{"id":407565,"date":"2020-06-15T07:05:59","date_gmt":"2020-06-15T05:05:59","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=407565"},"modified":"2020-06-15T07:05:59","modified_gmt":"2020-06-15T05:05:59","slug":"how-nedbank-business-banking-helps-companies-take-on-the-covid-19-challenge","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/industry-news\/407565\/how-nedbank-business-banking-helps-companies-take-on-the-covid-19-challenge\/","title":{"rendered":"How Nedbank Business Banking helps companies take on the COVID-19 challenge"},"content":{"rendered":"<p>The COVID-19 pandemic presents major challenges for many South African businesses.<\/p>\n<p>The spread of the virus has disrupted supply chains and delayed payments by debtors, and various parties now battle to meet their contractual obligations.<\/p>\n<p>The virus has also influenced employees in both financial and psychological respects.<\/p>\n<ul>\n<li><a href=\"https:\/\/www.nedbank.co.za\/content\/nedbank\/desktop\/gt\/en\/business\/business-banking.html?utm_source=BusinessTech&amp;utm_campaign=Nedbank_Business_Banking&amp;utm_term=June_2020\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Click here to learn more about Nedbank Business Banking.<\/strong><\/a><\/li>\n<\/ul>\n<p>Moreover, the COVID-19 crisis has shown the importance of businesses offering proper digital payment solutions to their customers.<\/p>\n<p>No business will be exempt from these challenges.<\/p>\n<p>Nedbank Business Banking has undertaken several initiatives to support its clients to make sure that they can meet the challenges stemming from COVID-19 head-on.<\/p>\n<h3 class=\"my-4\"><strong>Financing<\/strong><\/h3>\n<p>Businesses are faced with the risk of not being able to repay their contractual loans monthly. They are under short-term cashflow pressure \u2013 their income is compromised as their debtors are delaying payments.<\/p>\n<p>Nedbank Business Banking works with companies to review the impact of the pandemic on their cashflow.<\/p>\n<p>The bank has a range of short-term working capital solutions and flexible repayment options to alleviate cashflow pressures.<\/p>\n<p>These include the following:<\/p>\n<ul>\n<li>Short-term overdrafts (for contractual obligations).<\/li>\n<li>Bridging working capital finance (for short-term cashflow constraints).<\/li>\n<li>Deferring loan payments (payment holidays) and restructuring.<\/li>\n<li>Financial assistance through the COVID-19 SME Relief Fund Loan Scheme (in partnership with the South African Reserve Bank and National Treasury).<\/li>\n<\/ul>\n<h3 class=\"my-4\"><strong>Demand for digital solutions<\/strong><\/h3>\n<p>As COVID-19 restrictions have inhibited customers\u2019 abilities to interact with businesses physically, the necessity of effective digital payment solutions has become evident.<\/p>\n<p>Nedbank offers a range of remote, digital and mobile payment solutions, making sure that businesses can continue operating effectively.<\/p>\n<p>This includes e-commerce solutions to help businesses with online ordering capability as well as an offering that allows clients to get a deep understanding of their customers\u2019 buying patterns and other valuable information.<\/p>\n<p>Nedbank\u2019s analytical tools include the following:<\/p>\n<ul>\n<li>Market data services \u2013 enabling businesses to view the aggregated transactional payment history of their customers to improve marketing effectiveness.<\/li>\n<li>Accounting services \u2013 integrated accounting software with online banking.<\/li>\n<li>Notification services \u2013 a service informing businesses of transactional activity.<\/li>\n<li>Fleet management solutions \u2013 an end-to-end fleet management solution enhancing fleet operations.<\/li>\n<li>E-statement and e-messenger services \u2013 digitised bank statements and electronic notification of transactional payments and collections.<\/li>\n<\/ul>\n<h3 class=\"my-4\"><strong>Global trade<\/strong><\/h3>\n<p>Many local businesses are exposed to global markets and may be extremely dependent on income from exports.<\/p>\n<p>With the challenge of demand being severely constrained, coupled with rand volatility, a mismatch in meeting forward cover contracts will create cashflow pressure.<\/p>\n<p>The inability to receive export proceeds, or a delay of that, can put any business in a position where it cannot use forward exchange contracts, with the added risk of not being able to fund the negative cashflow differences on unwinding forward exchange contracts.<\/p>\n<p>Likewise, the cashflow of importers will also be under pressure as a result of the disruptions in supply globally.<\/p>\n<p>Nedbank Business Banking has solutions to alleviate cashflow pressures through temporary short-term overdrafts or the extension of import facilities.<\/p>\n<h3 class=\"my-4\"><strong>Get help today<\/strong><\/h3>\n<p>Current Nedbank Business Banking clients can contact their business manager about these initiatives.<\/p>\n<p>If you think Nedbank Business Banking can help you in any way, write to <a href=\"mailto:business@nedbank.co.za\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>business@nedbank.co.za<\/strong><\/a> or fill in this <a href=\"https:\/\/www.nedbank.co.za\/content\/forms\/af\/nedbank\/CallMeBackBusinessBanking.html?utm_source=BusinessTech&amp;utm_campaign=Nedbank_Business_Banking&amp;utm_term=June_2020\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>form<\/strong><\/a> for more information and help.<\/p>\n<p>To qualify for Nedbank Business Banking a company must have an annual turnover of between R10 million and R750 million.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nedbank Business Banking has undertaken several initiatives to give essential support to businesses to make sure that they are able to continue operations. 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