A basic business deposit account typically includes features such as account management, online banking, and transaction capabilities. While these features are essential for managing finances, they simply cannot match the comprehensive support that entrepreneurs based in the Philippines now need in order to grow and expand.
The presence of value-added features in a business deposit account, however, can fill this gap and serve as a catalyst for business success, especially for small businesses looking to make their mark in a contemporary market. For the business deposit account you’ll use for your company, you’ll want enhanced financial capabilities that will help you streamline operations, improve financial management, and provide you with more opportunities for expansion and innovation—all in all, contributing to the growth and success of your business.
Here are some of the added deposit account features an entrepreneur like you should look for when looking through available business banking online services.
1) Integrated Invoicing and Payment Solutions
Integrated invoicing and payment solutions work by streamlining the billing process and enabling businesses to accept payments efficiently. With a business deposit account like that of Maya Business, you’ll be able to offer multiple payment options to your customers and track them all on the unified and fully customizable Maya Business Manager dashboard.
The ability to integrate your invoicing and payment solutions will allow you to accelerate your cash flow, reduce payment processing time for transactions, and improve customer satisfaction as a result. This feature will also allow you to simplify your reconciliation processes and consolidate your view of your invoice statuses and payment history. Overall, it will allow your business to stay organized with its finances and optimize your revenue collection with minimal effort.
2) Cash Flow Forecasting Tools
Cash flow forecasting tools empower businesses to project and monitor their cash flow in real time. This feature provides visibility into future revenue and expenses, and it enables businesses to anticipate cash gaps or surpluses.
With a feature like this one on your deposit account, you’ll be able to quickly analyze data from your cash flow history and incorporate variables like receivables, payables, and projected sales into your view of your financial performance. That means that you can also make more informed decisions about your company’s expenditures, investments, and financing needs.
The option to use cash flow forecasting tools from your deposit account will also allow you to optimize your working capital management, avoid cash shortages, and identify opportunities for further growth for your small business. You’ll be able to plan for contingencies, capitalize on favorable market conditions, and achieve better financial stability in the long run.
3) Merchant Services Integration
Merchant services integration allows businesses to seamlessly accept payments through various channels, including credit cards, debit cards, and digital wallets. If you have the ability to integrate your business deposit account with merchant services, you’ll also be able to streamline payment processing, improve customer convenience, and even enhance your sales opportunities.
When included in business banking Philippines accounts, this feature allows businesses to accept payments online, in person, or through mobile devices, thereby expanding their reach and catering to diverse customer preferences. An entrepreneur with access to merchant services integration on their business deposit account can therefore maximize their revenue potential from various payment channels.
4) Access to Business Loans and Credit Facilities
It’s also a good idea to see if signing up for a deposit account with a digital business bank will allow you to get easy access to loans and credit facilities, with streamlined application processes and favorable terms. You’ll want to explore a product that has competitive loan terms, revolving credit lines, or business overdraft facilities that will make it easy for you to borrow money for your business’s needs.
With access to capital through loan programs that are included in a business deposit account, a small or medium-sized company like yours can seize new growth opportunities, invest in your expansion, manage cash flow fluctuations, or fund your working capital needs. All of these will allow you to cater to a larger market and improve both the reach and the quality of operations of your business.
5) Seamless Integration with Business Tools
You may also want to explore business deposit accounts with seamless integration capabilities with other business tools and software, as this will allow you more flexibility with your financial data. For example, the ability to integrate with accounting software will enable automatic synchronization of transactions, simplifying reconciliation and financial reporting for your business.
On the other hand, if a deposit account is integrated with the industry’s most popular payment gateways, you can expect smooth payment processing and reconciliation for your business. These advanced integration capabilities will allow your company to save time, minimize payment- and banking-related errors, and arrive at a holistic view of your financial data without needing to put too much effort into complicated processes.
6) Advanced Security and Fraud Protection
Another essential value-added feature that businesses should look for in an online business banking account is advanced security and fraud protection measures. This feature ensures the safety and integrity of financial transactions and helps safeguard organizations against potential threats.
Business deposit accounts with robust security features often include multi-factor authentication, encryption protocols, and proactive monitoring for suspicious activities. These measures will help your business mitigate risks of unauthorized access, identity theft, and fraudulent transactions. Don’t forget, however, that even with advanced security and fraud protection features on your account, you’ll still need to regularly monitor your account activity, set up alerts for unusual transactions, and implement strong access controls for yourself and your staff.
In summary, think carefully about your choice of business deposit account and choose one whose value-added features will boost your business. With the right product, you’ll be able to maximize the benefits of your banking relationship, streamline your financial management, and give your business ample opportunities to grow in an increasingly competitive business environment.
