Financial Guide for SMEs - SME Corporation Malaysia

Financial Guide for SMEsFinancial Guide for SMEsChapter Eight – Transactional Banking toSuit Business NeedsTransactional banking forms part of the overall financing of yourbusiness. The everyday banking requirements should beconsidered carefully to ensure that the payments in your businessare efficient and effectiveTopic Hint TipTransactional BankingProductsChoosing the most appropriatetransactional banking products willassist in managing cash flow andimproving profitabilityYour banker can assist you in choosing the mostappropriate transactional banking products foryour businessMerchant FacilitiesMerchant facilities provide a realbenefit to your business cash flow: yourcustomers do not necessarily need tohave cash in the bank to pay for yourgoods or servicesBy introducing merchant facilities, your businesswould be able to benefit from faster payment,significant reduction in invoice queries and creditcontrol calls and improved cash flowTransactional FeesRegular review of your transactionalbanking services will guarantee thatyou know how much you are paying forthese services, and ensure that you areusing transactional services that bestsuit your businessBy allocating all bank fees in a separate account,you will be able to clearly identify any increasesin fees that could be impacting your profitability175162 175chapter 7-13 p79-181 Eng.indd 1758/15/11 5:03:12 PM