Business Current Account Ways to keep costs down
Here are some ways to keep your banking fees and charges to a minimum An integral part of our customer commitment is to make banking more convenient by investing in new online services and processes that actually make banking easier. The Bank s new pricing structure aims to reduce cheque and cash usage and enable you to save by switching to electronic and automated payments. Bank of Ireland have a range of automated options to support business customers. The newly revised pricing will reward you for choosing the most efficient payment options and for using online and debit card transactions or automated options such as direct debit or standing order. Use our online services to save you money Use online and phone banking Online Banking Business and Agri customers can avail of our online services (365 online or Business On Line). Online banking allows instant access to make or receive payments, facilitate transfers between accounts and check account balances. These transactions are 50c cheaper than using the over the counter service in your branch. There is no monthly charge for 365 online and phone. Eligibility criteria may apply. To register for 365 online simply phone 0818 365 365 to ensure speedy activation. To register for Business On Line call in to your branch. Already registered for Business On Line but not activated? Please phone 1850 264 265. Use Electronic Payments Use Direct Debits/Standing Orders to make regular/recurring payments, or apply to become a Direct Debit Originator to accept bulk repayments from your customers. This is cheaper than accepting cash or cheques. If your business has a significant number of payments (inwards/outwards), you can also avail of electronic bulk payment options via Business On Line (charged at 0.08c per transaction). BOI Payment Acceptance Processing your customer debit and credit transactions via BOI Payment Acceptance will save you time and money. These transactions are quick and easy and your account is credited as soon as the next working day. Whether trading online or face to face, you can accept payments over the phone. And with the contactless payment function on all terminals, you can make 1
customer handling time and queuing time shorter. Pricing will be clear, transparent and controllable. Set up couldn t be easier! Please contact support@boipa.com to register your interest. Card payments Business and Agri customers can use a Visa Business Debit or Credit card to facilitate making payments in person, over the phone or online. These options are cheaper than paying by cash or cheque and give customers better control of their business spend. Accepting Debit and Credit card payments will help to reduce the cash and cheque elements of your business lodgements. Avoid using cheques and make payments online Cheques are an expensive way to pay for items. Consider setting up a direct debit, standing order or money transfer - all of which only cost 10c per transaction. For example: Paying a supplier with a cheque costs 1.30* but only 10c if you make a payment online. *Breakdown: 0.20 chequebook issuing charge + 0.50 Government Stamp Duty + 0.60 transaction fee = 1.30. Reduce the levels of cash you lodge. Greater usage of online payment options, Visa Debit Cards (offering cashback) and Contactless payments will minimise your costs. 2
Savings that can be achieved by automating your payments The table below shows how business fees can be reduced and savings can be made by automating your transactions using online banking, business ATM/Debit card and/or Visa Business Card. Fee Type Paper cost Automated Saving per Pay suppliers online instead of by cheque Transfer between your accounts online instead of paper transfers in branch Get your customers to pay you online instead of in cash. A lodgement of 1,000 cash via a Lodgement ATM costs 6.25, but only 10c via online transfer Get your customers to pay you online instead of by cheque. 5 cheques lodged over the counter versus 5 online payments 1.30 10c 1.20 60c 10c 50c 6.25 10c 6.15 3.60 50c 3.10 Costs and savings shown are correct as of 4/12/2014. The above costs do not include: Business On Line Level 3: Monthly subscription fee of 55.00 per month. For additional information on our full suite of online and phone banking services and fees and charges, please contact your business adviser or Relationship Manager in your branch, visit www.bankofireland.com or call us on: 0818 365 365 Thank you for banking with Bank of Ireland. 3
Bank of Ireland is regulated by the Central Bank of Ireland.