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Banking

Risk averse Australian banks have lost the art of banking — and it’s hurting our economy

You would be hard-pressed finding a story where one of Australia’s big banks supported an... read more

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Brian MallyonOwner at Luckypole Limited
I don't know what happened in banking between 2001-2008, but certainly in my time prior to that, it was very rare for a bank to lend against 80% of the value of a business. It was probably the lending practices and regulations that meant Aussie banks came through the GFC pretty well compared to overseas counterparts. You can be absolutely sure if they hadn't, people would be screaming about the greedy banks getting their just desserts. So where do we find a balance, that is probably a better question. All those excuses listed above are the exact reasons NOT to lend money to people. Why should the bank take on ALL the risk for a transaction where the borrower isn't providing any "hurt" money or collateral, and often nothing more than an idea. Especially when such a large number of these start ups never get going properly, because of the "fail fast, fail often" world we live in. For the true entrepreneurs and innovators where are the VC's and the like? These are the ones whose business is attuned to assisting startups.
Jef LippiattOwner at Startup Chucktown
No access to capital makes it hard (or near impossible) to innovate on a rapid timeline. Great points.
Questions

I've transferred the money to them already. Is this going to cause any issues for claiming the purchase?

I just purchased a computer for business needs but my card wouldn't work. I rang the bank and they... read more

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I've had a large new customer this week call me to say they can only pay me by credit but we don't accept credit cards.

What are our options? read more

$19 Square reader.All you need is a smart phone.You can buy from Officeworks or Bunnings.Charges 1.7% on all transactions.Accepts Mastercard, Visa and American Express.
CAROL JONESOwner at Interface Pty Ltd
Good morning Peter from rural Australia,I agree with John and Jef. Never lose a customer because of a lack of payment options. I learned this very early on in my business.I now accept payment from Visa. Mastercard. Amex. Diners. PayPal. Direct Deposit. Cheque. And if someone asks me for a payment type that I don't have, I'd be looking into it the very next minute.You're in business to satisfy your clients/customers. Not your accounting procedures. You have to bend to satisfy them. Not them bend to satisfy you.As a customer I've walked away from many an online business because they won't accept PayPal.You prosper by accommodating your customers/clients. At the end of the day, they pay all your bills. So always find a way to make them happy.Best wishes,~Carol Jones, Ironing Diva❤ Purveyor of The Fitz Like A Glove™ Ironing Board Cover And Other Goodies 350,000 customers.In 29 countries.
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Is Ozbargain profitable enough for you to make a living?

Scott YangFounder at OzBargain.com.au
Yes. OzBargain (or rather, the company that runs OzBargain, Delvu Media Pty Ltd) is currently employing 4 full time staffs in Australia paying them proper wage.Edit: Someone on OzBargain asked what's the biggest income for OzBargain and whether there's any income source other than ads. The answer is -- yes it's all ads. Mostly from Google AdSense -- they fluctuate seasonally but generally stable. We also show affiliate links to non-logged in users (which they have option to opt-out). Affiliate commission however,Fluctuates too much for a community website with a stable trafficWorking with affiliate networks distracts us from our main goal which is building a community for the shoppers. It takes more time and requires us to form partnership with merchants, which can be undesirable sometimes.And that's all!
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Banking

How to Check and Manage Your Business Credit File

For years now small business owners have said one of, if not, the biggest challenge they face has... read more

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What are the features of business accounts for sole traders?

We are looking at business transaction accounts, and it seems that Bankwest's Business Zero... read more

From personal experience Rosella, be careful - while Bankwest do offer a "fee free" account, you will get hit with fees for almost everything else. Not to mention that they take a LONG time to get an account opened - they took just over 6 weeks for me. I have used it for one of my companies and I really regret doing so. CBA have a better offering... even though you pay $10 a month for the account, it ends up being cheaper in a lot of cases, particularly if you are transferring money overseas (via paypal for example) plus you get an automatic $500 overdraft... quite handy when you are starting out. As for Credit cards, direct debit and BPay - these are not managed by your bank account directly, these are from a Merchant facility. It also depends on whether you intend to have a physical shopfront or an online only one... Hope that helps...
Apurv Bhalla CPAAccountant at Success Tax Professionals in Parramatta
Hi Rosella,Most business accounts do allow you to export the statements and transactions in Excel/Qif files ect.For shopping carts and credit card payments directly usually you will hav eto get a merchant account linked to your business account and then linked to your website.Paypal payments can be recieved in any business account. This service is provided by Paypal.RegardsApurv Bhalla
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Banking

10 Ways a Bad Credit Score Can Hurt You

Log in with your social account: Or, you can log in or sign up using...read more

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Banking

Should You Sign Up For A Store's Credit Card?

Thinkstock Have you noticed how stores are pushing a lot more than just their usual merchandise...read more

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Banking

Small business tax concessions and mortgage offset account

Due to a recent court decision, small business owners are being urged to have a look at how their... read more

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Questions

Is it possible to use multiple trading names via the same company?

Is it possible to complete EFTPOS and online transactions with multiple names using the same... read more

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Brent Hall CEO at HelloMedical
David SolomonOwner at Quiddity
It's an expensive and very time consuming process to set up multiple merchant accounts. My suggestion would be to advise people at the time of the transaction that the name on their statement will be XXXXXXX but that it is from you so not to worry. I've seen this done many times. e.g. "Please note that the name on your bank statement will be XXXXXX."
Ananda Raj PandeyCTO at SavvySME
As per the second part of the question, Most of the banks or merchant account provider  doesn't allow you use multiple trading name, with single merchant account. So most of the time you have to have multiple merchant account for different trading name to be appear on customer credit card statement. 
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