Selecting the right business banking solution is a crucial decision for all startups and small- and medium-sized enterprises (SMEs) based in the Philippines. Not only does a commercial bank account help separate your personal finances from your business’s funds, but it also gives your organization a hub from which to manage its cash reserves, trace its transactions, and ensure its financial health.
With the Philippines continuing its digital transformation, online business banking has become more important than ever, not just for businesses but for regular consumers as well. Given this, SME owners who are in search of a commercial banking solution should consider a digital business bank.
If you’re doing business in the Philippines, commercial bank solutions should address uniquely Filipino challenges. With Maya’s experience in developing localized digital finance products, it is undoubtedly the commercial digital bank that best understands small business owners and consumers. In this article, we’ll take a look at some of the things businesses should consider when getting a business savings or deposit account. We’ll also explain why the Maya Business Deposit is your best option for business banking online.
Interest Rates
The most popular commercial banks in the Philippines tend to offer very low interest rates, usually in the range of 0.1% to 0.125% per annum.
Maya Business Deposit, on the other hand, provides a competitive interest rate at 2.5% per annum, making it easier to grow your business—up to 25x more than the average bank. This higher interest rate means that your savings have the potential to generate substantial returns, giving you more to reinvest in your business.
Efficiency of Fund Transfers
The efficiency of your bank’s fund transfer services can make a huge impact on your startup or SME’s ability to promptly pay its suppliers and employees.
Maya Business Deposit offers seamless transfer capabilities, allowing you to move funds effortlessly between accounts, make payments, and manage cash flow efficiently. You can even send money to your partners and suppliers for free through PesoNet and InstaPay.
Bulk Payments Capability
Most SMEs need to frequently conduct bulk payments for payrolls and to pay suppliers. Maya’s bulk transactions feature lets you streamline these types of payments, saving you time and effort that you can instead use to grow your business.
Immediate Access to Sales Revenue
Timely access to sales revenue is crucial for the financial health of your startup or SME. Maya Business Deposit offers quick access to incoming payments from sales, giving you the liquidity you need to meet immediate operational needs or to reinvest in other parts of your business.
Visibility Over Finances
To grow efficiently, business owners and managers need visibility over the movement of the business’s finances, even when they’re on the move. Maya offers a robust online banking platform on the customizable Maya Business Manager dashboard. The tool lets you easily track all your transactions, giving you better visibility and superior control over your business’s finances.
Ability to Assign a Maker, Checker, and Approver
As your business’s needs grow, it will need better systems for keeping its funds secure. Maya Business Deposit lets you assign a maker, a checker, and an approver for transactions, enhancing accountability and transparency while minimizing the risk of fraudulent activities.
Low or No Maintenance Fees
High maintenance fees can be a drag on your business. Fortunately, no minimum deposit balance is required for a Maya Business Deposit account. This ensures that your business gets to keep more of what it earns and has more control over its liquidity and finances.
A Wide Range of Services and Benefits
Choosing a bank that offers a range of services simplifies financial management and results in a better banking experience. With its range of services, Maya is a solid choice for your next business savings account.
To open a Maya Business Deposit account, you’ll need to create a Maya Business account. But while a Maya Business account is key to unlocking the best digital business banking Philippines has to offer, it also gives access to Maya’s other industry-leading business solutions. Through Maya Business, we make it easy to enjoy faster payments from more channels, both online and offline.
Using Maya’s business solutions frequently also entitles you to a customized Maya Flexi Loan offer of up to PHP 2M, giving you an additional source of funding to grow your business. What’s more, if you accept the loan offer, you’ll have the funds instantly available in your Maya Business Deposit account.
A Reputation for Good Customer Support
Choosing a bank with a strong reputation among other SMEs and startups can help ensure that your business gets the support it needs to grow and reach its next stage of development.
Maya knows a thing or two about business banking online, with a strong track record of innovation, customer satisfaction, and reliable customer support.Choosing Maya as your commercial banking partner ensures that you will receive assistance and guidance whenever you need it and that you’ll be able to navigate any issues that may arise.
Ability to Anticipate Your Future Fintech Needs
The world of financial technology (fintech) is continuously moving at a rapid pace. Choosing a bank with a deep understanding of fintech trends can give your startup or SME the edge it needs to take advantage of emerging opportunities in both finance and consumer markets.
Maya has pioneered several payment and finance innovations in the Philippines and it is committed to continuing this path. If you want your startup or SME to benefit from developments in fintech, Maya is the right partner. With a Maya Business Deposit, you can fully expect to benefit from any fintech innovations that Maya will develop in the future.
Save and Grow with Maya Business Deposit
Your business savings account can significantly impact the financial well-being of your enterprise. Maya offers the interest rates, transfer capabilities, transparency, security, and spirit of innovation that suit the needs of most SMEs and startups in the Philippines. By choosing Maya Business Deposit, you’re not only getting a hub for your business’s finances but you’re investing in its success as well.
And if the many benefits of Maya Business Deposit sound good to you, then Maya's 1-2-3 Grow Bundle might be a great fit for your needs. This exclusive offer entitles Maya Business account owners to a 1% merchant discount rate (MDR) on all QR Ph sales (valid for 3 months from the time of onboarding). Even better, you can earn an industry-leading annual interest rate of 2.5% on your Maya Business Deposit account. Signing up for this bundle also makes you eligible for a Maya Flexi Loan offer within just 3 months. With the 1-2-3 Grow package, there’s never been a better time to build your own business.
