Nedbank Business Pay As You Use Account Review 2021

Posted on Mar 24, 2021 by Staff Writer

Rateweb | South Africa

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Suitable for new and established businesses, the Nedbank Business Pay As You Use account offers full transactional functionality that comes without limits. The account has a low monthly maintenance fee and you get charged for services that you use which is an added advantage for businesses that transact less. 

According to Nedbank, the Business Pay As You Use account is for businesses that haven’t undergone or don’t anticipate any business rescue proceedings, therefore, the health of the business must be kept in check before opening this account. With this statement from Nedbank put into account, one can conclude that the account is for businesses that are well managed and stable. 

The account comes with numerous benefits and one of the important benefits is access to a Nedbank’s relationship banker who is there to assist with your personal and business needs. The banker is supported by a team of credit, investment, global banking, and wealth specialists. 

Account-holders get a chance to lend and get access to cash flow whenever they need it. Clients can apply for an overdraft facility which is available whenever their account runs out of cash. Note that an overdraft that a business can take will be determined by Nedbank and is subject to affordability. 

Nedbank Business Pay As You Use Account Summary 

The Business Pay As You Use Account is a cheque account that bills per transaction. However, the account comes with a monthly service fee of R60.00, and should a client want to link their card to Greenbacks card swiper they need to pay an annual subscription fee of R288.00.

The Business debit card that is issued for the Business Pay As You Use account has an annual fee of R220.00 per annum attached to it. Account-holders can get a Garage debit card at an annual fee of R220.00. Garage debit card is subject to application and approval, and doesn’t come bundled with the Business Pay As You Use account. 

Electronic deposits are for free, however, ATM and Branch deposits charge a transaction fee of R7.50 plus R1.80 per R100.00 deposited. Furthermore, deposits made at a Nedbank Intelligent Depositor ATM are charged at R3.75 plus R0.90 per R100.00 that is deposited. 

Nedbank Business Pay As You Use Account Benefits 

  1. The Business cheque account can be linked to your current account. 
  2. Clients can link Greenbacks card swiper to the business account. This comes at a cost of R288.00 per month. 
  3. Free SMS notifications. 
  4. Clients get free digital banking that includes Nedbank Money App, Online banking, and NetBank business. 
  5. Should a business need an overdraft facility, it can apply for one. 
  6. The account comes with a dedicated relationship banker to solve your personal and business banking needs. 
  7. The account has a low monthly service fee. 
  8. Credit card application is available for account holders. Clients can get up to 55 days of interest-free credit as well as travel benefits. 

Nedbank Business Pay As You Use Account Fees 2021

Fee DescriptionFee
Annual Cheque card service feeR220.00 
Annual Cheque card: Nedbank Greenbacks linkage feeR288.00
Monthly account management feeR60.00 
Monthly overdraft facility feeR69.00
Self-service banking: Subscription feeFee
Electronic deposit feeFree
Deposit at a Nedbank ATM or branchR7.50 plus R1.80 per R100.00 or part thereof 
Deposit at a Nedbank Intelligent depositor ATmR3.75 plus R0.90 per R100.00 or part thereof
Withdrawal at participating retailer’s till point R4.30
Withdrawal at participating retailer’s till point with purchase in-storeR6.30
Cash withdrawal at a Nedbank ATM R2.10 per R100.00 or part thereof
Cash withdrawal at another bank’s ATMR11.00 plus R2.10 per R100.00 or part thereof 
Branch withdrawal with a debit or cheque cardR7.50 plus R1.80 per R100.00. 
Cash withdrawal at an international ATMR50.00 plus R2.00 per R100.00 or part thereof
Cash withdrawal at another bank’s self-service deviceR13.00
Electronic payments by SMS bankingFree
Electronic payments by Telephone Banking Free
Internal debit order electronic payment feeR5.00
Electronic payment on Nedbank online banking, Money App, Cellphone bankingR8.35
Instant payment fee for transaction below or equal to R2000.00 R10.00
Instant payment fee for transaction above R2000.00R49.00
Inter Account transfers by Telephone banking, Cellphone banking, Nedbank Online banking, Nedbank money App, and Nedbank ATMR4.30
Payment at a branch to a Nedbank AccountPayment <= R25 000,00: R250,00 Payment > R25 000,00 <= R65 000: 1% of amount with a minimum of R350,00 Payment > R65 000,00: 1% of amount with a minimum of R650,00 
Payment at a branch to another bankPayment <= R25 000,00: R250,00 Payment > R25 000,00 <= R65 000: 1% of amount with a minimum of R350,00 Payment > R65 000,00: 1% of amount with a minimum of R650,00 
Card purchase at till pointR4.30
Nedbank Business Pay As You Use Account Fees 2021

Competitive Advantages of the Nedbank Business Pay As You Use Account 

  • The account charges a low monthly fee of R60.00. 
  • Clients only pay for services that they use. 
  • Account-holders get free access to all Nedbank digital platforms. 
  • Clients can link their Greenbacks Card with the Business PAYU account to start earning Greenbacks Rewards. 
  • Businesses can apply for an overdraft facility. 

Competitive Disadvantages of the Nedbank Business Pay As You Use Account 

Requirements for the Account 

  1. Have incorporation documents for a registered company. 
  2. ID copy of the director or owner. 
  3. Proof of residence that is not older than 3 months at the time of application. 
  4. Be a Small business or Startup at the time of application. 
  5. Must not have gone under or anticipate business rescue proceedings. 

Conclusion 

The Business Pay As You Use Account charges per transaction that is made on the account, therefore, it is wise to know the fees and rates that are applicable to the account so as to spend wisely.

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