Despite being officially launched only yesterday, Absa`s newest Internet banking service geared towards small business owners has already signed up 52 000 clients. The online service gives small business owners 24-hour Internet access to do their payroll, accounting and purchases from a single portal interface.
What makes the service different to existing personal online banking services, according to Anesta De Jager, product manager for business banking services at Absa, is the ability for the main user or "operator" to define differing levels of authorisation to members of staff. "So for example, a secretary may be able to set up beneficiary accounts for clients but may not be able to actually transfer money to them."
The second feature highlighted by De Jager as unique is the ability to prepare and submit tax returns online, as well as paying the receiver of revenue online. The tax facility is an additional module and is not part of the standard service.
To reconcile financial affairs, users can download statements in a variety of forms appropriate for a range of popular accounting software. These include Microsoft Money and Quicken as well as ASCII formats for Pastel, Excel and Lotus.
Gavin Clark, General Manager for small business at Absa, says "the take-up has been phenomenal" and already 52 000 existing bank clients have signed up for the service.
"Absa`s electronic banking solution gives small business owners the best of both worlds - 24-hour business Internet banking plus the advantage of personal contact from Absa`s portfolio managers," says Clark.
De Jager says a comprehensive range of banking services are offered through the portal including the ability to establish or remove stop orders, stop cheques online as well as managing a full range of account types and up to 999 beneficiaries.
Charges for the service are a standard R75 monthly service fee with transaction charges pinned at a flat R4.20 per transaction, irrespective of size or destination.
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