Many business finance experts agree that business banking online offers entrepreneurs a host of advantages over traditional banking. Having a small business banking account at a neobank or digital bank like Maya gives you a wider degree of financial control, scalability, and access to exclusive services compared to depositors with traditional business savings accounts.
Whether you’re running a large business or a small-to-medium enterprise (SME), it’s important to know the potential risks that could be made when choosing a new business deposit product. Let’s delve into some of the more common mistakes that you can avoid as a starting business owner.
1) Not Considering the Required Maintaining Balance
When times get tough, a business’s liquidity is often the first thing to suffer. It’s not unusual for businesses to have to empty their bank accounts simply to meet payroll or supplier obligations during very difficult times, particularly during their hectic early days. For many businesses, having to pay a penalty simply for not having enough cash during tough times is simply not ideal.
Fortunately, some digital financial institutions that specialize in SME business banking now offer savings products with a more favorable maintaining balance. Maya Business Deposit, a fully digital deposit product developed by Maya, requires no minimum maintaining balance at all, making it the perfect fit for startups as well as organizations with an aggressive financial management strategy.
2) Disregarding Account Accessibility
Making in-person visits to the bank to sign off on various transactions is no longer feasible for most businesses, given the speed at which markets move in the digital age. If you’re looking for a better way, choose a banking product that lets you do small business banking online.
Maya Business Deposit offers easy online access through Maya Business Manager, allowing you to manage your finances anywhere with an internet connection. Accessing your Maya Business Deposit through Maya Business Manager is especially convenient, as you’ll also be able to activate and manage other Maya Business solutions from the very same platform.
3) Overlooking Interest Rates
While it’s true that many business banking products have unremarkable interest rates, some options do buck this trend. Maya Business Deposit comes with an industry-leading 2.5% per annum interest rate—20 to 25x more than what other banks offer. Opening a Maya Business Deposit account should, therefore, give your organization the means to enjoy more earnings and faster, more robust growth.
4) Ignoring Fund Transfer Fees
Typical fund transfer fees might not seem like a lot, but they can add up when you’re doing hundreds of them each day. Over time, these fees can seriously slow down your ability to grow your business.
Once again, Maya Business Deposit breaks the mold by offering FREE transfers via InstaPay and PESONet. With a Maya Business Deposit account, your daily transactions won’t have to negatively impact your business fund’s growth potential.
5) Not Shopping Around
Choosing the first digital business banking solution you come across might be convenient, but it can be a costly oversight in the long term. Different banks and financial institutions offer various features, perks, and fee structures. Failing to compare options might mean missing out on a more suitable product for your business needs.
Unleash Your Business’s Financial Potential with Maya Business Deposit
Maya Business Deposit stands out in the Philippine market with its unique combination of zero maintaining balance, convenient mobile access through Maya Business Manager, business-friendly interest rates, and free InstaPay and PESONet fund transfers. Sign up for Maya Business to enjoy best-in-class business banking Philippines’ SMEs and startups depend on.
Signing up for Maya Business Manager entitles you to exclusive benefits like the Maya 1-2-3 Grow bundle. Maya 1-2-3 Grow qualifies you for a 1% MDR (merchant discount rate) discount on all QR Ph transactions for 3 months after signing. That’s an additional PHP 14,600 in earnings for every PHP 1 million in QR Ph sales.
The Maya 1-2-3 Grow bundle also entitles you to a Maya Business Deposit account for your Maya settlements. Your Maya Business Deposit comes with an astounding 2.5% per annum interest rate, passively earning your business PHP 25,000 each year for every PHP 1 million deposit. As mentioned above, you’ll also enjoy better business banking thanks to Maya Business Deposit’s zero maintaining balance and free transfers via InstaPay and PESONet.
The bundle also qualifies you for a Maya Flexi Loan offer of up to PHP 2 million in just 3 months, giving you instant liquidity and more funds to expand your business. For bigger and better loan offers, simply use Maya as your primary processor for all wallet and card payments.
Complete your Maya Business application today to build your business’s finances with Maya Business Deposit, and enjoy the exclusive perks of the Maya 1-2-3 Grow bundle.
