Choosing the right banking services provider is crucial for the success of a small business. The right financial institution can offer the exact products and services, financial support, and flexibility you need to grow and manage your business effectively. Conversely, sticking with a banking partner that fails to address your financial concerns can hinder your operations, limit your growth, and cause unnecessary stress. As your business needs change, it’s important to recognize when it's time to switch to a bank that can do a better job of supporting your small enterprise. Here are some of the tell-tale signs that you should be looking for a new small business banking partner.
Difficulty Securing Loans
One of the most critical needs for many small businesses is access to credit and financing. If your bank consistently denies your business banking loan applications or offers loans with high interest rates and unfavorable terms, it’s a sign they may not be the right fit. Limited access to credit can stunt your business growth, especially when you need funds for expansion, purchasing inventory, or managing cash flow.
In this case, it’s best to shop around for a banking partner that offers competitive business loan products tailored for small enterprises and is willing to support your growth. Maya Flexi Loan by Maya Business, for instance, offers small business owners up to PHP 2 million in funding that can be divided into several business loans. Business owners can also take advantage of Maya Flexi Loan’s fast approval, borrower-friendly fees, and automatic loan payment feature.
Excessive Transaction Fees
High banking fees can eat into your profits, especially if you’re making frequent transactions. It makes perfect sense then to regularly review your bank statements for high fees on transactions, account maintenance, and other services. If you find that your current bank’s fees are significantly higher than those of other banks, it’s time to consider a switch.
Ideally, your next small business banking partner should be able to offer transparent fee structures, lower transaction costs, and value-added services with better overall value. Small enterprises that have a Maya Business Deposit account, for instance, can transfer funds for free via PESONet and InstaPay. This feature lets you make the most of every transaction without having to worry about the cost of each.
Unresponsive Support
If you experience long wait times, unhelpful responses, or difficulty reaching a representative, it’s a clear sign that your bank’s customer service is lacking. Poor customer service can lead to delays and disruptions in your financial management. Meanwhile, efficient and helpful customer service is vital for resolving issues promptly and keeping your business operations smooth. Be on the lookout for business banking partners that can give you access to knowledgeable support staff who can assist you with your specific needs quickly and effectively.
Outdated Technology
In today’s digital age, robust online and mobile banking services are essential for managing your finances efficiently. Digital banking platforms that are outdated and unreliable or lack necessary features can impede your ability to manage your accounts, pay bills, and monitor transactions on the go. The good news is that Maya Business sets the standard for user-friendly and secure online and mobile banking platforms in the Philippines. Our business banking app comes complete with features such as top-notch security measures, bulk transaction capabilities, and intuitive navigation.
Lack of Specialized Products
Small businesses often require specialized banking services such as merchant services, disbursement and payroll management, online and in-store payment solutions, and tailored business accounts. If your current bank doesn’t offer or support these services, it might not fully understand or support your business needs. Without these specialized services, you may face inefficiencies and higher costs. Consider switching to a bank like Maya that provides a comprehensive suite of products and services designed specifically for small businesses.
Low Transaction or Deposit Limits
Frequent hitting of transaction or deposit limits can disrupt your cash flow management and daily operations. If your bank imposes low limits that don’t align with your business activity, it can be a significant hindrance. If this is a particular problem for your small enterprise, look for a bank with higher or more flexible transaction and deposit limits to accommodate your business’s needs and support its growth.
Rigid Contract Conditions
Banks that enforce rigid terms and conditions without considering your business’s unique circumstances can be limiting. Flexibility is key to adapting to changing business environments and needs. If your current bank is not flexible in adjusting terms to fit your business situation, it might be time to look elsewhere.
Financial Instability
A bank that has a negative reputation or shows signs of financial instability can be risky for your business. Research your bank’s stability, customer satisfaction, and overall reputation to ensure your money is safe and secure. A stable and reputable bank will provide peace of mind and security for your business’s financial assets.
Find a Small Business Banking Partner that Matches Your Exact Needs
Choosing the right banking services provider can significantly impact your small business’s success. Sign up for Maya Business and find a banking partner that aligns with your needs and offers the support, services, and flexibility required to grow and manage your business 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. As mentioned, this allows you 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, which you can divide into several smaller loans depending on your specific needs. 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.
