Mind your own biz? With online banking, you can!

2019 May – They say owning your own business is several notches better than being an employee, even if you have a high-paying job. There’s no greater feeling than being your own boss.


Still, being an entrepreneur is no cakewalk with so many things to consider. Since you essentially become the captain of your own ship, you now have to take care of things you never even paid any attention to before: payroll of employees, check writing as payment to suppliers, and account monitoring of the entire business, among others.


From just concentrating on your own department or area of expertise, your scope of work has now expanded a hundred fold. You’re not just a simple 9-to-5er anymore. Now, everything demands your attention ‘round the clock.


Yes, owning a business can be quite daunting. Luckily, technology can serve as a crutch in these trying situations. Online banking, notably, helps facilitate these financial transactions to make your transition from employee to employer a seamless one.


Three young entrepreneurs—Rolf Madrid, Kaye Tamayao, and Arlene Lee—share how the online banking services of one of the country’s leading financial institutions helped them with their respective businesses and pushed them to remain financially responsible.



A Way to Make Business Easier


“Online banking is truly a game changer. I use BDO’s online payroll and online check writing facilities. It saves me a lot of time in doing my weekly checks since my secretary just prints the checks after we approve them online,” says Rolf Madrid, part owner and managing partner of Japanese restaurant, Asakusa, Home of Tempura.


He adds that he also uses it to pay for his personal credit card bills, of which he has five to manage his various expenses, from gas, shopping, grocery, travel, and investments, among others. He also goes online to send money and check his account balance.


The first of three Asakusa branches is located in Pasig beside a BDO branch. “I opened our business’ corporate bank account there. Its branch manager and staff have taken care of our business’ needs very well. So much so that we now have five corporate accounts with BDO.”


A fourth Asakusa branch will open sometime this year.


“Being an entrepreneur offers the pursuit of personal freedom. But to maintain a profitable business, I need to be disciplined enough to adhere to a rigorous weekly schedule of tasks,” he says. “Planning and prioritizing are keys to having a balanced professional and personal life.”


Rolf Madrid (far right) with his business partners, Jacob Bautista and Celline Bautista, in front of the Asakusa Ayala Malls Feliz branch.


A Way to Monitor Money


“Being an entrepreneur means being on top of your finances,” says Kaye Tamayao, a Zumba and yoga instructor and owner of BEATS Dance & Fitness Studio.


She keeps separate accounts for her businesses and personal savings. She uses BDO’s mobile app to monitor their movements as well as her expenses and investments. “Online transactions are faster and more convenient, so I really maximize its benefits,” she adds.


Kaye has always loved music and movement. In 2015, she followed her heart and opened BEATS. Here she holds scheduled and private dance classes. Other dance instructors rent her studio for their regular classes as well. Kaye is also part of Young Living, America’s leading essential oils company. She builds and manages a team of like-minded individuals on how to be a responsible and informed “oilbularyo.”


“Having your own business often means that you are working 24 hours. Otherwise, you are not earning anything,” she says. “You need to set your priorities and manage your time very well so you can have time for your personal life, which is essential to your own well-being.”


Kaye Tamayao is a Zumba and yoga instructor and owner of BEATS Dance & Fitness Studio.


A Way to Serve Customers


Entrepreneurs value customer feedback. “When we started in 2010, we only had a few items on our product list and catered to nearby hardware stores. But as we listened to our customers and learned more about their needs, our product list grew,” says Arlene Lee, owner of a B2B wholesale of construction materials.


“In 2015, we saw a potential to grow our business through online retail selling. BDO was our partner to receive and confirm our customers’ payments. Since BDO branches are very accessible, it is also the choice of our customers. When the customer confirms his payment, we simply verify it online.”


Today, Arlene’s customers outside of Metro Manila pay online or via bank deposits—both safer than mailing checks which could get lost in transit. “I view online banking as a way to serve customers. By giving them other payment options, they can choose which is best and most convenient for them.”


Now on its 9th year of operations, Arlene understands that there is no such thing as having more free time when you own a business. She is thankful however for her team’s hard work. By working well together, they strike a balanced life.


Adapt or...


While most clients in the Philippines still prefer personal interaction when transacting with their banks through visits in branches, what the stories of Rolf, Kaye and Arlene have shown is some clients now have specific needs and their requirements have grown beyond the traditional brick and mortar type of banking.


Their positive experiences clearly reveal that local banks have already embraced technological innovations through electronic banking, not only to address shifting client needs but to also keep pace with global standards in banking. Clients' needs are evolving and the country's banking institutions are favorably responding.


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