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Hi everyone,

Thanks for your responses so far. I’ll take the advice regarding speaking with my bank about reducing fees – I didn’t know that this was possible. I was thinking perhaps I’d have to resort to opening a ‘personal’ bank account, because even the extra $10 a month makes a difference to a startup. Am I right in thinking that my clients would have to pay [my name] rather than [my business name] if I opened a personal account? Or can you link ‘another name’ (read: a business name) as a payee to a personal account?

Gordon, the reason I want a separate account for income is that because I am taking money on behalf of my clients, I want to be transparent as possible, and don’t want my own business expenses being muddled up with my clients’ money. I’d rather keep it clean, and the only money I get to spend is my own commission once I’ve transferred it into my own business account (ie, the expense account).

I’d love to hear more from anyone about PayPal vs EFTPOS in terms of cost, client acceptance etc… And any recommendations for a low-fee/no-fee credit card.

Thanks once again for the informative responses so far!