79.3
    3 Absa 74.8
    4 Nedbank 74.8


    http://www.702.co.za/articles/1973/t...they-got-there - The people have spoken via a customer satisfaction index and, unfortunately, Standard Bank isn't moving forward. Would you agree?
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    Silver Member Greig Whitton's Avatar
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    Quote Originally Posted by aidenmark View Post
    The piece i am actually trying to find is a bank that wont entirely fleece me just because the account is labelled as a business account. I mean as a micro enterprise the rands and cents matter.
    Firstly, congrats on launching a new business and achieving some early market traction!

    Your question (i.e. which bank account should I use?) is one that new business owners ask a lot. My suggestion is always the same: bank with whoever you are comfortable and get the most basic entry-level business account that they offer. Yes, you might be able to save a few bucks by hyper-analysing every possible option, but in the bigger scheme of things it probably won't matter. Either your business will take off (in which case banking costs should be a nominal line item) or it won't (in which case it won't matter).

    Just to be clear, I'm not saying that you shouldn't embrace vigilant cost control because it absolutely is important (at every stage - not just when starting out). But as important a resource as money is, your time is even more valuable. Researching bank options excessively is time that could almost certainly be allocated more productively somewhere else. Obviously you shouldn't choose blindly, hence my advice: pick the bank that you like the most (or dislike the least) and get their least expensive business account. You can always change your mind later.

    Quote Originally Posted by aidenmark View Post
    So we have registered a company, and are kind of set on a payment gateway, as we found someone that will process the payment, and pay out the money every so often at 3.2% per transaction ( ridiculous, but the best of the bunch, and removes the need for a merchant account ).
    Just to be clear, does your payment gateway charge 3.2% per outbound transaction (i.e. transferring payments received into your bank account) or 3.2% per inbound transaction (i.e. payments received from sales)? The latter is reasonable (assuming it is limited to credit card transactions - if it applies to bank debit orders as well then it is excessive) but the former is ridiculous.

    For what it's worth, I've used Sage Pay for years and recommend them highly. Their fees are low, their service is extremely reliable (I have literally never encountered a single glitch in 3+ years), and their client service / support is exceptional (I used a FNB merchant facility before switching to Sage Pay, and that was hideously expensively).

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    Quote Originally Posted by Blurock View Post
    Best and worst banks in South Africa
    # Bank SAcsi 2015
    1 Capitec 82.2
    2 FNB 79.3
    3 Absa 74.8
    4 Nedbank 74.8
    I wish Capitec had a business offering, They would probably be my number 1 choice.

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    Quote Originally Posted by Greig Whitton View Post

    Just to be clear, does your payment gateway charge 3.2% per outbound transaction (i.e. transferring payments received into your bank account) or 3.2% per inbound transaction (i.e. payments received from sales)? The latter is reasonable (assuming it is limited to credit card transactions - if it applies to bank debit orders as well then it is excessive) but the former is ridiculous.

    For what it's worth, I've used Sage Pay for years and recommend them highly. Their fees are low, their service is extremely reliable (I have literally never encountered a single glitch in 3+ years), and their client service / support is exceptional (I used a FNB merchant facility before switching to Sage Pay, and that was hideously expensively).
    Hey Greig, Thanks for the killer post!

    I'll take your advice to heart. with that in mind it will either be FNB ( quite nice with stuff they include ) or nedbank, which is who i bank with. Good point on time being wasted, as soon as i read it i realised it has already happened.

    On the Payment Gateway, they charge 3.2% on incoming card transactions, and 2% on instant-eft. They then charge a pay out fee(R10), for moving the money to my bank account, once weekly. Its the best rate i could find with all the many people i spoke to, and removing the need for a merchant account is a very crucial point of their benefits.

    Sage has some very nice options, but their rate is 3.9%, and they are 100% non-negotiable on it. i liked that you could integrate 2 of their products, and then totally remove the need for a SA Bank Account. All the payments are then done from your sage account. very interesting value proposition. But the 0.7% makes a huge difference in the beginning, and in a few transactions will cover the costs of the banking account.

    Cheers
    Aiden

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    But as important a resource as money is, your time is even more valuable. Researching bank options excessively is time that could almost certainly be allocated more productively somewhere else.
    As much as I agree that time is valuable - you have to spend time researching something that is probably going to be a service provider for you for the next 10 years and spending a day or so finding the best option will save you lots of money over the next few years.

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