The Absa Islamic Evolve Pay As You Transact Business Account is a Shari’ah compliant business account that comes with a host of benefits. The account is designed for sole proprietors and SMMEs to transact better and benefit from Absa’s value-added services.
As a pay as you transact account, the Islamic Evolve Pay As You Transact Business Account uses a tier-based transaction system whereby transactions are billed based on tier levels. Transactions are classified into groups and include payments, immediate payments, debit orders and debit card purchases.
The Islamic Evolve Pay As You Transact Business Account is a sister account to the Evolve Pay As You Transact Business Account. The difference between the two accounts is that the Islamic Evolve PAYT account is Shari’ah compliant and as such it doesn’t allow for the opening of liquidity plus investment account whereas the Evolve PAYT account isn’t Shari’ah compliant and allows for the opening of liquidity plus investment account.
Absa Islamic Evolve Pay As You Transact Business Account Summary
The Absa Islamic Evolve Pay As You Transact Business Account is a Shari’ah compliant business cheque account for sole proprietors and SMMEs. The account comes with a monthly service fee of R85.00. To qualify for the Islamic Evolve Pay As You Use account, a company needs to have an annual turnover of R0.00 to R500,000,000.00.
The account comes with zero monthly fees on selected services and products, these include free Absa online and the banking App, free Visa debit card, cash handling service and cash flow management services.
The business Account also offers unlimited services to make in house banking easy and free. Unlimited services include Absa inter-account transfers and Absa to Absa debit orders.
Absa Islamic Evolve Pay As You Transact Business Account Benefits
- Free access to mobile, online, and banking Apps.
- Has a low monthly account fee.
- The more transactions the business makes the lower the transaction fee will be depending on the tier level.
- Access to a cash flow manager who will advise the company on cash flow matters.
- The account is Shari’ah compliant.
- The account uses a tiered system for transactional purposes.
- Comes with access to a cash handling service.
- Can open multiple accounts.
- Comes with zero fees on Absa inter-account transfers and Absa to Absa debit orders.
- The company gets one account number that is retained for life. This is done regardless of whether the company upgrades to another Absa Bank account or not.
- Comes with a Visa debit card that will help in making online purchases, cash-free payments and cash withdrawals at different ATMs and point of sale.
Absa Islamic Evolve Pay As You Transact Business Account Fees
| # | Fee description | Fee per transaction |
|---|---|---|
| 1 | Monthly administration fee | R85.00 |
| 2 | Payments of first 30 transactions | R10.00 |
| 3 | Payments of 31 – 70 transactions | R9.15 |
| 4 | Immediate payments of the first 20 transactions | R49.00 |
| 5 | Payments of 71 – 210 transactions | R8.75 |
| 6 | Payments of 210 plus transactions | R6.00 |
| 7 | Immediate payment of over 5 transactions | R48.00 |
| 8 | First 10 debit order transactions | R19.75 |
| 9 | Debit orders between 11 – 20 transactions | R18.00 |
| 10 | Debit orders between 21 – 35 transactions | R16.00 |
| 11 | Card purchases for the first 20 transactions | R4.35 |
| 12 | Card purchases between 21 – 40 transactions | R4.00 |
| 13 | Debit orders of more than 35 transactions | R11.50 |
| 14 | Card purchases between 41 – 90 transactions | R3.70 |
| 15 | Over 90 card purchases | R3.00 |
| 16 | Internal account transfers | Free |
| 17 | Internal debit orders | Free |
| 18 | Digital banking subscription | Free |
| 19 | Cashflow manager offering | Free |
Competitive Advantages of the Absa Islamic Evolve Pay As You Transact Business Account
- Companies get to keep one account number for life even if the company wants to switch accounts.
- The account has a low monthly account fee.
- The debit card comes with security features such as the 3D online verification.
- Comes with free access to Absa digital platforms.
- Allows businesses to build a credit record.
- Comes with a cashflow manager at no additional cost.
- Companies get access to a service desk.
- Uses the regressive model to bill transactions so the more you transact the more you save on transactional costs.
Competitive Disadvantages of the Absa Islamic Evolve Pay As You Transact Business Account
- No access to the Absa Rewards Program.
- Cannot open the Absa Liquidity Plus investment account.
Account Requirements
- Any registered business entity or sole proprietorship or anybody who wants to be registered as a private company.
- Have an annual turnover of R500,000,000.00 or less.
- Copy of ID of directors or business owners
- Proof of residence for directors, or individual owner, or business member.
- Proof of physical address of the business. Sole proprietors can get an Affidavit.
- Business bank statements for the last three months.
- Business members/ owners must submit three months bank account statements of a personal account.
- Company registration documents for registered companies.
- Company resolution where applicable.
Conclusion
This business account is a good cheque account to open when you are running an SMME or sole proprietorship. This is because the account is affordable and doesn’t have any unnecessary costs associated with it.
Moreover, the account is a plus for companies that have a high volume of transactions every month. The regressive billing system on transactions can save you a lot of money.
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