Small businesses in the Philippines are often called the backbone of the economy because they play a vital role in creating millions of jobs in the country. However, even if they significantly contribute to the country’s total productivity, they’re often at a disadvantage. For instance, many small business owners don’t have easy access to appropriate financial services. This makes it more challenging for them to manage their finances and streamline their cash flow, which can hinder their ability to adapt to changing market conditions. Fortunately, incorporating digital business banking into their operations can make them more resilient, giving them an edge to thrive in each of their own industries. Here’s how:
Better Fund Management through Digital Tools
Online business banking platforms provide small business owners with sophisticated tools that can streamline their financial management processes. These tools can be accessed through the platforms’ online dashboards or mobile apps, allowing small business owners to manage their funds anytime, anywhere. Within the Maya Business ecosystem, merchants can take advantage of the Maya Business Manager, an all-in-one dashboard that gives business owners total control over their payments, banking loans, and cash flow solutions, enabling them to be better equipped to manage their resources efficiently. To access Maya Business Manager, small business owners just have to create their own Maya Business account, which they can do at no cost.
Access to Capital for Better Cash Flow
Access to capital is vital for small businesses aiming to maintain healthy cash flow and sustain operations during both stable and challenging economic periods. By leveraging digital business banking, small business owners can apply for loans, lines of credit, and other financing options more conveniently and more quickly compared to traditional methods. This accessibility not only saves time but also increases the likelihood of securing funding when needed most.
Moreover, business banking online facilitates easier access to various financial products designed specifically for small businesses. Business owners who have a Maya Business account, for instance, have access to Maya Flexi Loan. This product lets business owners instantly borrow money to fund their business. They can receive up to PHP 2 million in additional funding, which they can divide into separate loans.
Increased Cost Savings and Earnings through Better Interest Rates and Lower Fees
Digital banking offers small businesses significant opportunities for increased cost savings across various operational aspects. One of the primary cost-saving benefits is the reduction in transaction fees associated with traditional banking methods. Maya Business Deposit, for example, allows small business owners to transfer funds to any bank for free via PESONet and InstaPay. This eliminates the need for costly paper checks and manual processing.
Aside from these free transfers, Maya Business Deposit also boasts high interest rates. Small business owners earn a 2.5% p.a. for end-of-day balances up to PHP 750,000,000, which is accrued daily but awarded on the first day of the succeeding month. Maya Flexi Loan also has borrow-friendly fees, so small business owners won’t have to break the bank to fund their operations.
Ability to Invest in Growth Opportunities
Whether it's expanding product lines, investing in marketing campaigns, or upgrading technology infrastructure, businesses can leverage digital banking solutions like Maya Flexi Loan to fund growth initiatives swiftly. Platforms like Maya empower entrepreneurs by providing quick access to funds and facilitating efficient financial transactions, allowing them to make better-informed decisions about investment opportunities.
Ability to Navigate Economic Challenges
Small businesses often face unpredictable economic challenges, such as fluctuating market conditions or unexpected disruptions. These conditions were sharply felt in the Philippines during the 1997 Asian Financial Crisis, during The Great Recession in the late 2000s, and during the COVID-19 Pandemic. These days, digital business banking platforms can equip businesses with the tools and solutions they need to navigate these challenges with confidence. Financing with Maya Flexi Loan, for example, gives businesses instant access to funds that can help them weather unforeseen economic headwinds. Maya Business Manager also makes managing business loans effortless since business owners can simply turn on automatic Maya Flexi Loan payments to settle their loans easily.
Ensures Stability and Continuity
With the right digital business banking platform, small business owners can ensure the long-term success of their businesses. Reputable platforms, like Maya Business, offer remote access to financial services, giving small business owners a way to manage transactions, pay suppliers, and monitor accounts from anywhere. This ensures uninterrupted business operations even in challenging circumstances. Furthermore, Maya implements various world-class security features to protect sensitive financial information and transactions, reducing the risk of fraud or data breaches, which can minimize downtime and financial losses.
Embracing digital banking will be crucial for small businesses looking to thrive and grow in the digital age. Thus, partnering with a trusted digital banking company will make small businesses more resilient and stay competitive in today’s fast-paced market.
Achieve Business Resilience by Banking with Maya Business
Sign up for Maya Business today so that you can gain access to our business banking solutions. With our suite of financial products and services, you can rest assured that your small business will gain the edge it needs to thrive in your respective industry’s competitive landscape.
By setting up a Maya Business account, you can 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. Furthermore, you’ll be able 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, allowing you to have another funding source to further achieve resilience for your business. 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.
