launched its credit card offering earlier this year and the announcement this week cements its business offering. TheCapital’s funding expertise and TymeBank’s deposit base of more than five million customers, including 108,000 business banking clients.
TymeBank’s current business banking offering includes a transactional business account that can be opened in under five minutes, zero monthly bank fees, free debit card and online purchase transactions and free bulk payments. TymePOS offers next-day settlements for merchants in an industry where the standard is seven-day settlements. The app is available for download on the Google Play Store, and it will take a TymeBank business banking customer just two minutes for app on-boarding. Clients will then receive a merchant ID and can start processing card payments within 24 hours.
Jesse Weinberg, co-head of the SME Segment at FNB, says collating data over the past year enabled the bank to identify popular topics with high engagement rates. These included writing a business plan , getting a business ready for funding, identifying skills and gaps, finding a unique selling point and product pricing.