It’s not unusual for entrepreneurs to start small, using whatever financial resources they can muster, including their personal bank accounts. For many, it’s simply a matter of convenience; for others, it’s because they don’t quite understand the benefits of banking solutions that are specifically designed for business banking.
Regardless, if you want your business to grow, opening a separate bank account for your business is essential. While no one will force you to separate your business and personal finances, there are many good reasons to do so, with each reason probably already a sufficient cause by itself to open a small business banking account. Here are some of the more important reasons to draw a line between your personal and business funds:
1) Establishes Credibility
Many customers, suppliers, and investors will be hesitant to do business with you if you offer them personal bank details for payment. Choosing a business savings product trusted by both big enterprises and small- to medium-sized enterprises (SMEs) will help increase your venture’s credibility and allow it to do business with a wider range of parties.
The Maya Business Deposit savings product is popular with large businesses but it has also emerged as a leader in SME business banking. Its convenient set of functionalities, free InstaPay and PesoNET Transfers, zero maintaining balance, and incredible 2.5% per annum interest rate allow you to do business more efficiently and to grow your business’s savings much faster than with competing services. With a Maya Business Deposit, you not only gain the credibility you need for the long term but also the extra funding you need to grow faster.
2) Provides Access to Business-Specific Services
Getting a business bank account grants you access to a range of services meant specifically for businesses. Apart from the typical online business banking services that you can expect from your bank, you’ll also be able to deal with other parties to access funding, special offers, and other perks that are specifically intended for legitimate businesses.
3) Gives Your Customers More Transaction Options
If you use a personal bank account for your business, you’ll be denied access to commonly used payment methods, limiting your market share. Most personal accounts will not be able to accept credit card payments and they will often have limited capabilities in other areas important for small business banking online. If you want to maximize your sales and growth potential, opening a business bank account is going to be critical.
4) Protects Your Personal Assets from Liability
If you use your personal account for business purposes, you risk your personal assets in case of financial difficulties or legal complications. If your business faces these issues, other legal entities may have the right to go after your personal assets to cover your business-related liabilities. This is known as "piercing the corporate veil,” and this is best avoided by keeping your business and personal finances separate.
5) Permits Better Financial Visibility
Separating your finances also lets you make better sense of your budget and liquidity. This should make it easier to understand the financial thresholds you have for your operations while also helping you keep peace of mind about your personal finances.
6) Allows for Smoother Accounting and Auditing
The improved financial visibility enabled by opening a business bank account also saves you time on your bookkeeping and accounting. This lets you spend more time growing your business and permits faster auditing of your finances, reducing your legal business risks and opening up more avenues for funding.
Protect Your Business and Personal Finances with a Maya Business Deposit
For solutions for business banking Philippines’ top businesses depend on, choose products and services from Maya Business. The Maya Business Deposit comes with one of the Philippines’ highest savings interest rates at 2.5% p.a., giving your funds up to 4x faster growth compared to deposit products from other banks. Create your Maya Business Manager account for business banking online that protects both you and your growing business.
Signing up gives you access to 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. This effectively earns you PHP 14,600 in transaction savings for every PHP 1 million in QR Ph sales, boosting your business’s funds—as easy as 1-2-3.
The Maya 1-2-3 Grow bundle also lets you take advantage of opening a Maya Business Deposit and using it as your settlement account. With its 2.5% p.a. interest rate, your business funds will be boosted by PHP 25,000 in interest earnings each year on a PHP 1 million deposit. Plus, you’ll save even more than that, thanks to Maya Business Deposit’s free InstaPay and PesoNET Transfers and zero maintaining balance.
Signing up also qualifies you for a Maya Flexi Loan offer of up to PHP 2 million. For a better loan offer, simply rely on Maya Business as your primary processor for all wallet and card payments. The more you use Maya, the higher your loan offer and the more opportunities you will have for business expansion.
Send in your Maya Business Manager application today to enjoy Maya 1-2-3 Grow bundle and to have your very own Maya Business Deposit account.
