BMO Financial Group

BMO Financial Group
BMO Bank of Montreal

BMO Bank of Montreal

June 17, 2015 08:00 ET

BMO Introduces New Simple and Cost-Effective Banking Plan for Small Business Owners

- New $6 Biz Basic™ Plan from BMO® offers seven transactions(1) and seven items(2) on deposit per month, with no minimum balance required

- Customers can take advantage of added bonuses, including double CashBack® rewards(3,4) and three months free(5) on new sign-ups for PAYD Pro™++ from Moneris®++ PAYD™++

- BMO Poll found that the majority of Canadian small business owners (54 per cent) are seeking a less complicated banking experience(i)

TORONTO, ONTARIO--(Marketwired - June 17, 2015) - BMO Bank of Montreal today announced the launch of a new simple and cost-effective way for start-up and small business owners to do their banking.

The BMO Biz Basic plan provides business owners seven transactions and seven items on deposit per month, with unlimited Moneris transactions5 and no minimum balance required. To complete the small business package, customers can take advantage of several additional offers:

  • A BMO CashBack MasterCard®* for Business credit card with double the CashBack rewards for the first six months3,4
  • PAYD Pro, a mobile payment solution that allows businesses-on-the-go to accept Interac® Debit and credit payments on their smartphone or tablet - with a limited time offer of the monthly plan fee waived for the first three months5.

"At BMO, we understand that starting and managing a small business is no easy feat. Having access to expert financial guidance along with affordable banking options that allow for flexibility and growth are key to our customers reaching their near-and long-term business goals," said Steve Murphy, Head, Canadian Commercial Banking, BMO Financial Group.

According to the BMO Small Business Report, business owners cited the ability to make their own decisions (39 per cent), independence/freedom (19 per cent) and financial success (16 per cent) as the three top benefits of running their own business. However, almost one third (31 per cent) said they currently feel that their bank does not have the products or programs in place to help businesses like theirs. Additionally, a majority (54 per cent) feel that banking for their business should be less complicated.

"The needs of this sector are diverse and evolving on a regular basis," added Mr. Murphy. "Our focus is to listen to this group and continue to adapt our offerings to ensure our customers are receiving simple and intuitive banking solutions."

For more information on the BMO Biz Basic Plan please click here.

*Results cited above come from a Pollara telephone survey with 502 Canadian business owners, conducted between February 20th and March 11th, 2015. The margin of error for this survey is +/- 4.4 per cent, 19 times out of 20.

1. Transactions include cheques negotiated and other debit or credit transactions to the account including deposits (except cash/coin), withdrawals, electronic credits and debits, bill payment debits or debit card debits and credits. Cash and/or coin deposits are subject to deposit content fees of $2.25 per each $1,000 for cash and $2.25 per each $100 for coin.

2. Each cheque deposited is considered one item.

3. Availability is subject to meeting the bank's credit granting criteria. Applications must be received between June 1, 2015 and December31, 2015 (the "Campaign Period"). The offer is limited to the standard purchase reward features of the Card: 0.5% CashBack on purchases (less refunds and excludes cash advances, interest charges, fees, payments, credit or debit adjustments) charged to the BMO CashBack MasterCard for Business credit card. During the Double Offer Period (defined below), you will receive 1% CashBack on purchases charged to the BMO CashBack MasterCard for Business credit card. The double rewards offer applies only to an approved Qualifying Applicant's business owner's card (employee cards are excluded) and offer starts once the account is opened and in respect of qualifying purchases made during the first six billing cycles of that new business owner's card (the "Double Offer Period") during the Campaign Period. If you cancel your card within ninety (90) days of opening your account, the Bonus rewards will be cancelled.

4. Award of CashBack rewards is made for purchases (excluding cash advances) charged to your account (less refunds) and is subject to the Terms and Conditions of your BMO MasterCard for Business Account Agreement. The number of CashBack rewards will be rounded down to the nearest whole number. Fractions of CashBack rewards will not be awarded.

5. Applies to all debit and credit transactions including deposit of settlement funds, terminal rental fee, and any other fees posted by Moneris to your BMO business account in connection with your acceptance of MasterCard, Visa*, Interac, Discover* or Union Pay* branded cards. All other debit or credit transactions posted to your BMO account related to any other brand of card processed using Moneris services, are not included and may be subject to transaction limits associated with your Plan and/or excess per-item transaction fees. Moneris payment processing fees still apply.(*Visa, Discover and Union Pay are trademarks of their respective owners).

± This promotional offer is available from May 1, 2015 to December 31, 2015 (the "Promotional Period") to merchants that: (1) are located in Canada; (2) use a BMO® deposit account for the settlement of transaction proceeds; (3) are referred to Moneris for card processing services by BMO Bank of Montreal or through; and (4) enter into an agreement with Moneris for PAYD Pro mobile payment services ("Merchant Agreement") by December 31, 2015. If you enter into a Merchant Agreement during the Promotional Period, Moneris will waive your PAYD Pro Monthly Plan Fee (currently $19.95) during the first three months of your Merchant Agreement (the "Promotional Period"). Following the end of the Promotional Period, you will pay the PAYD Pro Monthly Plan Fee (currently $19.95) in accordance with your Merchant Agreement. All other applicable fees and charges in the Merchant Agreement apply, including any rental fees for additional Moneris PAYD PIN pad(s). If the Merchant Agreement is terminated, you must return all Moneris PAYD PIN Pads to Moneris. This offer is subject to change, withdrawal or cancellation at any time, and is not valid with any other offer.

™/®Trademarks of Bank of Montreal.

®* Registered trademark of MasterCard International Incorporated. Bank of Montreal is a licensed user of the trademark.

®++ MONERIS, MONERIS & Design, and MONERIS SOLUTIONS & Design are registered trademarks of Moneris Solutions Corporation. Bank of Montreal is an authorized user of the trademarks.

™++ MONERIS PAYD & Design and PAYD Pro are trademarks of Moneris Solutions Corporation.

®† Interac is a registered trademark of Interac Inc.

About BMO Financial Group

Established in 1817, BMO Financial Group is a highly diversified financial services provider based in North America. With total assets of approximately $633 billion as of April 30, 2015, and more than 47,000 employees, BMO provides a broad range of retail banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, Wealth Management and BMO Capital Markets.

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