Having an Absa business bank account sets your business up for success. By keeping your personal and business finances separate, you can keep track of all your business expenses and earnings. All transactions are documented professionally and your business builds its profile should you need to apply for funding or other financial services.
What is a Business Evolve Account
This account is a day-to-day transactional account that allows you to receive and pay funds via the various Absa channels. It has benefits like a debit card, Connected Banking, the Absa Banking App, a Liquidity Plus Account, and a Cashflow Manager.
Small and Medium Enterprises (SMEs), as well as Commercial Businesses, can use this account.
Documents Required to Open a Business Evolve Account
The following documents are required to open a Business Evolve Account:
- Copy of all business partners’ identity documents.
- Proof of address not older than three months (per business member/ individual member and/or director).
- Proof of physical address of business (if absent, an affidavit is required for a sole proprietor).
- Bank statements for the past three months are required from businesses with existing credit facilities switching from other banks.
- Company registration documents.
- Company resolution.
Features of the product include:
- Debit Card: Assist with day-to-day transacting or purchasing requirements. Multiple debit cards can be issued per signatory on the account.
- Transacting Channels: 24/7 access to Absa’s electronic transacting channels, namely Absa Online and the Banking App.
- Demand Call Account: Liquidity Plus is an interest-bearing account, that allows immediate access to your account balance.
No monthly account fee and no minimum deposit are required to open the account.
Islamic Banking
The Islamic Depositor Plus is a Profit-bearing account, which gives you immediate access to your account balance. There is no monthly account fee but a minimum deposit of R 100 is required to open the account.
- Cashflow Manager: No additional monthly management fee. This cloud-based accounting system enables you to generate quotes, invoices and receipts and to view a dashboard of accounting activities and cashflows on Absa Online.
- One account number for life: The account number is retained when changing between business current account types or price packages.
- Statements: Save money by opting to view your statements on your Absa Online banking profile or via email.
- Transfer charges: If you have multiple accounts, you can transfer fees to another Absa Current Account in your name/on your profile for centralised reporting.
Unique Features of a Business Evolve Account
The unique features of the Business Evolve Account (including the Business Evolve Islamic and Business Evolve Franchise Accounts) are:
- No monthly fees for Absa Online, the Banking App and Liquidity Plus. Note: The Liquidity Plus is not included in the Business Evolve Islamic Account.
- Unlimited, free Absa-to-Absa debit orders and interaccount transfers.
- Choice of payment plans: Pay-as-you-transact (PAYT) or bundle price plans.
- Tiered pricing on electronic transactions on the PAYT schemes.
- Access to Cashflow Manager at no additional monthly management fee.
- Cash deposited into the account via an Absa (ATM) or branch is available immediately.
The Absa Business Evolve Islamic Account is a Shari’ah-compliant business account that is designed to support any business.
- This account operates in accordance with a Qardh (loan) principle. This contract is treated as an interest-free contract in terms of which the bank will repay an amount equal to what you have loaned to the bank, less any fees that you pay on the account.
- Accordingly, the account will not earn any interest and the bank will not charge interest.
How you can transact
- Electronically: With debit cards, ATMs and self-service electronic banking channels. Electronic transactions are more cost-effective than branch over-the-counter transactions.
- Branch: For teller-facilitated transactions.
For further information, please visit the Absa website or call our call centre on (+27)800 227 592.
