Article provided by Absa
Absa Business Evolve Zero account available to sole proprietors with an annual turnover of up to R5 million.
In a move aimed at transforming the banking experience of small and medium enterprises (SMEs), Absa is launching a brand new transactional account offering, Absa Business Evolve Zero, for start-ups at no monthly fee.
The account not only includes free access to an integrated business management and accounting tool called Cashflow Manager, but also free access to Absa Online, a debit card and savings account. Importantly, it was designed with the flexibility to evolve as businesses develop and grow.
“Absa Business Evolve Zero is available to sole proprietors with an annual turnover of up to R5 million. Thanks to the complimentary and cloud-based Cashflow Manager, entrepreneurs can access real-time business analytics, produce online quotes and invoices and access a full payroll feature. Staying on top of their financials is now significantly easier for business owners,” says Bongiwe Gangeni, Deputy Chief Executive of Absa Retail and Business Bank.
The solution also allows entrepreneurs to generate a VAT report to assist them in filing returns to the South African Revenue Service (SARS). At the same time, data from the transactional account can be used to generate financial reports that are accessible from any internet-connected device, including a mobile phone. No accounting knowledge is required.
“SMEs are vital to enable job creation in South Africa and will play a key role to jumpstart the economy as it recovers from the impact of COVID-19. Absa will support these businesses by tailoring our offering to suit their particular needs, whether through our enterprise development programmes, payment relief, bespoke solutions or easy-to-use, cost effective banking offerings,” Gangeni adds.
Underscoring Absa’s commitment to become digitally-led, the Business Evolve Zero account offers entrepreneurs the convenience of banking digitally 24/7, with the added peace of mind that a banker is always available should they require human assistance. Improved analytics and insights provided by the Cashflow Manager tool will also enable Absa to better support SMEs by pre-emptively offering bespoke transactional, savings and credit solutions for the business.
The Business Evolve Zero account is a cost effective pay-as-you-transact solution which offers unlimited free Absa-to-Absa debit orders and Absa-to-Absa inter-account transfers. Fees for ETFs, debit card swipes and external debit orders are low. A bundle 35 pricing package is also available for those clients who transact more frequently.
“The majority of SMEs find it challenging to survive past the first few years, and we want to ensure that the offering is cost effective, particularly for start-ups with lower volume, lower value transactions,” she says.
The SME segment is a core focus area for Absa, and teams are working around the clock to ensure the bank continuously improves its offering in line with the needs and expectations of this important segment – this includes plans to further develop the Evolve offering over time.
The Business Evolve Zero offering is available via Absa Online Banking, the Absa Banking App and selected branches.