Choosing the right bank for your business in South Africa

“Show me the money!” A healthy business is one that is profitable with a strong tide of cashflow. While you are focusing on the big developments as well as the mundane day to day running of your business; you need a financial service provider you can trust and one that also ticks your boxes in ensuring the sustainability of your business.   With so many factors contributing to your decision; we have simplified this process with comparisons of management fees, bank charges, rewards programs, merchant services, business funding and functionality so you can make the very best and most well-informed choice in your ideal financial service provider that will meet the demands of your business.   Business Banks in South Africa We selected four banks as a comparison however other worthy considerations are Discovery Bank, Capitec Bank, Tyme Bank, Investec, Bidvest and more.

• Standard Bank

Monthly Management Fees: R85 – R115 Rewards Program: Ucount Business Lending Options: Overdraft. Term Loans, Revolving Loans Pay point Systems: Autolink, Autoswitch, Autolane, Pocketbiz Contact Details: www.standardbank.co.za  

• ABSA

Monthly Management Fees: R85 – R590 Rewards Program: ABSA Rewards Business Lending Options: Overdraft, Term loans, Revolving Loans Pay point systems: Masterpass QR, Forecourt devices Contact Details: www.absa.co.za  

• First National Bank

Monthly Management Fees: R0 – R630 Rewards Program: eBucks Business Lending Options: Overdraft, Term Loans, Revolving Loans Pay point systems: eWallet, Paypal, QR Speedpoint, Speedee, Standalone Speedpoint Contact Details: www.fnb.co.za  

• Nedbank

Monthly Management Fees: R259 – R420 Rewards Program: Greenbacks Business Lending Options: Overdraft, Term Loans Pay point systems: Desktop Pos, Pos in a box, PocketPOS Contact Details: www.nedbank.co.za   Make it count and make bank Making the best decision in business banking is a personal choice. Your business relies on a strong cash flow and steady income, ensure the bank you select offers all innovative services to meet the demands and requirements of your business with minimal management fees and banking charges. Before committing to lending opportunities review the fine print of interest rates, repayment terms and make sure your business banker fully understands your business and vision. Make it rain, bring in the bacon, Stackin’ Loot, Scrooge McDuckin’, Making Jack, Roll it in, Make a mint, Print it, Making bank, Milk the cash cow.