Absa Business Banking

One of the big four banks in South Africa, Absa, is on a mission to help small to medium-sized enterprises (SMEs) get financing and become digital. The bank has launched three new products which aim to help small businesses with vehicle financing and leverage digital payments. The new products are: Absa Mobile Pay, commercial asset finance and the business evolve account.

Absa Mobile Pay 

Absa Mobile Pay allows you to enjoy the best digital banking experience for your business. With an enabled tap-and-pay feature for Android smartphones, Near Field Communication (NFC) transactions can be made safely, quickly and easily. Absa Mobile Pay also gives you the opportunity to turn your mobile device into a Point-of-Sale (POS) device – giving you the ability to accept contactless Visa and Mastercard payments on your smartphone.

You can download Absa Mobile Pay from the Google Play Store. You need to be registered as a merchant with Absa before you can register to use the product.

Absa Business Evolve Account 

The Absa Business Evolve account sets your business up for success by allowing you to keep your personal and business finances separate. You can keep track of all your business expenses and income. Your business builds its own profile to keep all transactions professional should you need to apply for funding or other financial services.

The account also allows you to receive and pay funds via the various Absa channels. With benefits like a debit card, Connected Banking, the Absa Banking App, a Liquidity Plus Account and a Cashflow Manager. The account is specially designed for SMEs.

Absa Commercial Asset Finance

The Absa Commercial Asset Finance offers SMEs flexible, hassle-free vehicle and asset finance for new and/or used vehicles. Absa offers instalment sale agreements or financial leases on all movable assets, including commercial vehicles, manufacturing and agricultural equipment as well as yellow goods (construction equipment). Additionally, the financing options extend to aviation, marine and renewable energy assets.

Absa Mobile Pay 

• No upfront costs.
• 2,25% transaction fee per transaction.
• No call out fees for terminal repairs.
• Compatible with only Android devices (Android 7 and above).
• Can link multiple devices to one merchant number.
• No limit to the amount that you may accept on Absa Mobile Pay.

Absa Business Evolve Account 

• No monthly account fee and no minimum deposit is required to open the account.
• 24/7 access to Absa’s electronic transacting channels (Absa Online and the Banking App).
• Assist with day-to-day transacting or purchasing requirements. Multiple debit cards can be issued per signatory on the account.
• Includes Liquidity Plus is an interest-bearing account, that allows immediate access to your account balance.
• Accessible to Islamic clients through Islamic Depositor Plus.

Absa Commercial Asset Finance 

• Choose repayment terms between 12 and 60 months.
• Save on interest by choosing the best finance option for your business.
• Tailor-made funding for your business.
• Can be linked with Absa Internet banking or mobile banking.
• Ownership of the vehicle automatically transfers to you once the loan has been repaid.
• You can lease up to 60 months for if you do not desire to keep the vehicle or asset long-term.

There is no price needed to leverage any of the products from Absa. On the Absa Mobile Pay product, there is 2,25% transaction fee for all transactions. With the Commercial Asset Finance product, the interest rate is tailor-made for your business and lastly, the Business Evolve Account has no fees for Absa online, the banking app and Liquidity Plus.