One of the things that separates new entrepreneurs from veteran business owners is a deeper understanding of how small things can make a huge impact over time. As a classic example, few newbie entrepreneurs spend time optimizing the costs of their everyday business banking. Successful business owners, on the other hand, take the time to make sure they’re getting the most out of every transaction.
Experienced entrepreneurs know that, by making the right choices, they can easily bring down the cost of daily financing, growing their margins and business faster than ever. If you want to make the most of your cash reserves, it’s a good idea to follow their example. Here are a few straightforward but effective banking strategies that will help you keep much more of your hard-earned profits:
1. Choose a Leading Digital Business Bank
Regular banking hours can be very inconvenient in today’s 24/7 business environment. Even if you go with a bank that offers longer banking hours, you’ll still have to take some time off to do typical over-the-counter transactions. The time you spend driving to a brick-and-mortar bank and waiting in line can also add up, eating into your earnings and growth potential.
Forgoing the traditional banking experience and taking your daily business banking online is the best way to immediately reduce your banking costs. Of all the online business banking options in the Philippines, Maya Business Deposit is, by far, the best for today’s new wave of emerging enterprises.
Managing funds in a Maya Business Deposit account couldn’t be easier. You can set up transfers, check your balance, and perform all essential banking activities through the elegantly designed app, right from your mobile phone.
Thanks to Maya Business Deposit, you’ll not only have more time to grow your business. but you’ll also enjoy faster business growth. With an annual 2.5% interest rate, Maya Business Deposit also offers 20 to 25 times higher interest than the average commercial bank, making it the best choice for rapidly developing your business’s finances.
2. Compare Bank Fees
Not all banks charge the same fees for their services. For example, most commercial banks charge an amount for cash transfers, even to accounts held within the same bank. Since most small businesses need to make regular payments, even seemingly small fees can stack up.
Thankfully, Maya Business Deposit lets you do FREE cash transfers through InstaPay and PESONet. With this feature, you can effortlessly save on your regular payments to employees and suppliers, keeping your daily banking costs to a minimum.
3. Prioritize Banks with Zero Balance Requirements
Traditionally, banks require a monthly maintenance fee to increase their profit margins. However, innovative financial products like Maya Business Deposit do not require a minimum balance, greatly reducing the burdens on small businesses that require maximum financial flexibility.
4. Automate Regular Payments and Transfers
Automating your payments and transfers can help you avoid late fees and can even help you take advantage of any supplier discounts for early payments. Through Maya Disbursements, you can easily set up any payment automation involving your Maya Business Deposit account. This can help you streamline your financial management and free up time for other things that matter to your business.
5. Opt for Electronic Statements
Many banks and credit card providers charge a fee for paper statements. By prioritizing electronic statements, you’ll not only circumvent this fee but you can also help the environment. As a bonus, digital records are also cheaper to store and easier to organize.
6. Limit Cash Transactions
Encouraging your customers to go with electronic payments rather than cash transactions helps reduce the security, transfer, and handling costs associated with bringing large sums of cash to the bank. Use payment gateways like Maya Checkout and in-store solutions like the Maya Terminal to effortlessly accept payments from credit cards, debit cards, and digital wallets.
Streamline Your Daily Business Banking with Maya Business
Whatever your vision is for your growing business, Maya Business gives you the banking services and tools that will help it come to fruition. Sign up for Maya Business today to automatically access your own high-performance Maya Business Deposit account.
Signing up for Maya Business immediately gives you access to an account to take your day-to-day banking further. With a market-leading 2.5% per annum interest rate, you can earn PHP 25,000 a year with a PHP 1 million deposit. Maya Business Deposit also streamlines your partner and supplier payments with free money transfers via InstaPay and PESONet.
After your Maya Business application is approved, you’ll also be eligible for a Maya Flexi Loan offer worth up to PHP 2 million in just 3 months. Use your loan to purchase inventory, develop your team, or make other investments that grow your business. To receive a better Maya Flexi Loan offer, all you need to do is keep using Maya as your primary processor for all wallet and card payments.
Complete your Maya Business application today to activate a range of cutting-edge Maya Business solutions and enjoy better business banking through Maya Business Deposit.
