Nedbank Business Pay As You Use Account Review 2024

By / August 20, 2024

The Nedbank Business Pay-As-You-Use account is designed to cater to small businesses, startups, and those with lower transactional volumes. It […]

The Nedbank Business Pay-As-You-Use account is designed to cater to small businesses, startups, and those with lower transactional volumes. It offers the flexibility of paying only for the transactions you use, making it an ideal choice for businesses looking to manage costs effectively. The account has a monthly maintenance fee of R70.00, which is competitive compared to other business accounts in the market.

Key Features of the Nedbank Business PAYU Account

1. Dedicated Relationship Banker

  • Each account holder is assigned a dedicated relationship banker who understands both personal and business needs.
  • The banker provides financial advice, resolves queries, and manages credit applications.
  • Business owners can contact the dedicated helpdesk 24/7 at 0800 116 400 or via email.

2. 24/7 Digital Banking

  • Nedbank’s digital banking platforms, including the Money app and Online Banking, allow business owners to manage their finances on the go.
  • Users can link multiple profiles, easily switch between them, and share access with secondary users for limited access to business profiles.
  • MoneyTracker is available for tracking business finances and sending invoices.

3. E-Commerce Solutions

  • Nedbank offers secure payment solutions for various clients, allowing businesses to accept payments both online and in physical stores.
  • The PAYU account enables businesses to turn their phones into contactless point-of-sale (POS) devices with tap-and-go functionality.
  • A comprehensive range of payment-acceptance solutions is available, ensuring businesses can cater to their customers’ needs.

4. Beyond Banking Services

  • Businesses can register online through BizPortal or at a Nedbank branch via SwiftReg.
  • SimplyBiz, a free networking and resource platform, connects entrepreneurs and business owners.
  • The Essential Guide for Small-business Owners is available for download, offering crucial advice on making informed business decisions.
  • Businesses can sell products and services on Avo, Nedbank’s super app, which has over one million registered users.

2024 Fee Structure for the Nedbank Business PAYU Account

Understanding the fee structure is crucial for businesses to manage their finances effectively. Below is a breakdown of the fees associated with the Nedbank Business PAYU account in 2024:

Monthly Fees

  • Account Maintenance Fee: R70.00
  • Overdraft Facility Fee: R69.00
  • eNotes Fee: R12.00
  • Self-service Banking Subscription Fee: Free

Transaction Fees

Deposits

  • Electronic Deposit: Free
  • Cash Deposit at Nedbank Branch: R9.40 plus R2.25 per R100 or part thereof
  • Cash Deposit at Nedbank ATM: R4.70 plus R1.13 per R100 or part thereof
  • Deposit at Participating Retailer’s Till Point: R19.95 per R5,000 or part thereof
  • Deposit at Boxer Store: R2.00 per R100 or part thereof

Withdrawals

  • At Participating Retailer’s Till Point: R3.50
  • Withdrawal Combined with Purchase at Retailer’s Till Point: R5.50
  • At Nedbank ATM: R2.65 per R100 or part thereof
  • At Another Bank’s ATM: R12.00 plus R2.65 per R100 or part thereof
  • At Nedbank Branch: Charged at a rate equal to the cash deposit fee per R100 (minimum R90, no maximum)
  • At Another Bank’s Self-service Device: R15.00
  • At International ATM: R65.00 plus R2.65 per R100 or part thereof

Electronic Payments

  • Cellphone Banking Payments (120001#): Free
  • Internal Debit Order: R2.00
  • External Debit Order: R15.00
  • Online Banking or Money App Payments: R8.35
  • Payments via Self-service Kiosks: R8.35
  • Stop Order: R15.00
  • Payment Notifications (SMS/Email): R0.50 per notification
  • Instant Payments:
    • Less than or equal to R3,000: R10.00
    • More than R3,000: R49.00
  • PayShap Payments:
    • To a ShapID less than or equal to R100: Free
    • To a ShapID more than R100: R1.00
    • To an Account: R7.50

Payments at a Branch

  • To a Nedbank Account (R25,000 or less): R400.00
  • To a Nedbank Account (more than R25,000 up to R65,000): 1% of the amount (minimum R500)
  • To a Nedbank Account (more than R65,000): 1% of the amount (minimum R800)
  • To Another Bank’s Account (R25,000 or less): R400.00
  • To Another Bank’s Account (more than R25,000 up to R65,000): 1% of the amount (minimum R500)
  • To Another Bank’s Account (more than R65,000): 1% of the amount (minimum R800)

Competitive Advantages of the Nedbank Business PAYU Account

1. Low Monthly Fee

  • The account has a competitive monthly fee of R70.00, making it an affordable option for small businesses and startups.

2. Pay-as-You-Use Structure

  • Businesses only pay for the transactions they make, allowing for better cost management, especially for those with lower transactional volumes.

3. Access to Digital Platforms

  • Account holders receive free access to all Nedbank digital platforms, enabling seamless management of personal and business finances.

4. Overdraft Facility

  • The option to apply for an overdraft facility provides businesses with additional financial flexibility.

5. Earning Greenbacks

  • Businesses can link their Greenbacks card with the PAYU account to start earning rewards, though this comes with a subscription fee.

Competitive Disadvantages of the Nedbank Business PAYU Account

1. Greenbacks Rewards Program Subscription

  • To benefit from the Greenbacks rewards program, businesses need to pay a monthly subscription fee, which might not be ideal for all.

2. Transaction Fees

  • While the pay-as-you-use structure can be advantageous, businesses with high transactional volumes might find the cumulative fees higher than other account options.

Requirements for Opening a Nedbank Business PAYU Account

To open a Nedbank Business PAYU account, businesses need to meet the following requirements:

  • Company Incorporation Documents: Proof of registration.
  • ID Copy: For the director or owner.
  • Proof of Residence: Not older than three months at the time of application.
  • Small Business or Startup: The business should fall into these categories.
  • No Anticipated Business Rescue Proceedings: The business must not be under or expecting to enter business rescue.

Conclusion

The Nedbank Business Pay-As-You-Use account is an excellent choice for small businesses and startups looking for a cost-effective, flexible banking solution in 2024. With its low monthly fee and pay-as-you-use structure, it offers the financial flexibility that many businesses need. The additional benefits, such as access to a dedicated banker and digital banking platforms, make it a comprehensive solution for managing business finances. However, businesses with higher transactional volumes may need to carefully consider the cumulative transaction fees. Overall, the Nedbank Business PAYU account provides a robust foundation for managing business finances efficiently.

Leave a Reply