The Absa Business Evolve Zero Account is an account for sole proprietors. This account was first introduced in 2020 to help sole proprietors bank better and have access to accounting resources that medium and large enterprises have easy access to. The bank account comes at no monthly cost with billing done at a transactional level.
The Absa Business Evolve Zero Account comes with a complimentary cash flow manager whereby business owners can now get access to business analytical data in real-time. Now sole proprietors can produce online quotes, create invoices and access full payroll features at no additional cost.
Sole traders can now manage their financials at a go by simply opening the Absa Business Evolve Zero Account. The account further enables entrepreneurs to generate VAT reports so that they can always stay up to date with SARS VAT compliance.
The Absa Business Evolve Zero Account is suitable for sole traders who don’t transact much. This is because the account is a pay as you transact account so the more transactions made the higher the cost of any additional transaction.
The Absa Business Evolve Zero Account is a pay as you transact business account for sole traders. The account charges a monthly service fee of R0.00. For a sole proprietor to qualify for the Business Evolve Zero Account, they must have an annual turnover of R0.00 to R5,000,000.00.
The Business Evolve Zero Account has adopted a progressive billing system for transactions. The first five transactions for any type of transaction come at a low rate if not for free, however, transactions exceeding 5 per month nearly double in cost. If more transactions are made the more expensive the transactions will be depending on the transaction tier.
The account comes with 24/7 access to the Absa online banking so that entrepreneurs can operate their businesses at any time. The account gives account holders access to the services desk where a team of bankers are available to assist clients with their daily banking needs.
Entrepreneurs get value-added services when they open the business evolve account. They can generate VAT reports, create invoices and make online quotations. They can transact online without having to worry about any system downtime.
|#||Fee description||Fee per transaction|
|1||Monthly Administration Fee||R0.00|
|2||Payments of first 5 transactions||R1. 45|
|3||Payments of 6 – 10 transactions||R2.50|
|4||Immediate payments to first 5 transactions||R8.00|
|5||Payments of 11 – 190 transactions||R10.00|
|6||Payments of 190 plus transactions||R15.00|
|7||Immediate payment of over 5 transactions||R49.00|
|8||First 5 debit order transactions||R3.50|
|9||Debit orders between 6 – 10 transactions||R6.00|
|10||Debit orders between 11 – 15 transactions||R19.00|
|11||Card purchases for the first 10 transactions||Free|
|12||Card purchases between 11 – 30 transactions||R4.20|
|13||Debit orders of more than 15 transactions||R25.00|
|14||Card purchases between 31 – 80 transactions||R6.00|
|15||Over 80 card purchases||R10.00|
|16||Internal account transfers||Free|
|17||Internal debit orders||Free|
|18||Digital banking subscription||Free|
|19||Cashflow manager offering||Free|
|20||Visa Debit card||Free|
The Absa Business Evolve Zero account offers a more convenient yet cost-effective banking solution for sole proprietorships who do not carry out much transactions. Sole proprietors can build their credit record using this account to ensure that the company’s future cashflow resources are intact.
Savings on accounting fees can be achieved when a sole proprietor uses the Absa Business Evolve Zero account. Invoicing and quoting can be done in house including VAT returns.