Your banking partners could be overcharging you

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The Bankbrokers team are adept at renegotiating better terms across the board (iStock)

Bankbrokers is a Business Reporter client.

Bankbrokers helps by benchmarking your company’s banking, merchant services and financing costs against the market to guarantee value for money.

Concerned your company might be paying over the odds in bank charges, merchant services fees and debt financing costs? Frustrated there is no transparency across the various bank-related fees? Wish you could see a peer-group benchmark of all your charges in one place for peace of mind? Well now you can with Bankbrokers.

Bankbrokers is the preferred choice for many of the world’s largest companies wishing to benchmark and renegotiate their current fees without having to run expensive and time-consuming tender processes. It currently works with several of the FTSE-100, as well as 250 projects for other large companies, in Europe and the US in particular. Its customer satisfaction survey scores consistently show 100 per cent of clients would recommend Bankbrokers. Several hundred companies have provided written or video testimonials advocating the quality of Bankbrokers’ service.

The process is straightforward: Bankbrokers analysts extract data about your company’s current position from you, covering all your banking providers (volumes, values and prices for all current products/services consumed) and compare these to the best the market has to offer. Bankbrokers then uses this benchmark to renegotiate with your current providers to ensure you are getting the best possible deal, without the hassle of having to change. Where clients have pinch-points that they want to target during the project, such as poor payment acceptance rates, high collateral requirements, deferred settlement or restrictive covenants, the Bankbrokers team are adept at renegotiating better terms across the board.

Most clients love the “no saving, no fee” commercial approach too as it de-risks the project for your company. And fees are linked to the actual, tangible savings secured, so you are never out of pocket.

(L) Neil Fillbrook FCII, Bankbrokers President North America and CEO UK & Ireland and (R) David Wakelin, Analyst (Courtesy of Bankbrokers)

Bankbrokers uses extensive benchmarking data. Its analysis comes from completing 3,000 projects since 2008 worldwide. This means it can compare bank charges and merchant service fees across the entire marketplace. There is no need for a time-consuming RFI/RFP process as Bankbrokers analysts already have all the current market pricing data stored in their database. This makes the process of securing savings quick and simple.

Its comprehensive benchmarking analysis allows Bankbrokers to renegotiate better terms for 95 per cent of its clients. As a result, there is often no need to change providers as between 80 and 90 per cent of clients stay with their current providers each year, simply paying less money.

Bankbrokers can also work with worldwide banks to get you the best possible deal for your company if you would prefer to switch providers. It has the widest range of providers to collaborate with, and can find the right one for you if you do wish to change. So let Bankbrokers do all the hard work, and you can focus on what you do best: running your business.

Bankbrokers is the trusted, independent consultancy that’s on your side. It supports clients in all areas of banking, merchant services and debt advisory, improving value, strengthening relationships and delivering solutions to clients in whatever sector they operate.

Our experts have worked in global banking roles, are specialists from merchant services, industry experts in debt advisory and skilled executives across corporate and commercial banking, and have unrivalled access to inside-track knowledge.

Bankbrokers goes way beyond benchmarking. With its help, you will not only understand how your bank and merchant services costs compare against others, but also uncover opportunities for fast improvement without the cost of change.

So, in summary, you can “stay and save” as most clients choose to, or you can “switch and save” as you prefer. Either way, you are certain of a better deal with Bankbrokers.

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To benchmark and improve your company’s banking costs, email contact@bankbrokers.co.uk, or call our UK partners on 020 7160 0075, or write to our UK offices at Bankbrokers, Bank Chambers, Brook St, Bishop’s Waltham, Hampshire SO32 1AX.

To learn more about our unique service, click here.