Australian businesses to gain faster access to $10 billion
Commonwealth Bank merchant customers are now benefiting from faster access to their money, with the Bank to provide businesses with same day access to approximately $10 billion* across weekends and public holidays over the next twelve months. Everyday Settlement has been successfully introduced to over 100,000 merchants who now get same day access to their funds, seven days a week, 365 days a yea
- (1888PressRelease) March 23, 2012 - Commonwealth Bank is the only bank to offer same day, every day settlement together with the benefits of real-time banking for its merchant customers.
Everyday Settlement ensures that funds processed through merchant terminals are deposited in a business’ linked Commonwealth Bank transaction account by midnight same day, every day. This gives businesses far greater access and control of their money, enabling them to make use of their money without having to wait until a weekend or public holiday is over.
Over extended breaks like Easter, that means Commonwealth Bank merchant customers will receive their funds on each day of the holidays, and not have to wait until the following Wednesday morning to receive their funds as occurs with most other banks.
According to Kelly Bayer Rosmarin, Executive General Manager of Business Products & Development, Everyday Settlement is helping solve a crucial cash flow issue for Australian businesses and bringing with it a host of added benefits.
“We are getting funds into a business’ hands the day they earn it, which is a benefit we’d like to offer to the thousands of other businesses across Australia continuing to be left out of pocket and forced by other financial institutions to wait for access to their money,” said Ms Bayer Rosmarin.
“We know that businesses are frustrated with payment systems; independent research we commissioned showed that over 60% of businesses said it was an issue not being able to access their weekend trading funds until the following Monday or Tuesday.”
“The fact that around $187 million will now be credited direct to Commonwealth Bank businesses every weekend, as a result of Everyday Settlement, is a huge step in the right direction. In addition, we are allowing our business customers to benefit from improved cash flow, faster reconciliation and supplier discounts as a result of them being able to make quicker payments.”
The Bank’s latest research into business trends, part of Commonwealth Bank’s Better Business Survey series, also showed that over three-quarters (78%) of small businesses with an annual turnover of under $1m said slow payment processing from merchant/EFTPOS terminals has had an impact on cash flow.
Over one-third of SME1 businesses indicated they are frustrated with the amount of time it takes to access the funds made on a normal day of trading, with one-in-five having been financially penalised due to an associated lack of visibility on cash flow.
Ms Bayer Rosmarin pointed to the fact that despite the advances made by Commonwealth Bank, there were many other businesses across the country that continued to miss out as a result of being forced to deal with systems that kept their money trapped and unable to be used.
“Australian businesses need a Bank that can address the important issues faced on a daily basis. If a business is not getting the money they earn the same day, every day of the year, it would be a good time for them to ask why.”
Media Inquiries:
Tim Mullen
Phone: 02 9118 1667
Mobile: 0424 141 483
Email: tim.mullen ( @ ) cba dot com.au
###
space
space
Satisfied Users & 
Approved Press Releases
Print
Email
Report Spam