Banking and Credit
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Businesses to benefit from Airwallex fee reduction
First 5000 | March 28, 2023Australian businesses could save up to USD 12,000 each year after payments and financial platform Airwallex slashed the cost of online payments processing for domestic credit and debit cards by nearly 30 per cent, effective immediately.
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Businesses should know their bank, tips for businesses in wake of US bank run
First 5000 | March 15, 2023The latest US bank run has emphasised the importance of which financial institution businesses put their money in, even in Australia, according to CPA accountant, Coco Hou, managing director of Platinum Professional Training.
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Eftpos to open payments network to fintechs
First 5000 | October 25, 2019Eftpos today announced it will launch a public API program in early 2020 and is partnering with Stone&Chalk to build closer relationships with Australia’s Fintech community.
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Poor financial management sending Aussies broke, stressed
First 5000 | July 15, 2019One third (31%) of Aussies confess poor financial management such as using cash advances on credit cards, not knowing how to budget, not paying attention to debt, and racking up late fees on credit facilities are contributors to their personal debt situation.
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Big bank loyalty costing businesses thousands
Peter Marshall | May 15, 2019Research by the team at Mozo found that loyalty to the Big 4 banks could wind up costing small business owners thousands of dollars in extra interest repayments when owners take out loans to help buy equipment, hire new staff, or ride out periods of low cash flow.
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Cash costs SMBs time: study
First 5000 | December 27, 2018A national study, commissioned by payments company Square, has revealed that Australian small- and medium-sized businesses (SMBs) are wasting an average of 216 hours (around 29 working days) each year counting and banking cash.
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Aussies to snag 3.7 billion credit card reward points this Christmas
First 5000 | December 17, 2018Millions of savvy Australian credit card holders plan to get something back for their generosity this giving season, according to finder.com.au.
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Non-bank business lenders growing in popularity amongst SME’s
Jack Jordan | November 9, 2018There is no doubt the big banks remain major players in the SME lending market however, there has been a steady rise in the number of non-bank lenders offering fast and flexible lending options in this space.
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The banking code needs a major overhaul to protect SMEs
First 5000 | October 31, 2018A submission on the interim report of the Banking Royal Commission, lodged by the Small Business Ombudsman, highlights where the Banking Association’s Code of Practice still falls short of addressing the imbalance of power between SMEs and financial institutions.
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ACCC investigates foriegn currency rip-offs
First 5000 | October 4, 2018Sending money overseas, and buying foreign cash, can be a major headache for SMEs, but possible rorts in the system will be the focus of a new ACCC inquiry into foreign currency conversion services.
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Bank inquiry report falls short of SMB expectations
First 5000 | October 1, 2018There will be a lot of disappointed small businesses who were adversely affected by aggressive bank behaviour and have not received adequate consideration from the Royal Commission so far.
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New rating system for financial advisors proposed
First 5000 | August 18, 2018A new system to rank financial advisers proposed by UNSW Business School Professor Jerry Parwada would help consumers avoid the high cost of bad advice.
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Banks must rebuild consumer trust and pursue cooperation
First 5000 | August 17, 2018Australia’s banking sector faces an uncertain future after the Royal Commission highlighted a long list of scandals and misdeeds, a crisis compounded by diminishing customer trust and new competition.
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Launch of 2018 FinTech Census
First 5000 | August 1, 2018EY and FinTech Australia have launched their 3rd annual fintech survey to track the growth and the progress of Australia’s fintech ecosystem.
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Scandal hit banks lose public confidence
First 5000 | July 26, 2018Public trust in Australia’s banks and financial advisers has fallen sharply after a raft of scandals and the damning evidence of misconduct presented to the recent Royal Commission.