Much like their larger counterparts, startups and SMEs (small- and medium-sized enterprises) need financial services to help them manage their funds effectively. While there are a lot of business-oriented products in the business banking market, many startups and SME founders neglect to explore the options available to them.
One common mistake that startup and SME owners make is using their personal bank accounts to run their businesses. While these accounts do offer the basic functionality needed to transfer and accept funds, they lack many specialized features that can benefit businesses.
Another mistake is to open an account in a traditional commercial bank that caters to large businesses. While this is better than using one’s personal account, some commercial banking institutions are not necessarily equipped to adequately meet the needs of today’s digitally savvy entrepreneurs.
If you’re interested in growing your SME or startup’s financial capabilities, chances are you’re best off choosing a trusted digital bank that provides small business banking services to SMEs and startups. Maya’s impressive selection of SME business banking products and services and its market leadership among dynamic Philippine-based businesses make it an obvious choice for your next deposit account. Opening a Maya Business Deposit not only gives you an unbeatable interest rate of 2.5% per annum but also offers several other benefits. In this article, we’ll look at all the other benefits your business will get from opening a Maya Business Deposit account:
Separate Personal and Business Finances
Having a business banking account will allow you to keep your personal and business finances separate, simplifying accounting, taxation, and financial reporting. This separation is crucial not only for maintaining transparency but also for adhering to legal and regulatory requirements.
Enhanced Financial Control
One of the most important things you can do with a dedicated business deposit account is being able to exert better control over your business-related transactions. By relying on Maya Business as your primary provider of small business banking online services, you’ll be able to monitor all business-related transactions effectively through the Maya Business Manager dashboard. This increased visibility enhances your control over your business’s finances, making it easier to track your cash flow, identify irregularities, and make informed decisions.
Improved Credibility
Using a personal account for managing business funds is widely considered to be a red flag within the wider business community. On the other hand, having an online business banking account like a Maya Business Deposit account demonstrates professionalism and lends credibility to your business. Using an account that has your business’s name projects a trustworthy image and helps assure customers, investors, and suppliers that your venture is legitimate.
Wider Access to Financial Services
As previously mentioned, possessing a business banking account like a Maya Business Deposit account can significantly boost your business's credibility, especially in the Philippine market where Maya enjoys significant brand recognition. With a Maya Business Deposit account, your SME or startup can gain access to a more extensive array of funding sources, providing even greater financial flexibility for your venture.
Exclusive Business Banking Features
Each financial institution will have its own business banking offerings that will have unique value propositions. If you sign up to be a Maya Business Deposit account holder, you’ll enjoy free fund transfers to any bank for free via PESONet and InstaPay, allowing you to seamlessly move funds between your Maya account and accounts in other banks across the Philippines. You’ll also be able to set up bulk payments to quickly pay employees and suppliers. What’s more, you’ll also be able to designate a checker, maker, and approver for transactions, giving your funds additional layers of security that you won’t get with regular bank accounts.
Scalability
The use of personal bank accounts in business is limited by laws and regulations governing accounting practices and money laundering. Unlike personal banking accounts, business deposit accounts like Maya Business Deposit are designed to scale with your business needs, accommodating the increased transaction volumes and additional financial requirements needed by growing businesses. With its higher transaction limits, free transfers, bulk transfer features, and business-oriented security features, your Maya Business Deposit will be your business’s most powerful financial tool.
Save for Success with Maya Business Deposit
The Maya Business Deposit has become a must-have financial service for startups and SMEs interested in the best products and services for business banking Philippines has to offer. With its well-designed set of localized features and unique benefits, Maya has crafted a business savings product that truly ticks all the boxes for Philippine-based entrepreneurs. Not only does Maya Business Deposit give you all the perks of business banking online but it also brings a level of convenience and efficiency that sets it apart from traditional commercial banking services. Create a Maya Business account today to secure your business’s funds with a Maya Business Deposit account.
After you’ve signed up, be sure to check out Maya’s 1-2-3 Grow bundle. Signing up for 1-2-3 Grow gives you a 1% MDR (merchant discount rate) on QR Ph sales for 3 months from promo onboarding and using your Maya Business Deposit as your settlement account for Maya payments gives you an additional month of discounts. Joining the 1-2-3 Grow promo also qualifies you for a Maya Flexi Loan offer of up to PHP 2 million in just 3 months, giving you more ways to grow your business. Create your Maya Business account and enroll in Maya 1-2-3 Grow to take your business further.
