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Absa Business Banking

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Introduction

Running a business without a dedicated business bank account is a mistake. Small to medium-sized enterprises (SMEs) need to have a bank account because it helps them with compliance, keep track of expenses and importantly, provides a digital footprint for funding applications.

What is Business Banking?

Business banking refers to specialised financial services, accounts, and credit products tailored specifically for companies, sole proprietors, and organisations rather than individual consumers. In South Africa there is a number of business bank accounts available especially for small businesses. One such offering is Absa business banking.

What is Absa Business Banking?

Absa Business Banking is a specialised financial service division by Absa Bank tailored for SMEs, commercial enterprises, and corporate entities. Absa provides a range of services for SMEs such as tailored transactional accounts, point-of-sale (POS) hardware, financing, and business support.

See Absa Business Banking

Related: Tax and accounting  ·  Cash flow  ·  Funding options

Main Features

Credit Record: By banking with Absa you get credit at lower rates for your business.

Liquidity Plys Account: Absa business bank account includes a inked demand call investment account on most profiles (excluding Islamic options).

24/7 Access: Absa gives you access to Absa Online Banking and your Absa Banking App at no costs.

Visa Debt Card: The Absa business bank account allows you to withdraw cash at ATMs, make cash-free payments and purchases.

Personalisation: Absa enables you to get a secondary debut card and has card personalisation options available.

Self-Service Portal: By banking with Absa you get access to the self-service portal and cash-handling service.

Monthly Fees: There are no monthly fees on your Absa mobile POS device.

Service Desk: With your Absa business bank account gives you access to a dedicated team of bankers that help you with your daily banking needs.

Uncapped Transfers: Absa gives you unlimited Absa inter-account transfers and Absa-to-Absa debit orders.

Pricing

For SMEs, Absa has five business banking accounts on offer. These are transactional solutions that ideally suited for businesses with turnover of up to R 20 million.

Business Evolve Lite – Bundle package account with a monthly account fee of R50. Fixed account fee, discounted electronic transactions and immediate payments.

Business Evolve PAYT – Pay as you transact account with a monthly account fee of R115. Bank on your terms with tiered pricing and save on banking fees.

Business Evolve Start – Bundle package account with a monthly account fee of R335. 50 free transactions, fixed banking fees to streamline your cashflow and more.

She Thrives for Women in Business – Pay as you transact account with a monthly account fee of R50. As a woman sole prop you get hassle-free banking, easy loans and more.

Emerging Entrepreneur – Pay as you transact account with a monthly account fee of R50. As a start-up your get zero monthly fees for the first 6 months, discounts on insurance and more.

Business Evolve Grow – Bundle package account with a monthly account fee of R450. Ideal for medium sized enterprises with high transaction volumes.

Pros and Cons

Pros

Low transaction fees for Absa mobile pay.
On Commercial Asset finance, the car will be in your name once all repayments are done
The Business Evolve account supports all SMEs, commercial businesses and Islamic businesses

Cons

Absa Mobile Pay does not support iOS-enabled phones
Can have additional fees
FAQs

No, Absa Mobile Pay does not work on iPhones due to Apple not allowing third-party apps to use its NFC technology.

The Absa Business Evolve Account is for all SMEs and commercial businesses.

No, the Absa Commercial Asset financing can also be used for manufacturing, agricultural and construction equipment.

Yes, the business account is a Shari’ah-compliant business account that is
designed to support any business.

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