NAB offers small and medium-sized businesses a range of products that are flexible and cost-effective. Find out how they might be able to help your business today.
Using a combination of services from NAB will help you access your money more easily while also making it simpler for you to manage the reporting of your business transactions.
The NAB Business Fundamentals package offers essential financial services that any business needs to effectively manage their finances. Combining a business transaction account with an online banking service ensures that any business owner can access their accounts and manage payments at any time of the day or night. Additionally, this system makes it easy for you to create customised reports to ensure you are always aware of your financial situation.
NAB offers other products to make cash flow management much easier, such as merchant facilities, business credit cards and more.
NAB Business Credit Cards: A closer look
The NAB Business Fundamentals package ensures that any small to medium-sized business has everything it needs to operate smoothly on a financial level, providing support via various financial services and products. The package offer different features and benefits but in terms of certain products, like credit cards, you have to choose the option that fits your particular situation, which is why it is important that we take a closer look at the business credit card options from NAB.
NAB Business Payments Card
The NAB Business Payments Card is not actually a credit card but more of a debit card for businesses. In other words, it offers the benefits of a credit card, such as convenience, without the cost of taking out a loan since you’ll be using your own money.
This card enables you to make payments anywhere Visa cards are accepted but you’ll be using the funds your business has available, which means that you’ll never have to worry about late fees or interest costs. Like a credit card though you can attach multiple cards to a single account and you can also load different cards with different amounts to keep spending under control and to make it easier to manage your budget.
You’ll receive an overall monthly statement for the account that includes a summary for each cardholder, making it easier to keep track of expenditure. This card also features NAB Visa PayWave and, for emergency purposes, you can designate one cardholder who will have access to a $200 credit limit.
NAB Business Payments Card
NAB Qantas Business Signature Card
The NAB Qantas Business Signature Card is a great option for any business whose employees travel a lot since any purchases made on the card earn Qantas Frequent Flyer points. Like many other credit cards, this one features an interest-free period for purchases, which can be highly beneficial for periods of poor cash flow. This card offers up to 44 days of no-interest on purchases but keep in mind this doesn’t apply to cash advances, which is why you should only resort to taking out cash only in emergencies where you simply can’t pay via card.
In terms of rewards, for every $1.50 you spend, you will receive 1 Qantas Frequent Flyer point and there is no limit on the number of points you can earn. The points can then be exchanged for a variety of rewards that include flights, vouchers and merchandise. Since it’s a business credit card, the business owner can decide who receives the points.
The NAB Qantas Business Signature Card features an interest rate of 18.50 on purchases and 21.74% p.a. on cash advances. Again, keep in mind that cash advances do not enjoy a 44-day interest-free period, which is why you should avoid them as much as possible. The standard monthly fee is , but if you get it as part of the NAB Business Fundamentals package, you can save $6 per month per card for up to three cards.
NAB Business Access Card
The NAB Business Access Card is the ideal tool for small to medium-sized businesses looking for an effective way to improve their cash flow management. This low cost credit card comes with a competitive interest rate and a low annual fee and can even be personalised with your company name.
The standard fee is $60 per annum but if you get the card via the NAB Business Fundamentals package, this fee is waived, making it an even more attractive card.
The minimum credit limit is $5,000 and you can link a number of cards to the same account. You can set different credit limits for each card, making it much easier for you to keep your budget under control. Every month, you will receive detailed statements for each card as well as an overall summary so you know what is going on with your lending facility at all times.
You also receive complimentary liability insurance, which will protect you against your employees making any unauthorised transactions on their cards. You’ll be covered for up to $20,000 per annum per cardholder but no more than $150,000 per annum for the entire company.
NAB Business Access Card
NAB Business Card
The NAB Business Card is a charge card that can make life much easier in terms of managing cash flow for any small to medium business as it allows you to make business purchases without paying interest for up to 35 days. Cash advances, though, are subject to fees as well as a 15.5% p.a. interest rate.
Since this is a charge card, you will have to pay the bill of in full each month, which means that you need to be careful how you use it. Seeing as you can attach multiple cards to the same account, you must ensure that none of the cardholders spend more than you can pay off. The easiest way to do this is by taking advantage of the facility whereby you can set different limits for different cardholders.
Cards can be personalised with the name of your company and you receive complimentary liability insurance. You’ll also get a detailed statement each month for each card, making it easy to track expenditure.
The $9 per card monthly fee but the fee will be waived for up to three cards if you get them as part of the NAB Business Fundamentals package.
NAB Business Card
Velocity NAB Business American Express Card
While not an option of the NAB Business Fundamentals package, the Velocity NAB Business American Express Card is still worth mentioning due to the multiple benefits it offers. This card not only helps improve cash flow due to the 55 day no-interest period but it can also help you get more out of your spending due to the rewards you can earn as well as all the benefits you gain as an American Express cardholder.
The Velocity Rewards program enables you to earn 1 standard Velocity Point for every dollar you spend on eligible purchases, which doesn’t include cash advances or fees and charges. Likewise, you can earn an additional Velocity Point for every dollar spent to buy a ticket from V Australia, Virgin Blue, Pacific Blue or Polynesian Blue ticket or a Virgin Lounge membership. Velocity Points can be exchanged for V Australia, Pacific Blue, Polynesian Blue and Virgin Blue flights. This makes the Velocity NAB Business American Express Card a great option for businesses whose employees need to travel frequently as the savings can be substantial.
If you exceed the 55 day no-interest period, you’ll have to pay 18.5% interest per annum on purchases. Cash advances, however, are subject to interest as soon as the transaction is completed and will incur a 21.74% interest rate per annum. So, you should try to avoid withdrawing cash as often as possible.
You’ll have to pay $149 per annum for this card but you receive the second card for free. While the annual fee might seem a bit high, the benefits more than make up for it, especially the long interest-free period, which can be a lifesaver in terms of cash flow management.
Velocity NAB Business American Express Card
Introducing NAB Business Fundamentals
NAB Business Fundamentals is a package of banking services designed specifically for small to medium-sized businesses, featuring numerous benefits to make life easier for any business owner. This banking package comes with a business transaction account and an online banking service, as well as an option to select various other products.
One of the factors that makes this package so attractive is the low monthly fee, which is only $12. Keep in mind, though, that there might be other fees and charges you will have to pay for various other products, services and transactions.
NAB also offers business owners access to banking specialists and the flexibility of adding or removing different financial products as the business grows and changes.
The NAB Business Fundamentals package comes with the $10 monthly fee option of the NAB Business Cheque Account. This version of the business transaction account allows account holders to conduct an unlimited number of electronic transactions for a single monthly fee. It’s a good option for companies that predominantly use electronic banking options such as EFTPOS, ATMs and NAB Internet Banking or NAB Connect.
As previously mentioned, this package allows for easy management of banking transactions via the online banking option, of which you have two options. You can either choose NAB internet banking or NAB Connect.
NAB internet banking
This allows you to perform numerous tasks and offers a wide range of information. For example, you can view all your linked accounts as well as obtain information on various investment and insurance products. You can see the history of transactions you’ve completed on these accounts and you can also pay bills, make transfers or see the details of your account. Essentially, NAB internet banking is an invaluable tool that is available for both individual and business accounts.
NAB Connect is tailored specifically for businesses, making it much easier for business owners to manage their finances. This system allows you to efficiently manage your cash flow by giving you access to all your NAB accounts, including foreign currency ones, as well as allowing you to access the previous day’s balances and transactions for any accounts you have that are with other banks, even offshore accounts. You can also make domestic and international payments and use your mobile for all your banking needs.
NAB Connect also allows you to customise user access according to your business’ needs, meaning that you can give your employees different levels of access according to their duties and responsibilities. The system also offers data file downloads, making reconciliation much easier since you can download all the financial files you need, including BPAY biller files and direct entry returns, directly into your ERP system.
Another benefit of using NAB Connect is that you can also access other NAB services, including term deposits, vouchers, NAB Transact and much more, which can save you a lot of time since you can do it all regardless of where you are.
NAB Business Fundamentals also offers a variety of additional products you can choose from that make receiving and making payments much simpler as well as helping you improve cash flow management. You can also earn interest on any extra funds you have.
You can opt for merchant facilities, business credit cards and an online savings account.
Thanks to the great merchant facilities available, you can receive payments online, via telephone or mail using NAB Transact, which ensures fully secure transactions at all times. You can also take advantage of NAB EFTPOS, which allows you to accept various types of payments, including a variety of cards such as those issued by Visa, American Express, MasterCard, Diners Club and JCB as well as payment systems such as Visa payWave and MasterCard PayPass.
In terms of credit cards, NAB offers businesses a variety of options that make it easier to manage cash flow and keep track of your expenses. You can opt for the NAB Qantas Business Signature Card, the NAB Business Access Card or the NAB Business Card. While the latter requires a credit assessment and approval by the bank, business owners have another option in the NAB Business Payments Card, which offers the same benefits as a credit card but utilises the business’ own funds.
The NAB Business Cash Maximiser is an online savings account that allows businesses to put surplus cash to work. If you have a balance that exceeds $10,000, this online savings account allows you to earn interest on that money.
The benefits of the NAB Business Fundamentals Package
The NAB Business Fundamentals package offers small and medium businesses a wide range of benefits and savings. When it comes to the core products, namely the transaction account and online banking, businesses don’t have to pay the standard monthly fee for these products and services as they are covered by the monthly fee of the package.
The standard fee for an NAB Business Cheque Account is $10 per month and you would incur another $10 fee every month for NAB Connect. So, instead of paying $20 per month, you’ll only be paying $12. It might not seem like a major benefit but once you start factoring in the savings provided by the additional products as well, the amount becomes more substantial.
In terms of merchant facilities, if you opt for an NAB EFTPOS facility, the $80 establishment fee and the ongoing annual fee of $28 are both waived and you also get a discount on the monthly rental fee, which will be determined after a discussion with the bank. If you want to accept online, mail or phone payments with NAB Transact, you won’t have to pay the $80 MOTO or $199 eCommerce establishment fee nor the $28 ongoing annual fee. Again, the monthly fee will be discounted after negotiations with the bank.
In terms of credit cards, if you are approved for the NAB Business Access Card you can save up to $180 per year as the annual fee of $60 per card will be waived for up to three cards. With the NAB Qantas Business Signature Card, you’ll receive a bonus of 10,000 Qantas Frequent Flyer points when you sign up for the program and you’ll also receive a discount of $6 from the monthly fee for up to three cards, meaning a total discount of $18 per month. Similarly, with the NAB Business Card, you can avoid paying the $9 monthly fee per card completely as this fee is waived.Back to top
Applying for a NAB business credit card
If you want to apply for a NAB business card, you must be at least 18 years old but you don’t need to be an Australian citizen. You do need to have a good credit rating, though. You can apply online for a card facility of up to $50,000 but if you already have a business loan with NAB or are looking for more than $50,000, you’ll have to set up a meeting with a Business Banker from NAB by calling 13 10 12.
You will need to provide NAB with certain information, including but not necessarily limited to:
- A copy of the business’ financial statements for at least the past two years;
- A copy of any interim business financial figures;
- A copy of the Personal Taxation Returns from all partners or directors involved in the business as well as the current value of their personal assets and liabilities;
- The balance of any loan or line of credit the business already has, if applicable.
Once you submit your application, an email will be sent to you to confirm it was received. You’ll then be contacted within two business days with information on how your application is progressing. Keep in mind that you will also need to submit signed consents and a Cardholder Establishment Details form. A Director’s Guarantee might be required for businesses that are companies.
Managing your NAB business cards
If you want to add another cardholder to your account and you have an NAB commercial card facility, which includes the NAB Qantas Business Signature Card, the NAB Business Access Card and the NAB Business Access Card, you’ll need to fill out a specific application. Forms will also need to be filled out to change or increase your available credit limit on an NAB Business Credit Card.
All forms can be submitted either at the closest NAB branch, directly to your banker or sent by fax.
Making repayments to your NAB business credit cards
There are a variety of ways in which you can make repayments. One option is to transfer funds from any of your NAB accounts that are linked to the credit facility. Transfers can be completed via NAB Internet Banking, NAB Telephone Banking or at a NAB ATM. You can also set up direct debit.
Another option is to pay in person, which you can do at any NAB branch or via any Australia Post outlet that has the Bank@Post sign displayed. Please note that payments made via an NAB ATM and at Australia Post outlets will require the use of your PIN.
Using your NAB Business credit cards to pay bills
NAB offers a variety of options in terms of using your NAB Business Credit Cards to pay bills. You can make single payments via BPAY, NAB Internet Banking or NAB Telephone Banking. If you wish to set up recurring payments, you can do so via ongoing direct debit, but this will involve you getting in touch with the biller to see if they accept this form of payment.Back to top