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Suncorp speeds up interest for small business customers

Suncorp speeds up interest for small business customers

(6 October 2006 – Australia) Suncorp has launched its new Cashflow Accelerator product, enabling small business owners to earn interest on their EFTPOS transactions. Suncorp said business customers’ deposits would be processed and settled daily, regardless of weekends or public holidays, earning interest sooner.

Suncorp group executive of Business Banking, Stuart McDonald, said the new product was a "key part of Suncorp’s strategy to assist business owners manage their cashflow".

He said EFTPOS was a vital cashflow management tool but that it had been purely functional with no additional benefits.

"As a result there is no loyalty and high switching in the EFTPOS market," he said.

"Most businesses currently have their EFTPOS earnings deposited into a low interest account so any excess cash flows have to be manually transferred into another high interest account," McDonald said.

He said the new EFTPOS product would be linked directly to the Suncorp Business Investment Account Options, a high interest transaction account offering a 5.9 percent return.

"Since our customers’ earnings are deposited daily into this account with no minimum balance and interest calculated daily, it’s like earning extra revenue on revenue," McDonald said.
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