For businesses, sending and receiving business funds is a routine part of daily operations. Whether it’s paying suppliers, receiving payments from clients, or transferring wages to employees, businesses are regularly making financial transactions. However, they need to ensure these transactions are safely carried out. When businesses fail to secure these transactions, they risk not only financial loss but also friction in client relationships.
For small and medium-sized businesses, managing financial transactions effectively is especially important. When businesses ensure seamless and secure fund transfers, they can maintain steady cash flow and avoid unnecessary disruptions. Particularly, timely transactions help SMEs stay on top of their financial obligations and day-to-day operations. Using secure methods also minimizes the risk of fraud or theft, allowing these businesses to focus on growing their business with confidence and peace of mind.
Given the importance of securely handling funds, businesses must carefully choose their payment methods. Thankfully, there are several methods that meet most SMEs’ security and operational requirements. Here are the various secure methods available for sending and receiving business funds in the Philippines:
1. Digital Fund Transfers
The rise of digital banks in the Philippines has revolutionized the way businesses handle their finances. Digital banks, like Maya, offer modern business banking solutions that are entirely digital and operate through mobile applications. These banks have become increasingly popular due to their ease of use, low fees, and fast processing times through InstaPay and PESONet, which makes them particularly suitable for small and medium-sized enterprises (SMEs) looking for efficient financial management tools.
Digital banks also provide high levels of security, including two-factor authentication, which ensures that only authorized users can access their accounts. This added security, combined with data encryption and secure app environments, provides peace of mind for any business banking online activities and for conducting sensitive financial transactions.
Additionally, digital banks offer attractive benefits that entrepreneurs may not find in traditional banking methods. For example, Maya Business Deposit not only has a handy fund transfer feature, but it also has one of the highest interest rates in the Philippines at 2.5%, which is 20 to 25 times more than what the average traditional bank offers. This is very appealing to anyone with small business banking needs, as it helps them maximize their funds without worrying about maintaining a balance in their business deposit accounts.
2. Over-the-Counter Cash Transfers at the Bank
Despite the rise of online banking, many people still prefer transacting in physical bank branches for a variety of reasons. For one, some businesses and individuals are more comfortable with face-to-face transactions and may feel reassured by the personal assistance provided by bank staff. There’s also a sense of security in physically seeing the cash transaction go through, especially when dealing with large sums of money. Additionally, many traditional banks now offer online business banking options to appeal to business owners who want the convenience of online transactions and the reliability they’ve associated with traditional banks.
While traditional bank transfers can take a few hours or even days, depending on the type of transaction, they remain highly reliable for conducting business-to-business (B2B) payments, government transactions, and other significant dealings where speed is not as critical. For businesses that need to manage high-value transactions or require added support, physical bank branches continue to provide a trusted and secure option.
3. Money Transfer Services
For businesses that deal with international payments or work with clients in remote areas of the Philippines, money transfer services provide an effective and secure means of sending and receiving funds. These services are especially valuable for businesses in industries like remittances, travel, or import-export, where cross-border transactions are common.
Money transfer services provide high levels of security, with tracking numbers for each transaction, customer verification processes, and secure handling of funds. These service providers also have physical locations where recipients can pick up cash, making them accessible for those who do not have bank accounts. With the fast processing times, businesses can ensure that the recipients of their funds receive the money quickly, regardless of their location.
4. Check Deposits
While the use of checks has declined in favor of digital methods, they are still a secure and widely accepted method for conducting business transactions in the Philippines. Businesses that prefer checks often use them for large payments, such as settling accounts with suppliers or making high-value transactions. Checks are also used for paying wages and other contractual obligations where traceability is crucial.
Checks provide a paper trail, which makes it easy for businesses to track payments and maintain records. They are also subject to verification, with fraud detection systems in place to catch counterfeit or altered checks before they are processed. Although checks may take longer to clear than digital or over-the-counter cash payments, they offer a reliable option for business-to-business payments, particularly for businesses that deal with large sums of money or require verifiable documentation for transactions.
Send Funds and Receive Payments Easily with Maya Business Solutions
Sign up for Maya Business today and use Maya Business Deposit to send and receive business funds quickly and securely.
With a Maya Business Deposit account, you can enjoy an industry-leading 2.5% per annum interest rate, which allows you to earn PHP 25,000 in interest per year on a PHP 1 million deposit. Furthermore, you’ll be able to send money to your partners and suppliers for free via InstaPay and PESONet, letting you save more.
Signing up also qualifies you for a no-collateral Maya Flexi Loan offer of up to PHP 2 million in just 3 months, allowing you to have another funding source to further develop your business. Just use Maya as your primary processor for all wallet and card payments. The more you use our solutions, the better the loan offer will be.
Sign up for Maya Business today to enjoy the benefits of Maya Business solutions.
