Knowing your business banking is taken care of is a vital way to ensure smooth operation of your business. But sometimes, hurdles can pop up and cause frustration, which is never pleasant especially when they distract from running your business.
We explain what to keep in mind when things go a little awry and you’re having problems with your business banking.
Always keep in mind that banking providers want to keep you as a customer. Operating in a way that would force you to switch is that last thing they’ll want to do.
The best banking providers will have a dedicated support team available as close to 24/7 as possible to ensure that any issues you may be facing can be rectified quickly. This also goes for any issues that stem from the provider themselves, such as if their online banking service goes down for a significant period of time.
If they make sure to inform their business customers promptly, and remain as transparent as possible over what the issue might be, what their efforts to fix it are, and when a fix is expected, then it will prove you’re with a provider who cares about treating their customers right, and doing their best to ensure an error-free experience.
If you’re having trouble, but facing a bit of a brick wall when trying to find out more about an issue you’re trying to solve, it can definitely feel a bit frustrating. Especially because it’s your money that’s being held in the bank.
So, if you are having a tough time, then maybe it’s time to see what other providers are on the market? Maybe a local banking provider has a great reputation within the local community, or one provider has a proven history of exceptional customer service and stability of service.
The important thing at every point is to put your business first. Choose whatever feels right for you, and whatever provider looks to be the best option to ensure your business has continued and issue-free access to your cash-flow and monitoring tools.
If the issue you’re facing is an extremely drastic one such as your current provider facing imminent closure, you should try to remain as calm as possible, even if it’s a stressful prospect.
The main thing to keep at the forefront of your mind is that up to £85,000 of your money per institution – meaning per distinct bank - is completely safe and protected under the Financial Services Compensation Scheme.
Perhaps you choose to have a secondary business bank account where you keep a business investment nest egg of that £85,000. Say, for example, if you’re looking to make some upgrades to your business at some point and you’d like to know that the money is accounted for and safe. Meanwhile, your main business bank account could be for general day-to-day transactions, where the amount in the account fluctuates daily.
Separating your money in this way can help you see through a tough period if something does go wrong, meaning you’re still wholly able to meet business needs as much as possible until you’re settled with a new provider.
Knowing your money is secure is certainly one major way to put your mind at ease during the operation of your business. That’s why our FSB Business Banking service is on hand to provide you with peace of mind.
This service includes benefits such as:
This service is included as standard in our FSB Business Essentials package. For more information on the benefits of this service, take a look at the FSB Business Banking page. Alternatively, take a look at our package comparison page to see what additional benefits you receive with our services.
FSB members are entitled to a specially tailored bank account from the Co-operative Bank, giving you the freedom to focus on running your business.