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SMEs are missing out on over £500 million every year through misguided banking
loyalty, according to Alliance and Leicester Commercial Bank (A&L)
Research from the commercial banking arm of the bank suggests that cash
transactions are costing small business almost £300 million alone because the
organisations are not shopping around for the best deals available.
Non-cash transactions such as direct debits and standing orders cost over £202
million to small businesses whose turnover is less than £1 million a year, even
though these services are free from some banks.
"The country's small businesses are short-changing themselves," said
Steve Jennings, director of business banking at A&L, explained: "Whilst working
hard to make money and grow their companies they are neglecting to review how
their hard-earned cash is treated.
"We would encourage every business to shop around to check if they can get the
same service for a better price elsewhere".
Source:
Credit
Control Journal
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