Are you still using the same bank you opened when you first had your business, all without ever checking if it still fits your business needs today? If so, you could be leaving money, time, and potential growth on the table. Because, after all, as your e-commerce business grows, your banking needs evolve too. So, if your bank can’t keep up, you might be paying the price without realizing it. But how do you check if you should stay with your bank? Here are five key questions to ask to know if your bank is helping you move forward or quietly holding you back.
1. Does Your Bank Go Beyond Financial Transactions?
Today’s customers expect to pay however they want—credit cards, debit cards, e-wallets, or QR codes—and they expect the process to be fast, smooth, and secure. But here’s the thing: modern business owners shouldn’t have to rely on one financial institution for a business bank account and another to take advantage of payment solutions.
This is where modern fintech partners like Maya stand out. We don’t just offer banking products like business bank accounts and business loans; we also provide integrated payment solutions for both online and in-store operations. For example, a single payment terminal machine like Maya Terminal combines a card reader, QR scanner, and e-wallet acceptance solution in one device. This means you can accept multiple payment methods with one sleek, reliable system, backed by 24/7 support.
Moreover, having everything, from your deposits to your payment system, in one connected business solutions ecosystem makes life so much easier. You won’t waste time juggling multiple providers, dealing with separate support teams, or worrying about whether different systems will work together. Instead, you can process payments securely and get your money straight into the same account you use to pay suppliers or apply for quick business loans when you need extra capital.
So, if your current setup still needs separate machines for each payment type, breaks down often, or requires constant maintenance from different vendors, it may be time to switch to a partner that does it all. After all, when your banking, payments, and capital solutions work together, you can focus more on serving customers and less on fixing avoidable headaches.
2. Are You Making the Most of Your Business Funds?
It’s easy to focus so much on sales that you forget to check whether your bank is helping your money grow. Sadly, many traditional banks in the Philippines still offer near-zero interest on business deposits. That means your money just sits there instead of working hard for you.
It’s therefore smarter to consider switching to a digital bank that rewards your balance. For example, Maya Business Deposit offers up to 2.5% interest p.a., about 20 to 25 times higher than what most traditional banks offer. There’s no minimum balance, so even small businesses can benefit. Think of what you could do with that extra income: cover surprise expenses, pay suppliers early, invest in more inventory, or even expand your store. A higher interest rate might sound like a small thing, but over time, it can help you build a safety net or fund your next big opportunity.
3. Can You Access Funds When You Need Them Most?
Growth often means spending more upfront for more inventory, faster shipping, better equipment, or bigger campaigns. But if your bank makes it hard to get a loan, you might miss big opportunities just because you’re waiting for payments to clear or sales to come in. Unfortunately, applying for a business loan at many traditional banks is still a hassle. The paperwork takes weeks, approvals can drag on, and you might get only a small amount that hardly moves the needle.
So, look for banks that understand the pace of e-commerce. For instance, Maya Flexi Loan lets you borrow up to PHP 2 million through a fully digital process that takes only minutes to complete. The money goes straight to your account, and you can split it into smaller draws, giving you flexibility when you need it most.
4. Does Your Bank Save You Time (or Waste It)?
You didn’t start a business so you could spend hours standing in line at a bank branch. So, if you’re still doing basic banking tasks in person, like paying suppliers, transferring funds, or even checking balances, then your bank isn’t helping you run your business efficiently.
Modern solutions like those offered by Maya Business, on the other hand, make banking easy from your phone or laptop. You can access free InstaPay or PESONet transfers, instant balance checks, payroll disbursement solutions, and tools to manage your cash flow in real time, without surprise fees or minimum balance requirements.
So, if your bank still eats up your precious hours or charges you for every little thing, it’s time to rethink whether they deserve to be your partner in business.
5. Is Your Payment System Safe and Reliable?
Payment fraud, stolen data, and simple human errors can cost you money and destroy your customers’ trust. That’s why your payment setup, particularly your payment terminal, needs to be secure, certified, and up to date. Card payment terminals, in particular, should be EMV-certified, PCI-DSS compliant, and use secure encryption to keep transactions protected, whether it’s a card, e-wallet, or QR Ph payment.
Also, your payment terminal should integrate well with your inventory management system, something that you can do with the Maya Terminal. This cuts down manual entry and reduces the chance of mistakes or double charges. If you’re still relying on old machines or juggling too many disconnected systems, you’re taking unnecessary risks that could be solved with a single upgrade.
Choose a Bank that Understands Your Business
Not every bank truly understands how modern businesses work. Many traditional banks, in particular, still design their products only for traditional or conservative businesses. To truly benefit from banking services, look for a banking partner that understands your needs. Maya can be your partner for growth and success.
When you sign up for Maya Business, you unlock more than just payment solutions; you gain access to powerful financial tools designed to support your growth. Setting up a Maya Business account lets you open a Maya Business Deposit account and use it as your settlement account. With an industry-leading 2.5% per annum interest rate, you’ll 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. So, your funds don’t just sit—they grow.
Signing up also qualifies you for a no-collateral Maya Flexi Loan offer of up to PHP 2 million in just 3 months, giving you access to funding that will help you 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 today and take your online store to the next level.
