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 in 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.
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.
|#||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|
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.