The Philippines-based bank, Banco De Oro Unibank (BDO), is making its cash management service more accessible and convenient for micro businesses and small and medium enterprises (SMEs) through a bundled product consisting of payroll, cheque disburse and corporate internet banking.
For just maintaining an account average daily balance (ADB) of at least Philippine peso (PHP)500,000 (£6,977.58), business owners can use the three products, which are the basic needs for smooth and efficient cash flow operations.
“All the entrepreneurs have to do is open a peso or chequing account and maintain an ADB of at least half a million pesos. We will also ask them to accomplish a data sheet, sign the memorandum of agreement and submit either a board resolution or secretary’s certificate,” said Edgardo Marcelo Jr, BDO’s vice president for cash management services.
The payroll product – regular savings account or cash card – enables the enterprise to prepare its payroll automatically, which BDO can deliver in a safer and more convenient manner. The cheque disburse, on the other hand, allows the business to prepare, manage and print large volumes of cheques for quick and easy disbursement. In addition, corporate internet banking provides instant access to the businesses’ funds via online banking transactions in the comforts of one’s office. These transactions include checking of account balances, uploading of payroll, transfer of funds to a third-party account, payment of bills and settlement of Social Security System (SSS) and Bureau of Internal Revenue (BIR) fees online.
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