[ad_1]
Financial services group Absa has launched a new transactional account with no monthly fee, Business Evolve Zero, aimed at startups in South Africa.
In addition to the monthly fee, the account includes free access to an integrated business management tool called Cashflow Manager and accounting, and free access to Absa Online, a debit card and a savings account.
It is available to sole proprietors with an annual turnover of up to R5 million.
“Thanks to the free, cloud-based Cashflow Manager, entrepreneurs can access real-time business analytics, produce quotes and invoices online, and access a full payroll feature,” the bank said.
The account also allows entrepreneurs to generate a VAT report to help them file returns with the South African Tax Service. At the same time, the transactional account data can be used to generate financial reports that can be accessed from any device connected to the Internet, including a mobile phone. No accounting knowledge is required.
“SMEs are vital to enabling job creation in South Africa and will play a key role in boosting the economy as it recovers from the impact of Covid-19. Absa will support these businesses by tailoring our offering to meet their particular needs, whether through our business development programs, payment relief, custom solutions or easy-to-use and cost-effective banking offerings, ”the bank said.
In terms of transactional fees, the Business Evolve Zero account is a pay-per-transaction account, offering free unlimited debit orders from Absa to Absa and transfers between accounts from Absa to Absa.
Fees are incurred for ETFs, debit card swipes, and external debit orders, with a per-package pricing package available to customers who transact more frequently.
Companies can register for the account through Absa Online Banking, the Absa Banking application and selected branches.
Read: Absa Says Its Workforce Was Reduced By 1200 Amid Covid-19 Fallout And Digital Push
[ad_2]
