The Absa Evolve Pay As You Transact (PAYT) Business Account is designed for businesses with an annual revenue of up to R500 million. This transactional account offers a range of features tailored to support the financial operations of small to medium-sized enterprises (SMEs) and registered companies. For 2024, the account continues to provide cost-effective solutions, with enhancements that align with evolving business needs.
Overview of the Absa Evolve PAYT Business Account
The Absa Evolve PAYT Business Account is ideal for businesses that prioritize flexibility and cost control. This account is structured to ensure that companies only pay for the transactions they perform, making it particularly suitable for businesses that experience fluctuating transaction volumes.
The account charges a monthly fee of R95, which grants access to various Absa digital platforms, including the Absa Online platform and the Absa Banking App. These platforms provide 24/7 access, enabling businesses to manage their finances conveniently and securely.
Key Features of the Absa Evolve PAYT Business Account
1. Tiered Transaction Fees
One of the standout features of the Absa Evolve PAYT Business Account is its tiered pricing structure. This system offers regressive transaction fees, which means that the cost per transaction decreases as the number of transactions increases. This is particularly beneficial for businesses that conduct a high volume of transactions, as it allows for significant cost savings.
- First 30 Transactions: R7.50 per transaction
- 31 to 70 Transactions: R7.40 per transaction
- 71 to 210 Transactions: R7.20 per transaction
- More than 210 Transactions: R6.30 per transaction
This tiered pricing is applied to various transaction types, including payments, debit orders, and debit card purchases, ensuring that businesses can manage their transaction costs effectively.
2. Cash Handling Services
The Absa Evolve PAYT Business Account includes comprehensive cash handling services, which are essential for businesses dealing with physical cash. These services include cash deposits at Absa branches, cash centers, and via cardless or device-based deposits.
- Branch Counter Deposits: Fees range from 2.35% for deposits up to R5,000 to 1.70% for deposits exceeding R30,000.
- Cash Center Deposits: Fees range from 2.15% for deposits up to R5,000 to 1.35% for deposits over R30,000.
These options provide businesses with flexibility in managing cash deposits, ensuring they can choose the most cost-effective method based on their needs.
3. Visa Debit Card and Liquidity Plus Investment Account
Each Absa Evolve PAYT Business Account comes with a Visa Debit Card, which facilitates daily transactions, including cash withdrawals, cashless payments, and online purchases. This card is integral to managing business finances efficiently and securely.
Additionally, businesses have the option to open a Liquidity Plus Investment Account, which allows them to invest or save excess funds. This account offers competitive interest rates and can be managed alongside the transactional account, providing businesses with an integrated financial solution.
Note: The Liquidity Plus Investment Account is not available for Islamic banking accounts.
4. Comprehensive Digital Access
Absa provides businesses with 24/7 access to their accounts through the Absa Online platform and the Banking App. This digital access allows businesses to perform various banking activities, including inter-account transfers, payments, and managing cash flow, at their convenience.
Additionally, businesses can access a dedicated service desk, ensuring that they receive personalized support for their daily banking needs. This service is particularly valuable for SMEs, which often require tailored assistance to navigate their financial challenges.
Benefits of the Absa Evolve PAYT Business Account
- Cost-Effective Transactional Billing: The regressive tiered pricing structure enables businesses to save on transaction fees as their transaction volume increases.
- Unlimited Inter-Account Transfers and Debit Orders: Businesses can perform unlimited inter-account transfers and debit orders without incurring additional fees.
- Cash Flow Management Tools: The account includes a cash flow manager, which helps businesses monitor and optimize their cash flow, ensuring they remain financially stable.
- Business Continuity: The account number remains the same even if the business upgrades or downgrades its account, simplifying the management of business finances.
- Personalized Debit Cards: Businesses can obtain secondary debit cards, with options for personalization, enhancing convenience for business operations.
Absa Evolve PAYT Business Account Fees for 2024
| Fee Description | Amount |
|---|---|
| Monthly Account Fee | R95.00 |
| First 30 Transactions | R7.50 |
| 31 to 70 Transactions | R7.40 |
| 71 to 210 Transactions | R7.20 |
| More than 210 Transactions | R6.30 |
| Immediate Payment Fee | R40.00 |
| External Debit Order Fee | R11.50 |
| First 20 Debit Card Purchases | R4.35 |
| 21 to 40 Debit Card Purchases | R4.00 |
| 41 to 90 Debit Card Purchases | R3.70 |
| Over 90 Debit Card Purchases | R3.00 |
These fees are designed to provide businesses with predictable costs, allowing them to manage their budgets effectively.
Competitive Advantages of the Absa Evolve PAYT Business Account
- Free Access to Absa Digital Platforms: Businesses enjoy unrestricted access to Absa’s digital banking platforms, ensuring they can manage their accounts anytime, anywhere.
- Cash Flow Management: The included cash flow manager is a significant advantage, offering businesses expert guidance on managing their cash flow.
- Low Monthly Account Fee: At R95 per month, the account offers excellent value for businesses, particularly when considering the range of included services.
- Tailored Banking Solutions: Businesses can choose between a standard business account, an Islamic account, or a franchise account, ensuring they receive a banking solution that aligns with their specific needs.
Competitive Disadvantages of the Absa Evolve PAYT Business Account
- No Access to Rewards Programs: Unlike some other business accounts, the Absa Evolve PAYT Business Account does not include access to a rewards program, which may be a drawback for businesses seeking additional perks.
- Limited Branch-Based Services: While the account provides extensive digital access, businesses that rely heavily on branch-based services may find the associated fees for in-branch transactions to be relatively high.
Business Account Requirements
To open an Absa Evolve PAYT Business Account, businesses must meet the following criteria:
- Be a registered business entity with an annual turnover of up to R500 million.
- Sole proprietors must provide an affidavit if proof of address or business registration number is not available.
- Submit the following documents:
- Copy of ID for each business member, individual member, and/or director.
- Proof of address for each business member, individual member, and/or director.
- Proof of physical address of the business (an affidavit is required for sole proprietors if this is not available).
- Bank statements for the last three months (not applicable to start-up businesses and sole proprietors).
- Company registration documents (not required for sole proprietors).
- Company resolution (if more than one signatory is applicable).
Conclusion
The Absa Evolve Pay As You Transact Business Account is a versatile and cost-effective solution for businesses seeking to manage their finances efficiently. With its tiered pricing structure, comprehensive digital access, and additional features like a cash flow manager and Visa Debit Card, this account is well-suited to the needs of SMEs in 2024.
By understanding the benefits and costs associated with this account, businesses can make informed decisions that align with their financial goals and operational requirements. Whether you’re a small business owner or managing a medium-sized enterprise, the Absa Evolve PAYT Business Account offers a reliable and flexible banking solution.
