For many Kenyan businesses, managing money goes beyond sending and receiving payments.
Business owners and authorized users handle payroll, supplier payments, utility and tax bills, inter-account transfers, loan repayments, collections, and account monitoring, often through different processes.
Equity Online for Business (EOB) brings these functions together on a digital platform that is available through web and mobile applications.
The platform allows businesses to make, review, approve, and monitor transactions based on the access and roles assigned to users.
Equity Online Business, One Platform for Everyday Transactions
Equity Online for Business allows businesses to transfer money between their own accounts, send funds to other Equity accounts and other banks, make international transfers, and send money to mobile-money platforms.
The platform also supports bill and statutory payments, including utility bills and taxes, as well as collections and receivables management.
Businesses can therefore manage incoming collections and outgoing payments through the same platform.
For businesses handling several transactions at once, Equity Online for Business provides bulk-payment functions for vendor payments, payroll, bills, and tax obligations. Users can prepare multiple transactions instead of entering each payment separately.
Payroll is also supported through bulk payments, allowing businesses to pay multiple employees in a single payroll process.
Equity Online for Business also provides tools for managing recurring financial obligations. Businesses can schedule regular payments and use reminders to track upcoming obligations, including supplier payments, bills, and other scheduled expenses.
The platform supports multi-person approval workflows for businesses that require transactions to go through different levels of authorization.
Depending on the roles assigned, one user can prepare a transaction while another authorized user reviews and approves it before processing.
Equity Online for Business also provides account summaries, statements, downloadable transaction information, and multi-account views. These features let users monitor balances and transaction activity across business accounts.
Also Read: Equity Bank Accelerates Push to Link Local SMEs to Global Markets
The platform includes liquidity-management tools for cash-position monitoring and forecasting. Businesses can use these functions to view their available funds and plan for financial obligations such as salaries, supplier payments, taxes, and loan repayments.
For businesses with larger transaction volumes or more complex systems, Equity Online for Business supports host-to-host connectivity and API banking.
These services allow business systems such as accounting, payroll, and enterprise-management systems to connect with banking services and exchange transaction information.
Equity Online for Business also provides access to financing and savings services. Business owners can request loans, view repayment schedules, and make loan repayments through the platform.
Businesses can also open fixed and call deposit accounts and redeem funds when required, bringing lending and deposit services alongside payment and account-management functions.
Also Read: How to Use Equity Overdraft Facility When Your Account Balance is Low
How to Use Equity Online for Business
Equity Online for Business is available through both web and mobile applications. Business owners and authorized users can initiate, review, and approve transactions remotely, depending on their assigned access rights.
The platform is available 24 hours a day, including weekends and public holidays. Users can also customize their dashboards and place frequently used services within easy reach.
Existing users can access EOB through the business online-banking platform or the Equity mobile application using their credentials. New users can follow Equity’s registration and onboarding process to set up access.
Once logged in, users can access the services available under their assigned roles, including preparing payments, reviewing and approving transactions, managing payroll, and monitoring accounts.
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