JMMB Bank Rolls-out Visa Business Debit Card
JMMB Bank recently introduced its latest card solution - a Visa business debit card, designed to cater to the cash management needs of micro, small and medium-sized enterprises (MSMEs).
The JMMB Bank Visa Business Debit card will give these businesses the convenience of direct access to their cash to make payments onsite or online, backed by the global acceptance associated with VISA. “The (Visa business debit) card allows safe access to cash at ATMs as well as access to point-of-sale machines. The card boasts most of the benefits of a credit card, without being burdened by additional debt-related cost and annual fees. (Additionally) clients can use the card to manage statutory payments online as well as engage with other government agencies such as collector of customs,” shared Kevin Foreman, country SME relationship specialist at JMMB Bank.
This Visa business debit card offers MSMEs unparalleled flexibility and control over their business finances, so that business owners can easily track transactions; separate personal and business transactions and manage their cash flow with greater precision. The SME specialist adds, “By enabling seamless tracking and categorization of business expenses, this card empowers MSMEs to streamline their financial operations, improve cash flow management, and make informed decisions that drive growth and efficiency.”
Boasting several robust security features the business debit card boasts has EMV chip technology, fraud monitoring to reduce incidents of unauthorized transactions, real-time transaction notification so that clients can monitor their spending and be alerted of any suspicious transactions. Clients will have to observe daily allowable limits, as an additional layer of protection for reducing exposure.
The JMMB Bank Visa Business Debit card is denominated in both JMD and USD, allowing clients to use it globally.
MSMEs interested in applying for the JMMB Bank Visa Business Debit Card can visit any branch to open a JMMB Bank Smart Business account, since the card is backed by this chequing account. To open a bank account, business owners will need business registration documents; financial statements; tax compliance certificate (TCC) and other verification documents, as indicated on the Bank’s website, based on the type of the business.
Jerome Smalling, CEO of JMMB Bank notes, “This move is in keeping with the JMMB Group’s strategy and commitment to add value to its MSME clients, through the provision of financial partnership, resources, innovative financial solutions and a network, throughout the businesses’ life cycles; thereby, providing the necessary support for growth.” By fostering a supportive ecosystem for entrepreneurship, JMMB Group aims to catalyze the success of MSMEs and their contribution to national and regional development.
The roll-out of the JMMB Bank Visa Debit Card is in line with the Group’s digital acceleration thrust, which has seen JMMB introducing several payment and digital solutions, aimed at targeting the SME segment, including its POS solutions with the regional payment service provider, Wi-Pay. JMMB Bank is also looking to introduce credit cards to its suite of financial solutions, though the timeline has not been announced.