It is undeniable that small and medium enterprises (SMEs) play a crucial role in shaping the country's economy. Regarded as the backbone of the economy, SMEs help create jobs, especially in developing economies where large corporations are fewer. They innovate faster, introduce groundbreaking products, and find creative solutions, which drive competitiveness in industries. By producing goods, offering services, and participating in trade, SMEs contribute significantly to a country's Gross Domestic Product (GDP), which helps boost the overall economy. Given today's digital technology, social media and e-commerce platforms, plus seamless digital payment processes, more and more entrepreneurs are equipped to innovate, enabled to advance the efficiency and growth of their businesses, and can further broaden their market reach.
However, like any business, the SMEs' journey to growth and expansion also comes with challenges. Apart from the business registration process, the complexity of navigating regulatory requirements, digital transformation, and competition with larger and more popular businesses, an entrepreneur faces the challenging tasks of managing and training staff, dealing with suppliers and customers, and adapting to digital transformation. Many SME owners have already taken steps to manage their finances, but there are still challenges they cannot fully avoid, like balancing personal and business expenses or having limited access to financing. They need a financial institution that is committed to helping entrepreneurs obtain affordable rates for additional funding, provide expert advice, and extend services that will help them manage their businesses better.
This is why EastWest (in collaboration with Visa Philippines) has introduced EastWest BizAccess Debit Card, a new financial tool made for small and medium enterprises, providing them with easy, efficient, and seamless payments.
Established in 1994, EastWest Bank is one of the fastest-growing banks in the country today, combining customer-focused service with progressive banking solutions. The launch of the BizAccess Debit Card aligns with EastWest's commitment and vision to provide clients, particularly SMEs, with excellent service in the delivery of integrated and innovative products and by being responsive to the Filipino entrepreneur's current and future financial needs.
BizAccess checking account is a business account which helps entrepreneurs manage their business funds separately from their personal funds -- making accounting, cash flow, and tax reporting easier. With a minimum of P25,000 opening and maintaining balance, entrepreneurs can get free BizAccess Visa Debit Card and access to online services that let them manage their account, track business spends in real-time and more.
As a debit card made for business, BizAccess Visa Debit Card is enabled for local and international transactions (ATM, Online, POS) making payments for supplies, subscriptions, delivery services, business trips, and more convenient. From managing funds to paying suppliers, it helps entrepreneurs run their businesses easily and efficiently. The card also provides a range of business benefits that entrepreneurs can take advantage of including digital advertising credits, discounts on e-commerce platform subscriptions, marketing, and accounting tools, and more. Through these offers, entrepreneurs gain access to essential resources empowering them to grow their businesses and reach more clients.
Through BizAccess, EastWest strengthens its support for SMEs, making them key drivers of sustainable progress through job creation, innovation, and inclusive growth. By making business transactions simpler and more efficient, the bank enables entrepreneurs to focus on expanding their ventures and contributing to national economic progress.
To avail of or know more about EastWest's BizAccess Visa Debit Card, visit https://www.eastwestbanker.com/business/deposits/bizaccess.