Standard Bank’s MyMoBiz Account products are business banking solutions designed to support SMEs with cost-effective and accessible banking tools. As we enter one of the busiest times of the year for SMEs, Cliff Mayinga, Provincial Head for Coverage Business Banking (Western Cape), Standard Bank Business and Commercial Banking offers some advice on how businesses can capitalise on opportunities over the festive season.
As the festive season gets into full swing, small and medium-sized enterprises (SMEs) across South Africa face one of the busiest and most financially critical periods of the year. With increased consumer spending, the opportunity to grow revenue is immense, but so are the challenges such as managing cash flow, ensuring secure payment options and maintaining operational efficiency but to name a few.
Without the right financial tools, SMEs risk missing out on opportunities or even jeopardising their business survival during this crucial trading period. Flexible and tailored banking solutions are playing a pivotal role in enabling SMEs to meet seasonal demands while laying the foundation for long-term success.
Cash flow management is a cornerstone of SME sustainability, particularly during the festive season when the volume of transactions increases significantly. Banking products that provide flexible, cost-effective solutions can ease financial pressure on small businesses, allowing them to direct funds where they are most needed. By reducing unnecessary fees and offering competitive rates for transactions and deposits, such products help businesses manage the influx of payments while safeguarding profitability.
As consumers increasingly favour cashless transactions, secure and seamless digital payment solutions are becoming essential for SMEs. Research conducted by the Payment Association of South Africa (PASA) indicates that while cash remains prevalent, there is a significant shift towards digital payments as a preferred method for many South African shoppers, driven by technological advancements and changing consumer behaviour. This shift has made it crucial for businesses to offer secure, reliable payment options. Secure payment tools like Tap-to-Pay cards, virtual cards and same-day payment settlement systems enable businesses to offer flexible payment options while maintaining cash flow agility. These solutions not only improve financial fluidity but also ensure operational efficiency during one of the most demanding trading periods of the year.
Banking solutions that simplify operations and reduce administrative burdens enable business owners to focus on customer service and maximising revenue. Real-time digital tools give businesses the ability to track transactions and make quick decisions, saving valuable time and ensuring they can meet the demands of the festive rush.
The festive season, while intense, is also an opportunity for SMEs to adopt financial practices that deliver value beyond December. The festive season is not only an opportunity to increase short-term revenue but also to build a strong foundation for the year ahead.
One such solution is the Standard Bank MyMoBiz Account, which combines flexibility, cost efficiency and digital payment tools to support SMEs during this critical trading period and beyond. For businesses navigating the festive rush, solutions like these can be the difference between merely surviving and thriving.
The Standard Bank MyMoBiz Account is a business banking solution designed to support SMEs with cost-effective and accessible banking tools. With a pay-as-you-transact model and a low monthly fee of R7, the account offers features such as secure electronic payments, a Tap-to-Pay debit card, virtual cards and access to same-day payment settlement tools like PocketBiz. It also provides linked savings facilities, enabling businesses to grow their reserves while managing day-to-day financial operations.
The MyMoBiz Plus Account is an enhanced option for SMEs needing additional benefits. For a monthly fee of R155, it offers bundled banking services, including 10 free electronic payments and free ATM cash deposits of up to R25,000 per month. Like the MyMoBiz Account, it provides digital payment tools and access to linked savings accounts, helping SMEs to manage their finances efficiently during peak periods and beyond.
