See what questions customers asked us about business banking.

Q. How can Kiwibank help my business during this challenging time?"

A. We encourage you to get in touch with us as soon as possible so we can work with you during this time. The best way to do that is to fill out this form. We’ll assess your situation and work with you to determine a way forward. The best way to do that is to fill out this form. We’ll assess your situation and work with you to determine a way forward. Please don't call us to apply for support as we'll need to ask you to complete the form first.

Depending on your circumstances, the support we can offer could include:

  • Temporary overdraft: You may be eligible for a temporary additional overdraft for up to 180 days.
  • Interest-only business lending: You may be eligible for interest only business lending for up to six months.
  • Repayment deferral: You may be able to defer payments on your business lending for up to six months.
  • Early access to investment products: If you need early access to Term Deposit or Notice Saver funds.
  • Business Finance Guarantee Scheme: You could apply for a loan up to a maximum of $500K for a maximum of three years.

Find out more or get in touch with us to discuss your individual situation.

Automatically applied benefits:

  • Business Mastercard: Following our COVID-19 temporary reduction of the standard interest rate on the Kiwibank Business Mastercard, a new reduced standard interest rate of 12.50% p.a. (compared to 16.90% p.a.) will apply to statements issued 16 July 2020 onwards. This means interest charged on those statements will be applied at 12.50% p.a. This applies regardless of when you made the transaction or when interest started to accrue.

Eligibility

To be eligible for support, you must be an existing Kiwibank business banking customer who has had or will have a reduction or total loss of income due to COVID-19. Credit, lending and other criteria may apply depending on the type of help required.

Business Banking Q&A session

Kiwibank's Simon Hofmann (Chief Marketing Officer) & Nigel Gaudin (General Manager Business Banking and Specialist Markets) answer the questions customers are asking us on business banking and provide an update about the support available for your business, including the Government’s Business Finance Guarantee Scheme loan.

Please note that this live Q&A session, streamed via Facebook, has now finished.

Q. I'm concerned about repaying my business loan - what options are available to me?"

A. We’re here to support you and your business, so please contact us so we can work through your situation together.

There are number of different options available, such as moving repayments to interest only or taking a repayment deferral. Once we know the specifics of your individual situation, we’ll help find the best solution.

We’re also working closely with the Government to develop a package that will support businesses; once the details are finalised we’ll be able to offer it to qualifying business customers.

Q. What support is available to businesses through the Government’s Finance Guarantee Scheme loan?"

A: Small and medium businesses are the backbone of the New Zealand economy and we’re here to support you through this difficult time. We’ll be making new lending available through the Government’s recently announced Business Finance Guarantee Scheme loan to help struggling businesses. For the latest information, see our COVID-19 Business Banking support page.

Business Finance Guarantee Scheme loan Q&A session

Kiwibank’s Simon Hofmann (Chief Marketing Officer) & Nigel Gaudin (General Manager Business Banking) bust some myths around the Business Finance Guarantee Scheme loan and clarify how it works and who it’s designed to help.

Please note that this live Q&A session, streamed via Facebook, has now finished.

Q. Can you help with cash pickups?"

A. If you're a business that continues to operate and you take large amounts of cash, we have a cash pickup solution that may be of interest. ACM will pick up your cash directly from your business.

To find out more or to organise the ACM service, contact your business banking relationship manager, or if you don’t have one get in touch with our experts through our talk to an expert form.

Q. Could you please advise the current interest rate charged on business overdrafts?"

A. See our current business overdraft base rate.

Q. Will Kiwibank reduce the interest rate on my business credit card during the COVID-19 pandemic?"

A. We've temporarily reduced the standard interest rate on the Kiwibank Business Mastercard from 16.90% p.a. to 9.95% p.a. from 15 April 2020 to 15 July 2020. This means any interest charged on statements issued between those dates will be applied at this lower interest rate. This applies regardless of when you made the transaction or when interest started to accrue. Statements issued 16 July 2020 onwards will have interest charged at the standard interest rate.

Q. How can I open a business account during the COVID-19 pandemic?"

A. To get started with opening a business account, please contact our business banking team.

Q. How can I enable contactless payment on my EFTPOS machine?"

A. If you're an existing Kiwibank merchant and wish to start taking contactless payments, please email us on merchantservices@kiwibank.co.nz. We can arrange to have this activated for you.

Q. How does a business transition from QuickPay to payWave? How do they differ from each other, and how much does it cost per month?"

A. QuickPay and payWave are not two separate products. By signing up for a Kiwibank QuickPay® solution, a business automatically gets payWave. QuickPay enables businesses to take card payments on the spot. payWave is contactless technology that all Kiwibank credit and debit cards have, it allows our customers to pay for goods and services without manually entering in their PIN number for purchases under a certain amount (currently $200, usually $80).

Find out more about QuickPay

Q. Due to low trading volumes during the COVID-19 pandemic, is Kiwibank waiving the $20 monthly merchant fee?"

A. You won’t be charged if there are no transactions in a month, otherwise the $20 minimum fee will apply.

Q. Do you have a wireless form of EFTPOS available for merchants?"

A. Yes, we have QuickPay® and mobile terminals available that serve this purpose.

Q. Will Kiwibank's COVID-19-related business support still be available in up to six months' time?"

A. The Business Finance Guarantee Scheme remains open until later this year. The other support Kiwibank is offering, including interest-only lending, repayment deferrals and loan restructures, are things we can consider for businesses experiencing difficulties at any stage on a case by case basis, so yes.

If you’ve been financially impacted by COVID-19 and need support, please fill in our business support form.

Q. How long does it take to hear back on an application for the Business Finance Guarantee Scheme?"

A. Given the volume of requests we're receiving, we have a significant backlog of requests. See our up-to-date estimated response times.

Q. How long does it take to hear back on an application for the business finance scheme?"

A. Usually this process will take three to four weeks. You can also see our latest estimated response times.

Q. Is there a cash handling fee for deposits that we make into our Business Edge account via Kiwibank ATMs?"

A. No, there isn't.

Keep informed with other FAQs