October 17, 2009
i have an business account and my business is starting to fall
theworldsbesttreeclimber asked:
i don’t have but one expense and that is an atm, debit, credit card terminal machine “the hand held one” and its coming out 30 a month and the terminal is through my bank (first south bank) or (first data merchant services) i got a 36 month lease but if my business is making no money what do i do?
i don’t have but one expense and that is an atm, debit, credit card terminal machine “the hand held one” and its coming out 30 a month and the terminal is through my bank (first south bank) or (first data merchant services) i got a 36 month lease but if my business is making no money what do i do?
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Comments on i have an business account and my business is starting to fall
If your business is not making any money, then the bank will freeze your account, because you cannot pay the bank the monthly/yearly fees that it takes to leave your account open.
Just find that extra spark that it took you, to start your own business.
Or find other way to advertise.
You could go back to the paper type machines. I hear they are cheaper. You can always upgrade later.
Ask your bank if they would work on a percentage of sales instead of a flat hire cost untill you get on your feet.
Failing that – ask at other banks if they will offer you one for free. Book to see a manager about opening a business account . Say you will open an account with them if they give you one free – plus anything else you really need – like an overdraft facility or whatever. Stick to your guns with what you need from them – remember they get a comission from your account so they are trying to win your custom.
Even if you get one with a refundable deposit on it – it will be cheaper than paying $30 a month.
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