A vital partner in the entrepreneurship journey, business banking institutions provide the financial foundation upon which small and medium-sized enterprises (SMEs) can thrive and grow. Many entrepreneurs are able to secure startup capital, access loans for expansion, and manage day-to-day finances by utilizing the financial services and solutions offered by financial institutions like Maya Business. However, the success of a business hinges on more than just having access to capital, as it's imperative for business owners to find a banking services provider that aligns precisely with their needs.
What common issues can your business avoid by partnering with a bank that matches your entrepreneurial needs and goals? Here are some of the most common challenges that can arise from such a partnership.
Limited Access to Financing
The lifeblood of SMEs, access to financing allows businesses to fuel growth, innovation, and sustainability. However, just like other products and services, the financial solutions that corporate banks offer their customers can vary greatly. It’s entirely possible for entrepreneurs to find that their financial services provider cannot match their needs. Let’s say that you have a small bakery and you need additional funding to acquire new equipment, but your bank only offers large corporate loans with stringent eligibility criteria. Being in such a situation can leave you without access to appropriate funding, making it more difficult for your business to invest in essential resources, to expand operations, or to seize new opportunities.
One of the hallmarks of the right business banking partner is that they can offer a range of flexible financing solutions that meet your SME’s specific needs. These banks understand the financial capabilities and limitations of the businesses they cater to, and as such, they carry financial programs and products such as small business loans, lines of credit, and asset-based lending. One such solution is Maya Flexi Loan, a credit line that instantly unlocks up to PHP 2 million in funding for qualified Maya Business account holders. The funds from Maya Flexi Loan can be divided into several loans to meet your particular needs. This gives you more control over your financing and makes it easy for you to determine how to fund your business plans.
High Fees and Charges
Excessive fees and charges imposed by traditional banks can erode the profitability of SMEs and strain your cash flow. It may not seem obvious at first, but fees and charges such as account maintenance fees, transaction fees, and overdraft charges can add up quickly. Combined, these can significantly diminish the financial resources available to your SME for investment and growth.
Honesty and transparency are key characteristics of a trustworthy banking services provider. One way of demonstrating these qualities is by offering their clients transparent fee structures and competitive pricing, which then allows SMEs like yours to mitigate the impact of high fees and transaction costs. Maya Business, for one, offers a Flexi Loan calculator that presents a clear breakdown of a potential borrower’s total monthly repayment, including the principal amount and service fees. This tool ensures that you won’t be blindsided by hidden costs and charges while repaying your loan. Plus, Maya Business offers borrowers low fees to begin with, so you can be certain that the amount you borrowed can be directly spent on the projects that will grow your business.
Lack of Personalized Service
Personalized service and tailored financial advice are invaluable assets for entrepreneurs who are navigating the complexities of business ownership. Unfortunately, it’s not out of the ordinary for corporate banks to fail to provide personalized support. The inability of financial services providers to meet expectations can leave you feeling underserved and unsupported in your financial endeavors.
This shouldn’t be an issue when working with a financial institution that demonstrates a commitment to understanding the unique needs and challenges of SMEs. Financial services providers like Maya Business can provide you with dedicated small business teams or relationship managers who can deliver personalized guidance and support. Having easy access to our representatives puts you in a better position to maximize the services and programs that we offer.
Limited Technology and Digital Services
It’s a fact that modern SMEs rely heavily on technology and digital banking services to streamline operations, improve efficiency, and enhance customer experiences. This can be an obvious pain point if your business is partnered with a traditional bank that is lagging behind in terms of adopting tech solutions. A bank that is unable to upgrade its services and systems to keep up with your needs can hinder the growth and competitiveness of your business. This can limit your enterprise’s ability to adapt to changing market dynamics and consumer preferences.
Establishing a relationship with a tech-savvy financial services provider is a sure way of overcoming this particular challenge. Maya Business shines in this aspect, as we offer online business banking solutions that will help you streamline and carry out your financial management processes from just about anywhere. We also have in-store and online payment solutions in the form of Maya Terminal and Maya Checkout. Using these solutions in your physical store or digital shop enables you to easily process a wide range of payments, including credit cards, e-wallets, and QR codes. By making a priority of providers that offer business banking online platforms, user-friendly mobile apps, and innovative digital payment solutions, you can make sure that your bank can meet the evolving needs of your businesses.
Maximize the Benefits You Get from Banking Products and Services with Maya Business
Sign up for Maya Business today to partner with a financial services provider that understands and responds to the goals and requirements of your SME.
Setting up a Maya Business account lets you open a Maya Business Deposit account and use it as your settlement account. With an industry-leading 2.5% per annum interest rate, you’ll earn PHP 25,000 in interest per year on a PHP 1 million deposit. This comes with the added benefit of being able to send money to your partners and suppliers for free via InstaPay and PESONet, allowing you to reduce transaction costs.
Signing up also qualifies you for a no-collateral Maya Flexi Loan offer of up to PHP 2 million in just 3 months. You can divide this amount into different loans to allocate funds for projects that are crucial to your small business’s growth. Just use Maya Business as your primary processor for all wallet and card payments. The more you use our solutions, the better the loan offer will be.
Pick the right business banking services provider today and sign up for Maya Business.
