BUSINESS ACCOUNT SWITCHING A GUIDE FOR SMES
The Current Account Switch Service recently celebrated its fourth anniversary, having been launched in September 2013 and, in that time, over 4 million accounts have been switched. This includes around 100,000 small businesses whose owners have taken advantage of the simplicity and reliability of switching business accounts to another bank or building society.
And that is the first important fact to consider. The service was intentionally designed to be just as attractive to SME business account holders as it is to personal current account holders. ‘Transparency’, ‘competition’ and ‘choice’ are the watchwords guiding the development and implementation of the service.
For too long, SMEs felt unable to get the best deal available due to the complexities involved in switching to a new business banking provider, which were perceived as too daunting and onerous for the majority of small business owners to be considered as a serious option.
Given this, it is hardly surprising that small business owners have traditionally viewed switching business banking providers with a jaundiced eye. Moving important payments manually and having to inform suppliers and customers of a change in account details made the idea a non-starter for many.
Thanks to the Current Account Switch Service, all that has changed. If small business owners want to vote with their feet and find a new home for their businesses’ cash, they can. And the once daunting process is now simple, reliable and stress-free.
The switching process is now so streamlined and efficient that 99.3 per cent of switches have been successfully completed within seven days, and the service has achieved a satisfaction rate of 93 per cent. And those figures include SMEs.
BUSINESS ACCOUNT SWITCHING – HOW IT WORKS
If you are thinking about switching but are harbouring concerns, this is how it works. First of all, decide which bank or building society you would like to move your business account to. Then go through the normal account opening process with them stating that you want to use the Current Account Switch Service.
99.3%
Account switches completed within 7 working days
93%
Satisfaction with the Current Account Switch Service
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