Running your own business can be complex. There’s a lot to keep track of, with managing your finances being just one. Our Business Plus transaction account is here to help simplify your business banking needs.
Keep your business finances altogether with an everyday account designed for easy access and packed with features to help manage small and big financial transactions, making those super busy days a little easier.
Opening a Business Plus Account, is as easy as contacting us and our team will help you complete the process. To get prepared, here is some information on types of eligible businesses and some common application requirements.
To hold this product customers will need to satisfy eligibility criteria, including that the customer must:
A Sole Trader is a self-employed person who is an exclusive owner of a business, entitled to keep all profits after tax has been paid but liable for losses.
Types of Information and ID Required:
A Partnership is an association of individuals or entities for the purpose of carrying on a business venture or business activity in common with a view to profit.
Types of Information and ID Required:
A Company is a separate legal entity capable of holding assets in its own name.
Types of Information and ID Required:
Products issued by Southern Cross Credit Union Ltd. ABN 82 087 650 682. AFSL 241000. Any advice given is of a general nature only and is not based on any consideration of your objectives, financial situation and needs. To decide if a product is right for you, please refer to the Summary of Accounts, Access Facilities and Transaction Limits. Eligibility criteria, fees and charges, terms and conditions apply. To help you better asses if these products are right for you please reach out to our team or read through our Target Market Determinations (TMD), designed to help you make an informed decision that is consistent with your objectives, financial situations and needs. Deposits up to $250,000 per account holder are guaranteed by the Federal Government under the Financial Claims Scheme.
*$10 monthly account fee² unless you meet one of the following criteria: you are under 30 or deposit¹ at least $2k per month into the account, or if the business has $30k or more in deposits and/or loans with us under the same business customer number.
¹Deposit must be from an external account.
²Excludes not for profit and some trust accounts.
^Business Star Saver: Where no withdrawals are made during the calendar month (with the last business day of the month at 5pm NSW time being the cut off), the bonus rate of interest will be applied in addition to the standard base interest rate of 4.20% p.a. Where a withdrawal is made during the calendar month, the interest payable for that month will only be the standard base interest rate of 1.00%p.a. The bonus rate is only payable on the first $2,000,000 balance. Additional balances over $2,000,000 will only receive the standard base interest rate. Combined account balances across all products cannot exceed $2 Million. The Bonus interest offer may be subject to change.
Why separate personal and business transaction accounts?
We get it, personal and business transaction accounts may look similar, but for business owners, keeping them separate is crucial.
A dedicated business account, such as our Business Plus transaction account, can save you time and money – especially when organising and lodging your Business Activity Statements (BAS). Without one, you’ll be sorting through personal transactions or paying someone else to make sure each transaction is allocated to the correct pile for tax purposes.
Another benefit of having a dedicated business transaction account is keeping a separate cash flow management. Having a clear view of income, expenses, and profits makes your forecasting and budget allocation process easier.
On top of that, our Business Plus transaction account can be integrated with accounting software (swipe for more on this), making your business admin procedures more streamlined supporting an efficient operation.
Bottom line? Setting up your business with a dedicated transaction account from the get-go can help keep your finances organised and simplify those lengthy tasks, allowing you free time to focus on the things that matter most.
Simplify accounting tasks with MYOB and Zero integrations to boost business efficiency.
Our Business Plus transaction account feeds can be integrated with both MYOB and Xero. Both are available accounting software that allows you to reduce the manual data entry usually required to reconcile accounts.
With this you can:
Click the link below to access our MYOB & Xero page to learn more about each software platform.
Square is a point-of-sale payment solution for businesses with physical or online stores. The Square operating system can be contactless, allowing you to make a sale anywhere. Square holds, receives and disburses funds on your behalf, connecting directly to your Business Plus transaction account.
With Square, you can:
Click below to learn more about the Square Merchant Facility to see if it could be right for you.
Enjoy the benefits of your Digital Wallet. Add your SCCU card to Apple Pay or Google Pay for an easy way to tap and pay.
What is Apple Pay?
Apple Pay is a digital wallet from Apple which lets you use a compatible iPhone, Apple Watch, Mac or iPad to make secure contactless purchases in stores, within selected apps and participating websites in Safari, on your SCCU card.
What is Google Pay?
Google Pay is a free app that allows you to pay with your SCCU Visa Debit with a tap of your phone while enjoying the same benefits and protection of your physical card. You can use Google Pay almost anywhere contactless payments are accepted.
Click below to learn more on how to the benefits and how to use Apple and Google Pay with your digital wallet.
Part of our fast payments solution, PayID is a simpler alternative to a BSB and Account number. It lets you send and receive money using a mobile number, email address, ABN or Organisation Identifier. Ideal for those who want to save time, make and receive fast payments via Osko using an easier-to-remember option for account identification.
When you send money to a PayID, you will see the name of the person or business you are paying before you complete the payment. This can help reduce mistaken or scam payments.
Setting up your PayID is quick and easy. All you need to do is create your PayID via our NetBanking or mobile app using a mobile number or email address that’s registered to your bank account.
After you create your PayID, you can tell payers to make fast payments to your PayID instead of giving out your account details.
Click below to learn more on how to setup your PayID in NetBanking or mobile App.
Fast payments are available for any single transaction made via our NetBanking or mobile app.
To make and receive fast payments, select the Osko or New Payment Platform (NPP) option as your payment type before completing your transaction. You’ll know your money has been scheduled to be sent in most cases instantly if you see the Osko logo on the type of transaction selected when doing your bank transfer. Otherwise, your payment will be processed in our standard processing times.
Fast payments only work if the receiving financial institution is also registered with the NPP and Osko to have the technical capability to process payments fast. However, these limitations do not apply for receiving funds.
When making fast payments via Osko, it is crucial that you remain mindful and attentive to details when paying someone, so you can keep your funds safe. Once you make the payment the chances of recovery are very limited. So be extra careful to make sure the detail of the intended recipient is correct.
For more information and step-by step guides, click below.
Plan your financial future with confidence using our Budget Planner Calculator.
Work towards long-term business savings goals with our Business Star Saver to earn more with bonus interest rates^.
Business Plus is an everyday business transaction account that stores and manages your businesses’ ingoing and outgoing funds.
Our Business Plus Transaction account, like any other transaction account, is not designed to earn interest. Our Business Star Saver account is the savings account which allows a business to earn bonus interest^ when you meet the requirements. Learn more about our Business Star Saver account here to open along with a Business Plus account.
Business customers will need to be a Sole Trader, Partnership or Company, including Trust Accounts, Not-For-Profit Clubs and more. To assess if this account is suitable for your, you can learn more via our Target Market Determinations here.
Business transaction accounts allow you to keep your business finances separate from personal finances where you can conduct all business financial activities from there, including accounting admin, collecting payments, paying bills and employees and making unlimited transactions.
Yes, if the businesses operate under the same ABN or legal entity.
You can view, print and download statement and transaction information via your NetBanking. To download or export transaction information:
You can learn more about NetBanking FAQs here.
If you use Xero or MYOB, our Business Plus account will directly feed into these account software’s. Direct bank feeds allow you to securely and automatically import bank transactions into the chosen account software.
You can make unlimited BPAY transactions, including for ATO tax payments via your NetBanking, Mobile App or by calling us on 1300 360 744.
To use your NetBanking for BPAY tax payments, you’ll need to add the ATO as a BPAY biller. Simply login to your NetBanking, select ‘Payments’ in the main menu, then ‘BPAY’ in the drop-down menu. On the page, click on the ‘To’ field to either search for an existing registered Biller or select ‘New Biller’ to add a new.
Then use the details on your BPAY bill, including the BPAY Biller and reference code, located next to the BPAY logo on your bill.
There is no minimum balance requirement when you open a Business Plus account with us.
From your first transaction to lifelong investments, with you across all financial life stages.
