The early stages of running a small business pose all kinds of commercial challenges, so anything to help keep cash flowing positively is generally welcomed. However, generating extra cash into your business doesn’t necessarily have to come in the form of funding.
Identifying overspend and discovering savings on your everyday costs are something more and more businesses are taking advantage of – and Swoop’s Savings Checker tool provides you with insights that might surprise you.
With an average SME finding in excess of £3,000 per annum in savings, this free tool is an essential part of an increasing number of small businesses’ financial planning.
Earlier this year, Swoop was selected to integrate our platform with Open Banking, giving our SME customers the ability to securely integrate their bank account in order to compare and switch current accounts, and make cost savings on their everyday spending.
How does it work?
Simply register with a single simple form, and integrate your bank account – this allows the platform secure, fast, and highly regulated access to your account details.
Once integrated, the technology quickly and seamlessly gets to work reviewing your small business spending patterns and suggesting where savings can be made.
Where can I save money?
Swoop will compare your bank account against every major business bank account and offering, and based on your own personal banking activity, will determine which bank you would be better off banking with. We have access to 72 different business current accounts across 16 banks, meaning there are numerous opportunities to save here.
For small business making international transactions, this is one of the biggest areas for potential saving, with an average of £6k saving per annum per SME. We will calculate which FX provider or bank you should conduct FX payments through.
Utilities, insurance, broadband and mobile phone
Most of our customers find savings in one or more of these everyday costs. Our smart technology will quickly and efficiently calculate where you’re overspending across these categories, and provide the opportunity to switch.
How much could I save by integrating my bank account?
It’s easy to see how quickly the cash can add up by looking at the average savings Swoop’s small business customers are making:
- £360 average annual saving for switching business current account
- £540 average annual saving for switching business current account with an overdraft facility
- £1,800 average annual saving from switching your overdraft facility to an invoice finance facility with an alternative finance provider
- £6,000 average saved on foreign exchange through utilising FX activities outside the business current account
- £1,027 average saved through switching utilities provider
- £485 average saved through switching insurance provider
Tell me more about Open Banking
Open Banking is simply the legislation that requires banks to let their customers share their transactional data with third parties, like Swoop. It’s safe, secure, and will almost certainly save you time and money.
To find out more about Open Banking, read our blog, ’Open Banking Simply explained by Swoop’ here.
If you’d still like more information on how Open Banking is allowing us to identify your savings, this video covers all the info we think you need to know. Watch video here.
“How identifying savings changed by business..!”
“After being declined for a business loan by the bank, I signed up to Swoop which revealed I have been overpaying on my FX transactions by £6,000 per year.
Once my costs went down I was advised to reapply for the loan, and have been accepted!”
Jamie, MD Capital
How do I sign up?
Getting started is easy. First you’ll need to set up your Swoop account here.
Once we’ve verified your email address, we will request your approval to integrate your bank account into our safe, award-winning platform. You can leave the rest to us.
If you’d prefer to talk through your options with one of our team of advisers, drop us a line at email@example.com.