For many small business owners in the Philippines, having a reliable banking partner is vital for their business’s long-term success. Partnering with a financial institution can give them the tools to unlock and maximize their financial capabilities, which is essential for staying competitive in their respective industries.
That being said, finding the right small business banking partner can be challenging, especially when there are so many banks, credit unions, and fintech companies to choose from. If you’re in the process of looking for a small business banking partner, keep the following things in mind during your search, as these are the attributes your ideal small business banking partner should have:
Provides Robust Online Banking Capabilities
Partnering with a digital bank or fintech company that can enhance your online business banking capabilities is essential in today’s digital age. Business banking online offers organizations of all sizes a more convenient way to stay on top of their financial health, giving them more time to focus on growing and improving their operations. To maximize the benefits of online business banking, you need to choose a partner that has a strong reputation for providing top-notch online banking services for small businesses. Many businesses in the Philippines have found this quality in Maya.
As the number one digital bank in the country, Maya has revolutionized business banking in the Philippines by providing unified payments and banking services in an all-in-one digital platform. Through the Maya app and the Maya Business Manager—our online business management dashboard—you can manage a variety of Maya business solutions, including all the business banking, payments, and disbursement solutions you’ve chosen to use. This way, you can keep a better eye on your small business’s resources and make more informed financial decisions.
Offers Excellent Small Business Financial Products and Services
An ideal small business banking partner should be able to provide you with a variety of financial products and services tailored to address the unique needs of your small businesses. When you’re equipped with a comprehensive set of financial solutions, you’ll have the tools to invest in growth opportunities, expand your operations, and streamline your processes while reducing the risk of straining your existing financial resources.
Maya offers first-rate business solutions that can help you navigate the challenges that often come with running a small business with confidence. Maya Business Deposit, for example, is a fully digital deposit product that makes money management simpler. It lets you receive sales revenues, transfer funds to any bank (or e-wallet via PESONet or InstaPay), and disburse salaries and benefits to your employees with a single account. Another business banking solution from Maya is Maya Flexi Loan. This credit line gives you instant access to additional funds by letting you borrow up to PHP 2 million when you need it. With this flexible loan product, you can invest in your company's future and seize business growth opportunities the moment they arise.
Maya also has other allied products and services that can improve your business’s operations. If you have an online store, for example, you can take advantage of Maya Checkout, a secure payment gateway that enables you to accept payments via credit and debit cards, e-wallets, and QR Ph. If you operate a brick-and-mortar store, on the other hand, Maya Terminal–our portable point-of-sale (POS) device–can make your business’s checkout process more efficient and convenient by allowing your staff to serve customers anywhere in your store. Finally, Maya Disbursement provides small business owners with an easier way to manage fund disbursements, whether it’s distributing their employees’ salaries or settling payments with their suppliers.
Offers Competitive Interest Rates and Fees
It’s also crucial to consider the interest rates and fees associated with the financial products offered by prospective small business banking partners. Ideally, you want to partner with a financial institution that offers favorable rates on loans and lines of credit, as it’ll be more affordable to finance your business's growth and operational needs.
Maya understands the requirements of small businesses, and as such, offers products that have competitive interest rates and reasonable fees. Maya Business Deposit, for example, has a generous 2.5% interest rate—the highest business deposit interest rate in the Philippines. The interest earned will be credited to your Maya Business Deposit account at the beginning of each month (subject to applicable taxes) so that you can easily incorporate it into your business’s monthly budget.
Maya Flexi Loan, on the other hand, offers borrower-friendly fees to ensure that you can fund your daily operations or projects without worrying too much about loan payments. With these solutions, you can optimize your financial resources and reinvest more into your business.
Supports Business Growth and Expansion
A key attribute of an ideal small business banking partner is its ability to support your business as it grows and expands. When it understands your growth ambitions, you can navigate challenges more effectively and seize new opportunities as they arise.
Maya has been the go-to business banking partner for many small businesses in the country. While our products are widely used by big enterprises, they’re also designed to support the growth and expansion of small and medium-sized enterprises (SMEs). Maya Flexi Loan, for instance, offers instant loans suited to the specific needs of smaller businesses, allowing them to access up to PHP 2 million quickly and easily, without extensive documentation.
With personalized loan offers based on your average sales through Maya payment solutions as well as competitive and borrower-friendly fees, this flexible credit line ensures that SMEs like yours can manage their finances efficiently without the costs associated with other loan products.
Provides Strong Security Measures
With cyber threats becoming more prevalent, partnering with a banking institution that adopts strong security measures is non-negotiable. A banking partner that employs state-of-the-art security features is capable of protecting your financial data and transactions. Maya is one such financial institution that utilizes world-class security protocols to ensure the safety and security of your business and customers.
Some of the security measures we implement include two-factor authentication, proxy detection, IP address location checking, and merchant risk analysis. With these safeguards in place, you can confidently run and grow your business, knowing that our solutions and services are designed with your security in mind.
Selecting a small business banking partner that embodies all of these attributes can enhance your financial stability and streamline your operations. This can help ensure that your financial foundation is secure and well-supported for the foreseeable future.
Create a Maya Business Account Today and Take Advantage of Maya’s Outstanding Business Baking Solutions
Sign up for Maya Business to gain access to excellent business banking solutions that will allow you to manage your small business’s financial resources more effectively.
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. Furthermore, you’ll be able to send money to your partners and suppliers for free via InstaPay and PESONet, letting you save more.
Signing up also qualifies you for a no-collateral Maya Flexi Loan offer of up to PHP 2 million in just 3 months, allowing you to have another funding source to further develop your business. Just use Maya as your primary processor for all wallet and card payments. The more you use our solutions, the better the loan offer will be.
Sign up for Maya Business today to enjoy the benefits of Maya Business solutions.
