Choosing a Digital Banking Partner Over a Traditional Bank: Advantages for Entrepreneurs

Digital banking has created momentous changes in how modern entrepreneurs manage their businesses' finances. Not only have these new banks proven to be more suited for small-to-medium enterprise or SME business banking, but they have also revolutionized the way transactions are conducted at the consumer level.

Here are some of the advantages of choosing a digital bank for business banking, especially if one hails from an up-and-coming startup or SME: 

1)Tailored Financial Solutions

While traditional banks are well-suited for serving the needs of larger businesses, digital banks tend to offer better small business banking online, with features that are specially designed for the needs of today’s startups and SMEs. These may include small business loans and other opportunities designed to support business growth.

When it comes to business banking, Philippines SMEs and startups depend on Maya Business Deposit for its efficiency and security as much as they do for its focus on their unique needs. The Maya Business Deposit savings product also seamlessly integrates with other Maya Business tools, giving account holders more flexibility to deal with various growth challenges.

2) Seamless Accessibility and Convenience

While most traditional banks now also have their own online business banking apps and services, they are not always attuned to the accessibility needs of modern entrepreneurs. In contrast, digital banks tend to be more focused on small business banking, and that often makes them the better choice for entrepreneurs that want to maintain 24/7 control of their businesses.

3) Speedy Account Setup and Approval

Digital banks streamline the account setup process, often requiring minimal paperwork and offering quicker approval times compared to traditional banks. This speed is crucial for entrepreneurs who want to streamline their processes and make their business more efficient.

4) Cost-Effectiveness

Digital banking partners typically offer lower fees and transaction costs than traditional banks. Maya Business Deposit offers high savings interest rates, free transfers via PesoNet and InstaPay, and a zero maintaining balance, making it an excellent choice for entrepreneurs on a budget. What’s more, digital banks like Maya often have promos that are specially designed to help small businesses save more on their transaction fees.

5) Real-Time Processing

Digital banking usually offers faster payment processing than traditional banking, reducing delays in receiving funds from customers. Moreover, digital banking platforms provide real-time financial data and insights, empowering entrepreneurs to make prompt decisions about their business finances. These insights can be crucial for pivoting strategies and optimizing cash flow to take advantage of market opportunities.

6) Integrated Financial Management

Many digital banking partners offer integrated financial management tools that simplify financial management for small business owners. Maya Business Deposit accounts can be managed through Maya’s Business Manager 2.0 dashboard, which can also be used to manage bulk transfers and benefits via Maya Disbursements. Any disbursement made from this tool is instantly reflected on an account holder's Maya Business Deposit account, ensuring accurate financial tracking.

7) Enhanced Security Measures

For business banking on line, digital banks tend to have a more secure experience over traditional banks. Apart from standard features like advanced encryption, multi-factor authentication, and real-time fraud detection, digital banks often include other security measures that go above and beyond the minimum requirements. For example, Maya Business Deposit lets entrepreneurs assign a maker, checker, and approver to keep their transactions secure.

Enjoy More Freedom to Grow with a Maya Business Deposit

As entrepreneurs strive for better efficiency and faster growth, partnering with the right digital bank can provide them the financial agility needed to thrive in today's unpredictable business landscape. With its long history as a financial technology pioneer, Maya is the right choice for today’s growth-oriented Philippine-based startups and SMEs.

Maya Business Deposit offers modern businesses the kind of banking designed specifically to meet their needs. With no minimum balance, free transfers via PesoNet and InstaPay, and an unbeatable interest rate of 2.5% per annum, Maya Business Deposit is the right choice for entrepreneurs that want to maximize their business’s growth. Create a Maya Business account today to start saving with a Maya Business Deposit.

Signing up for Maya Business also qualifies you for unique growth opportunities like Maya Maya 1-2-3 Grow. Maya 1-2-3 Grow is a promo bundle that entitles you to even more savings through discounts on QR Ph sales.

Joining Maya 1-2-3 Grow gives you a 1% merchant discount rate (MDR) on QR Ph sales for three (3) months from signing up, giving you PHP 14,600 in transaction fee savings for every PHP 1 million in sales. You can also earn a 2.5% p.a. interest on your Maya Business Deposit account, which translates to PHP 25,000 per year if you have PHP 1 million in your account. The Maya 1-2-3 Grow bundle also lets you enjoy a Maya Flexi Loan offer as large as PHP 2 million in just 3 months from promo onboarding, giving you more cash to fuel your small business’s growth. Sign up for Maya Business today to get a Maya Business Deposit account, reap the benefits of the Maya 1-2-3 promo, and enjoy new opportunities for growing your business.