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LucasArthur
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Hi Kats

Interesting post.. in all honestly i like TehCamels comment about meeting with a local Banker (oops almost interested a W instead of a B) to discuss your options… This can be the foundation of something beautiful, if you get it right..

Adding to this, you have several options and a more common scenario may be to open a main account (with service fee) + an online savings account with higher interest (generally no fees) and a GST allocated account so you can keep this separate as well (fee varies on banks, some have free GST accounts some do not)..

Although lets get the elephant out of the way REAL quick.. you may want to speak to a merchant expert (aside from your bank) such as Maclean from eWay to clarify if credit cards are even an option.. Merchant providers are very very cautious about whom they allow to open an account with them and if you are not providing a product and are acting merely as a middle man to collect money from a client who is ultimately acquiring that product or service from someone other than you, you may not be eligible.. Please do not take this as gospel as i am not 100% sure on the requirements, although it sounds like it may be a business that they may be wary of…

Another discussion point will be the change of ownerships etc that you propose within 12 months.. if the entity is changing, raise this at your business meet with a banker to ensure a smooth transition is possible and to try and mitigate exit fees for merchant accounts etc etc or even if there are fees for closing accounts if controlling entity is being affected…

All the best, and look forward to hearing how you go and from some of the more knowledgeable crowd from here re this..

Cheers
Jason ;)

Jason Ramage | Lucas Arthur Pty Ltd | E: [email protected]   P: 61 3 8324 0344    M: 61 412 244 888