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Nedbank Business Pay As You Use Account Review 2022

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 only 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 requirement 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 most important benefits is access to a Nedbank 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 the amount of 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 the 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 for an annual fee of R220.00. The 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 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 

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

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 

To get into the Greenbacks rewards program, you need to pay an annual 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 

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.

Nedbank Business Pay As You Use Account Review 2022

Staff Writer

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