Thanks to Maya, the number 1 digital bank in the Philippines, online business banking is now more accessible and convenient than ever. Maya is now offering a new kind of digital business banking that is already transforming the lives of entrepreneurs, taking down barriers and creating a smooth experience that’s uniquely suited for Philippine-based small-to-medium enterprises (SMEs).
Through Maya Business Deposit, Maya offers SMEs a way of business banking online that is both convenient and responsive to the needs of smaller organizations. This modern way of banking has not only benefited existing businesses but has also helped new enterprises become viable, ultimately bringing new dynamism to the Philippine SME sector. Here’s how digital banks like Maya are making entrepreneurship more accessible to a new generation of Filipino entrepreneurs:
1. Wider Financial Inclusion
Before the growth of the digital business banking sector, even something as simple as checking your balance would require a trip to a bank or an ATM. This was a longstanding challenge for SMEs in the Philippines, especially those operating in more rural areas where traditional banking services are scarce. This is in contrast to today, when Maya’s digital business banking services now allow SMEs to access banking services anytime and anywhere. This 24/7 availability gives SMEs more flexibility and control by unchaining them from traditional banking hours and locations, giving them greater flexibility and control over their business operations.
2. Streamlined Financial Management
Despite their powerful functionality, some new digital banking platforms also offer astonishing simplicity, allowing newly banked users to quickly leverage them to grow their businesses. Maya Business Deposit is particularly well-liked for it’s ease-of-use. It’s managed on the Maya Business Dashboard alongside Maya Business payment solutions, simplifying tracking of your business finance journeys.
Established businesses have also made great use of Maya Business Deposit’s simplicity at the user end. The system offers integration and facilitates real-time tracking of transactions, balances, and cash flow, all invaluable for driving business efficiency. With the Maya Business Dashboard, you’re better placed to make informed decisions and plan for future growth.
3. Simplified Payroll Management
Payroll management can be a time-consuming task for SMEs in the Philippines, thanks in part to the country’s often customary twice-monthly salary payouts. Many businesses thus have to process salaries not just once per month. Maya Disbursements gives Maya Business Deposit account holders an easy way to manage payrolls, allowing the automation of salaries, allowances, and more. This smart automation reduces errors, guaranteeing compliance with labor laws, and also freeing up limited time for value-creating activities.
4. Support for E-commerce
The rise of e-commerce in the Philippines has created new opportunities for SMEs that could only be maximized with payment solutions that are closely allied with SME digital banking services. Maya Business users can activate Maya Checkout to accept any digital payment into their Maya Business Deposit account, meeting the modern e-commerce market’s expectations and facilitating hassle-free transactions for online sales.
5. Cost Savings
To start, reducing physical visits to banks already saves SMEs valuable time and transportation costs. More importantly, however, digital business banking usually comes with higher annual interest rates and lower fees compared to traditional banking. For instance, Maya Business Deposit offers an amazing 2.5% annual interest rate, offsetting banking expenses and handily beating most other commercial banks out in the market. InstaPay and PESONet transfers are also free through Maya Business Deposit, further increasing potential cost savings for SMEs.
6. Improved Customer Insights
The tools that come with digital banking apps can give SMEs valuable insights into their customers' purchasing habits. Through transaction data, businesses can better understand market trends and act to better personalize their offerings and improve customer satisfaction. This data-driven approach used to be only easily available to larger businesses, but it is now accessible to smaller businesses, thanks to digital banks like Maya.
7. Democratized Access to Low-Risk Loans
Digital banking services like the Maya Flexi Loan make it possible for Philippine SMEs with modest means to access legitimate credit. This is a major advantage to entrepreneurs, as it gives them a real alternative to risky informal lenders. This accessibility to credit has proven vital for Philippine entrepreneurs looking to expand, invest in new equipment, or cover emergencies without the downsides of informal channels.
Online Business Banking that Meets You Where You Are
Maya Business gives your SME the kind of banking services it needs to thrive in the digital age. Whether you want to grow your money faster or simply want a better way to manage your business’s funds, Maya Business Deposit and our host of other banking, payment, and disbursement services are the right choices. Sign up for Maya Business today to immediately access our high-performance Maya Business solutions.
Signing up for Maya Business automatically entitles you to a Maya Business Deposit account with a market-leading 2.5% per annum interest rate. At an interest rate of 2.5% a year, your funds can earn PHP 25,000 in one year with just a PHP 1 million deposit. Maya Business Deposit also makes partner and supplier payments easier with free money transfers through InstaPay and PESONet.
Upon the approval of your Maya Business application, you’ll also be set up for a Maya Flexi Loan offer with a value of up to PHP 2 million in just 3 months. Take this loan offer to develop your emerging business and bring it closer to your vision. For a larger Maya Flexi Loan offer, simply keep using Maya as your primary processor for all wallet and card payments.
Submit your completed Maya Business application today to activate your Maya Business Deposit Account and enjoy a business banking experience uniquely suited for today’s digitally empowered SMEs.
