On average, organisations with high volume, low value transactions leave hundreds of thousands of dollars on the table every year. Most of these organisations cannot quantify total spend on these low visibility transactions.
Barrington provides clarity around transactional banking fees and helps you to structure your bank accounts so that saving money every month becomes business as usual. Don’t just take it from us, the most common comment we hear from our clients is ‘I wish we’d done this a year ago.’ We call it ‘Money Streamlining’. Barrington reviews all costs incurred across payment and receipting channels related to the flow of money throughout your organisation. This review covers the whole process, from the moment cash hits your bank account (and the way it’s handled within the organisation) to the moment it leaves.
We establish the current state of play and then advise on best use of technology to streamline your processes, providing easy reconciliations, instant reporting and a reduction in time and cost within your organisation. Improved visibility around cashflow is not just good practice, it enhances reporting and reduces the chances of fraud and human error. Ultimately, ‘Money Streamlining’ delivers a more cost- effective cash flow.
Gain control of your transactional banking costs, call the Barrington team today
It’s literally all in a day’s work for the team at Barrington. Typically, one day on-site at the outset is all that we need and within eight weeks you’ll be benefiting from the savings. Our on-site visit will involve a series of 45 minute interviews with key stakeholders (accounts receivable, accounts payable, reconciliations manager, cards manager). The Barrington team then delivers a clear plan of action providing more control over your transactional costs and processes, including templates and information request formats for third parties. Our involvement in the background greatly reduces the time input at your end to secure a good outcome.
Corporate bank fee benchmarking
Most organisations don’t have a clear view on their total transactional and merchant banking spend. Our experience across a wide range of clients and sectors means that we can help to ensure your pricing is current and competitive. It’s not uncommon for mistakes to be made on both sides, so we will check that the fees you’re being charged match your banking agreement.
Transactional banking tenders
A transactional banking review is typically followed by either renegotiation with your incumbent bank or a full banking tender. Barrington can help with either outcome to ensure that your payments are competitive.
Transactional banking fees are probably the only sums of money that leave your bank account every month without approval. Taking action to ensure that your rates are current and competitive just makes sense.