OREANDA-NEWS. 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 transactions 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 months
  • 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."

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.