In the Philippine economy, small and medium enterprises (SMEs) play an important role. They account for more than 99% of registered businesses, becoming vital in providing employment and generating economic growth. Yet, despite their importance, they are faced with pressure to generate enough cash flow to cover maintenance and finance growth.
Given such challenges, it is important that SME owners have the right tools in managing their finances. Wrong or poor choices in such tools can stall progress and even expose SMEs to greater challenges.
Recognizing such need for having the appropriate tools, Visa and EastWest have partnered to introduce the BizAccess Visa Debit Card, designed to suit the needs of SMEs.
Presented as part of EastWest’s BizAccess business checking account, the card aims to address the payment needs of entrepreneurs, aligning with the realities of running a business in an increasingly interconnected economy.
One key feature of the BizAccess Visa Debit Card is the ability to formalize financial management. Many entrepreneurs use their personal accounts for business transactions, making personal and professional spending confusing. The lack of separation can make accounting complicated and can create unnecessary stress. The BizAccess Visa Debit Card provides a clear solution. By centralizing payments and expenses under a dedicated business account, it allows SMEs to properly track financial flows, enabling smarter decisions and long-term planning.
Global accessibility has also become a point for growth. Due to the growing digital landscape, SMEs are no longer confined to local markets. They are also beginning to market to international consumers, subscribe to cloud-based services, and source supplies overseas. Without a financial tool that is widely accepted and globally recognized, such opportunities can remain out of reach.
As part of the Visa network, the EastWest BizAccess Visa Debit Card is accepted in over 61 million establishments and online merchants worldwide. This not only gives SMEs the ability to transact and pay vendors locally and abroad, but also the confidence to expand without worrying about payment barriers.
While Visa brings global reach, EastWest offers local market expertise and a modern digital infrastructure to help entrepreneurs manage and grow their businesses.
Managing and controlling cashflow is also crucial for entrepreneurs. Overspending or delays in payment can cause serious consequences—from missed supplier deliveries to disrupted services. The BizAccess Visa Debit Card is directly connected to the business’ funds, ensuring that spending is within available resources while still allowing real-time visibility in transactions.
The BizAccess Visa Debit Card, paired with EastWest’s BizAccess Checking Account, empowers entrepreneurs with convenient features and services such as a free checkbook, online bills payment, and account management tools that help streamline daily operations. Cardholders can also enjoy exclusive business promos, including digital advertising credits, discounts on marketing and accounting tools, and special offers for setting up an online shop, among others. These benefits are designed to help business owners operate more efficiently, expand their reach, and manage costs effectively.
As a global leader in transactions, Visa further strengthens EastWest’s offering. They ensure that transactions are secure, efficient, and universally recognized. For SMEs, this translates to assurance, that their financial tool is backed by a trusted network that not only gives them convenience but also credibility.
Growth for SMEs hinges on finding the right financial instruments. While innovation and hard work are crucial, these must be complemented by the right tools that provide financial accessibility and confidence. The BizAccess Visa Debit Card offers not only a payment method, but a platform for growth, one that empowers SMEs to enhance and professionalize their operations, expand their business, and compete in larger markets.
References:
https://www.eastwestbanker.com/business/deposits/bizaccess
https://www.eastwestbanker.com/cards/debit-card
https://www.itnews.asia/news/philippines-eastwest-bank-modernises-core-banking-systems-617372
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