Nedbank Business Pay As You Use Account Review 2023

The Nedbank Business Pay As You Use account is a business transactional account with a monthly account fee of R65.00. Overdraft facility can be added to the Business PAYU account for a monthly fee of R69.00.

Any business, new or old, can open a Nedbank Business Pay As You Use account. Since there is no minimum revenue requirement, any business can apply for the account.

The Nedbank Business PAYU account, as a Pay As You Use account, has withdrawal and deposit fees. App transfers are free of charge with this account.

Nedbank Business PAYU charges R2.50 per R100.00 withdrawn from a Nedbank ATM. Account holders pay R12.00 plus R2.50 per R100.00 withdrawn at other banks’ ATMs.

A deposit at a Nedbank ATM or branch costs R8.75 plus R2.10 for every R100.00 deposited. Deposits at a participating retailer’s till point is R19.95 per R5,000.00.

Aside from transactional costs, the account comes with numerous benefits, and one of the most important benefits is access to a Nedbank relationship banker who is there to assist with your personal and business needs. Other benefits that the account comes with are listed below

Nedbank Business Pay As You Use Account Benefits

• Access to a dedicated banker.
• Free access to the Nedbank Digital Platforms.
• Free access to Avo where one can register their business and start selling online to over 1 million users.
• Can register a company through Nedbank.
• Comes with secure payment solutions with each business’s need being catered for.
• Can use your phone as a contact less point of sale device to make business transactions.
• Access SimpyBiz where business owners and entrepreneurs network.

Nedbank Business Pay As You Use Account Fees 2023

Competitive Advantages of the Nedbank Business Pay As You Use Account

• The account charges a low monthly fee of R65.00.
• 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 

• To get into the Greenbacks rewards program, you need to pay a monthly subscription fee. 

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 anticipated business rescue proceedings.

Conclusion

Suitable for new and established businesses, the Nedbank Business Pay As You Use account offers full transactional functionality that comes low limits. The account has a low monthly maintenance fee and users only get charged for services that they use, which is an added advantage for businesses that transact less. 

The Business Pay As You Use Account charges per transaction that are 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.