Effective financial management can spell the difference between thriving and merely surviving for small businesses. To achieve this, it’s in every business owner’s best interest to open a dedicated business banking account and take advantage of various banking products tailored to their needs. These tools help you track cash flow more efficiently and give you access to essential services that simplify operations, from paying vendors to managing payroll. The right banking products will make maintaining day-to-day easier for your business, so you can focus more time and effort on growth.
Maya has emerged as the premier digital bank in the Philippines, with recognition from reputable publications like Global Finance for multiple years running, and we owe a large part of our success to the startups and SMEs that have chosen to bank with us. In light of this, we’re continuously evolving our suite of business banking products to cater to the unique needs of small businesses, and we’re proud to offer you innovative financial solutions to help streamline operations.
In this post, we’ll walk you through several key banking products that every small business owner should be aware of. Each of these financial tools is designed to improve your business’s efficiency and support its growth.
Business Banking Accounts
Effective money management is critical for any business, and opening a dedicated business bank account should be one of the first steps you take when setting up your finances. A business account helps separate your personal and professional funds, and it also streamlines day-to-day operations. From receiving payments to managing expenses, a business bank account gives you better oversight of your cash flow and makes tax preparation simpler, since every transaction is traceable and organized.
The rise of the digital age has made it increasingly advantageous to take your business banking online, and Maya Business Deposit can help you do just that. Maya Business Deposit is a fully digital deposit product with a highly competitive interest rate of 2.5%—the highest business deposit interest rate in the Philippines and around 20 to 25 times what you can expect to find at a traditional bank. It’s also extremely simple to set up and requires no maintaining balance, so you’ll have less to worry about and can instead immediately begin taking advantage of the solution’s cutting-edge features. These include fast, free transfers via both InstaPay and PESONet, a customizable Maya Business Manager Dashboard for tracking all your online business banking transactions, and more.
Business Loans
Many small businesses find it challenging to secure funding, particularly when they’re looking to expand, invest in equipment, or manage operating costs. Business loans can provide the capital you need for growth initiatives like upgrading facilities or launching a new project. With structured repayment plans, business loans are ideal for covering major one-time expenses while allowing you to pay off the debt over time without straining cash flow.
Maya Business recognizes the importance of flexible funding solutions for SMEs and offers Maya Flexi Loan as a tailor-made option. Maya Flexi Loan is a personalized business loan instrument that can provide your business with up to PHP 2 million in additional funding, credited instantly to your Maya Business Deposit account. Our borrower-friendly fees and automatic repayment system are also designed to make repaying your loans as easy for you as possible.
Disbursement and Payroll Solutions
Managing payroll, vendor payments, and other disbursements can be a complex and time-consuming task for small business owners. A reliable disbursement solution is crucial to ensure that employees and suppliers are paid on time, with minimal administrative burden. Digital disbursement tools help streamline these processes by reducing manual errors and ensuring compliance with financial regulations.
Maya Business’s digital disbursement solution, Maya Disbursements, can simplify payroll and other payments by leaps and bounds. This product allows for secure, quick, and efficient disbursement of funds, whether it’s for payroll, allowances, incentives, vendor payments, or any other type of expense. With Maya Disbursements, you can automate and manage payouts through a centralized digital platform, reducing the need for physical checks or lengthy approval processes.
Lines of Credit
Small businesses may also frequently face cash flow challenges, particularly when dealing with seasonal fluctuations or unexpected expenses. A line of credit can provide more financial flexibility by providing access to funds when needed without the commitment of a lump-sum loan. Unlike traditional loans, where you borrow a set amount, a line of credit allows you to borrow as much or as little as required, up to a pre-approved limit. This revolving credit can be a lifeline during periods of cash flow shortages or when waiting for clients to settle invoices.
Business Credit Cards
Business credit cards, when used wisely, can be indispensable tools for managing short-term expenses. They give you a convenient way to make purchases, pay bills, and cover immediate costs, without dipping into your cash reserves. Many business credit cards also come with added benefits, such as cash-back rewards, travel points, and discounts on office supplies, which can add more value to your everyday spending.
Besides providing a practical way to handle day-to-day spends, business cards also open up opportunities to build your business’s credit profile. Responsible credit use can help you qualify for larger lines of credit or loans in the future—a helpful long-term financial advantage as your business grows.
Experience the Future of Business Banking with Maya Business
Whether you’re a new entrepreneur or an established small business, Maya provides the tools you need to stay competitive and agile in the fast-paced markets of today. Sign up for Maya Business to take advantage of our enterprise-grade business banking solutions, in addition to a suite of payment and disbursement tools that can elevate your operations all the more.
Setting up a Maya Business account allows you to 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. From Maya Business Deposit, you’ll be able to send money to your partners and suppliers for free via InstaPay and PESONet, so you can skip out on troublesome transaction fees and 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—a valuable source of funding you can use to explore fruitful growth opportunities for 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.
