Let myBiz Wallet from GCash help you handle your day-to-day spending in your business
Some companies require regular transfer of funds to their employees. Real estate developers, for instance, need to give out allowances and commissions to their agents. Direct selling companies have to furnish their sellers with incentives. Small- and medium-scale cottage industries also have to disburse fees to their workers who are usually paid per piece finished.
There are several ways companies manage money transfer to their employees.
Banks require a maintaining balance, restricting access to your funds. Imagine this: If you need to have a maintaining balance of P5,000 per employee in order to transfer money to 10 employees through a bank, that means you need to have at least P50,000 separate from your employeesâ€™ salary–a whopping amount just for maintaining balance.
This method may seem practical and convenient because employees get their salary on the spot without having to line up at ATMs to withdraw money. But letâ€™s say you manually pay a salary of P15,000 for each of your 10 staff members; thatâ€™s a total of P150,000. You send that amount via your companyâ€™s messenger, but what if it gets stolen? Thatâ€™s a big amount of money down the drain!
So how do you work around these disadvantages while still managing cash flow efficiently?
Transfer money online. myBiz wallet, Powered by GCash, is an online platform for real-time money transfer anytime, anywhere. It is a convenient, secure, efficient, and economical way of transferring money to your employees. Hereâ€™s how it works.
Letâ€™s say you sent your sales agent to an out-of-town trade conference, but you forgot to give an allocation for his travel allowance. With myBiz wallet, you get these advantages:
A safe and secure way to send funds to individual accounts, myBiz wallet ensures that your employees receive the money they earned.
More than facilitating real-time fund transfer, myBiz wallet also generates reports automatically. This way, youâ€™ll be able to keep track of all your transactions.
myBiz wallet requires no maintaining balance, giving you the freedom to manage your funds accordingly. Cash thus flows freely through your organization.
The table below shows how practical myBiz wallet is for your business.
Learn more about myBiz wallet here.
Get access to all our exclusive member-only content