Best Financial Solution In Indonesia for Modern Businesses

After reviewing the summary above, you can also find a complete comparison of each financial solution in the explanation below.

Comparing financial solution providers in Indonesia

1. Banks

A business bank account is still the most traditional financial solution in Indonesia. This type of account not only helps to separate personal and business funds but also supports daily business operations. Typically, business accounts come with essential features designed for business activities, such as detailed transaction records and digital invoice options.

Key benefits:

Complete financial services

Business accounts at traditional banks offer access to a wide range of payment options, including e-banking, auto-debit, internet banking, and debit cards with higher spending limits.

Various types of account

Banks often offer various types of business accounts, such as current accounts, savings accounts, and deposit accounts, each with different interest rates. These accounts provide you with opportunities to grow your wealth

Areas to Note:

Hefty requirements

Opening a business account with a traditional bank requires an initial deposit and the maintenance of a minimum balance. This requirement can be a challenge if you run a micro and small business that does not have large cash reserves and uses the majority of those reserves for day-to-day operations.

Admin fees

Banks charge monthly administrative fees for business accounts. However, some banks waive these fees if your average monthly balance is above a certain threshold.

High transfer fees

Banks usually only provide free intrabank transfers and have limited availability of free inter-bank transfers.

In addition, banks often charge a multi-layered fee structure for international transfers, which usually includes service fees, correspondent fees, and foreign currency fees. For transfers between the same foreign currency (such as USD to USD), banks may also charge a provision fee in lieu of exchange, which can have a significant impact on your finances if you make frequent international transactions.

Limited corporate cards

Most banks only issue one corporate payment card per account. If you want to issue additional cards, you will need to submit a lengthy application to the bank. This process can be a challenge if you urgently need multiple corporate cards or have flexible spending policies.

Limited cashback

Although corporate bank cards often include cashback for transactions, these benefits are usually subject to certain terms and conditions and are not usually granted in the form of direct cashback.

2. Aspire

Aspire is more than just a payment solution. It is an all-in-one financial operating system that offers a wide range of financial solutions, including business accounts, expense management, corporate cards, and a payment gateway. This unique advantage allows you to manage your finances seamlessly through one platform, eliminating the need for multiple financial software tools.

Key benefits:

100% online account opening

Easy setup and 100% online account opening with no initial deposit or minimum balance requirement. You can also add business accounts in USD and EUR free of charge and without an initial deposit.

Efficient transfer fees

Enjoy 10 free local IDR transfers per month and unlimited free local transfers in USD, GBP, EUR, and SGD. Aspire also enables international transfers to over 130 countries in more than 30 currencies, with up to three times lower service fees and more competitive exchange rates than those offered by banks.

Extra features to support business

Aspire Business Accounts is equipped with accounts receivable and accounts payable management, which includes powerful tools such as the bulk payment feature that allows you to send bulk, simultaneous, and scheduled payments, as well as professional invoice generation with just a few clicks.

Unlimited cashback

Issue an unlimited number of corporate cards and enjoy 0.5% unlimited cashback on every transaction made with these cards. You can also use Aspire cards to spend directly in USD and SGD to avoid conversion fees.

Expense Management platform

Aspire also includes an expense management platform that allows you to track expenses in real time and process claims and reimbursements with just a few clicks.

Receive payments from various methods

Aspire’s payment gateway solution supports payments in more than 26 methods with no registration or maintenance fees.

Software integration

Aspire integrates seamlessly with popular accounting software including Jurnal, Xero, QuickBooks, Oracle Netsuite, Deskera, and MYOB.

These key benefits have earned Aspire the trust of over 50,000 businesses worldwide. Additionally, Aspire ensures the security of your funds by partnering with financial service institutions that are registered with and supervised by government authorities. Click the link below to open an Aspire account today.

3. OY! Indonesia

OY! Indonesia is a fintech company dedicated to simplifying payment processes. It currently offers two main solutions— for corporates and for individual businesses — each offering different services tailored to the needs of different users.

For corporate clients, OY! Indonesia offers services such as cash management, expense management, corporate cards, and money transfers. For individual businesses, OY! Indonesia offers Payment Links, VA Aggregators, and Bulk Disbursement services.

Key benefits:

Wide-coverage disbursement

OY! Indonesia’s Disbursement Service enables you to send any amount of money to over 20,000 recipients with just one click. This service is connected to more than 100 banks and four e-wallets across Indonesia.

Ten virtual accounts

OY! Indonesia allows you to set up virtual accounts from 10 different banks, making it easier to receive payments.

Cash deposit machines

OY! Indonesia rents cash deposit machines that you can install directly in your business location or office. With this machine, you can deposit cash directly into your bank accounts in real time without having to visit a bank branch or ATM.

Unlimited corporate cards

OY! Indonesia offers both physical and virtual corporate cards, with no limit to the number of cards you can create.

Areas to Note:

Limited transfer coverage

OY! Indonesia’s international transfer service currently only supports transfers from IDR to USD, SGD, CNY, and HKD. In addition, the destination countries for international transfers are limited to Singapore, Hong Kong, and China.

Limited cashback

According to its website, OY! Indonesia offers cashback for virtual card transactions. However, the cashback offer is limited and you must contact the OY! Indonesia team to access this benefit.

Card spending flexibility

OY! Indonesia’s corporate cards are not yet available in multiple currencies, which can be a challenge if you want to make international purchases and avoid currency conversion fees.

Subscription fee

A subscription fee of Rp200,000 per month is charged for virtual corporate cards.

4. Xendit

Xendit is a fintech company that provides payment services across Southeast Asia. In addition to payments, Xendit also offers products that improve business operations, including expense management and corporate cards. Below are some of its key benefits.

Key benefits:

Wide-coverage Payment Gateway

Provides a Payment Gateway service that supports over 100 payment methods across Southeast Asia.

Subscription feature tool

Xendit has a Subscription feature tool that allows you to receive recurring payments from customers via direct debit, credit card, and e-wallets.

Low-cost international transfers

According to its official website, Xendit offers real-time international money transfers to Southeast Asian countries with exchange rates and transaction fees that are up to 80% and 75% lower than standard international transfers, respectively. Xendit also supports SWIFT transfers, reaching over more than 190 countries.

Corporate financing

Xendit offers two financing programs for its users—Working Capital Financing and Invoice Financing—in addition to payment services.

High-interest business account

Xendit offers business accounts with an annual interest rate of 4.25%, paid daily and without the constraints of lock-in periods.

Areas to Note:

No cashback and free transfers

Xendit does not offer a cashback program for its corporate cards and does not provide free local transfers. This can be a consideration if you are looking to optimize cost efficiency.

Integration capabilities

Xendit does not detail its integration capabilities with accounting software, which might be worth considering if you need streamlined accounting.

5. Flip for Business

Flip for Business is a digital finance solution from Flip specifically designed to streamline payments for businesses. This tool simplifies three key payment processes: local money transfers, receiving funds and international transfers.

Key benefits:

Negotiable transfer fees

Flip for Business offers transfers to bank accounts, e-wallets and virtual accounts with negotiable transfer fees.

Low-cost international transfer fees

According to its official website, Flip for Business offers international remittance services with exchange rate fees that are up to 50% cheaper compared to other platforms.

Areas to Note:

Lack of comprehensiveness

The payment solution offered by Flip for Business is less comprehensive than other platforms, as it does not include additional features such as expense management or corporate cards. This limitation is worth considering if you prefer to streamline all aspects of payments through a single platform.

Limited transfer coverage

Flip for Business’ international remittance services only cover 40 destination countries.

No foreign-currency transfers

Flip for Business does not provide multi-currency accounts, making it difficult for you to make local transfers in foreign currencies.

6. Midtrans

Midtrans is a payment platform in Indonesia under GoTo Financial that offers two main services: Online Payment and Disbursement.

Key benefits:

GoPay exclusive

Midtrans is the only payment gateway provider in Indonesia that facilitates direct online transactions using GoPay, Indonesia’s most popular e-wallet.

Advanced features

Midtrans has other features to support online payments, such as the Refund API, which can process refunds to various destinations in seconds, and Recurring Payment, which enables automatic recurring payments from customers.

No registration fees

Midtrans does not charge a registration fee. Fees are only charged for successful transactions.

Advanced payment link

Midtrans offers the Payment Link feature, which allows customers to pay by credit/debit cards, e-wallets, virtual accounts, and direct debit by simply clicking on a single link. This feature enables you to conduct transactions outside of your business applications or websites, such as in chat applications.

Areas to Note:

Lack of comprehensiveness

Midtrans does not offer comprehensive payment services as it focuses solely on payment gateway and disbursement services.

No direct OVO payments

Although Midtrans is the exclusive partner of GoPay, it cannot process payments from the OVO e-wallet directly. However, Midtrans allows businesses to create a QRIS code that OVO users can use for transactions.

Integration details

The Midtrans website does not specify its integration capabilities with accounting or business software. This can be worth considering if you need to automatically synchronize your transaction data with accounting.

7. Monit

Monit is a fintech platform that focuses on simplifying financial workflows, particularly payments and expense management. Monit, which was only launched in 2022, currently offers four main services: Cash Management, Corporate Cards, Business Payments, and Expense Management.

Key benefits:

Credit and prepaid debit cards

Monit offers virtual corporate payment cards in two types: Prepaid debit cards and credit cards. These cards allow you to set spending limits and control usage for specific transactions or merchants. In addition, Monit also offers physical payment cards.

Flexible spending limit

Monit’s corporate credit card has a flexible spending limit that is 10 to 20 times higher than traditional credit cards.

No interest

Monit does not charge interest on its corporate credit cards.

QR Card

Monit Offers a product called QR Card that allows you to make offline transactions by simply scanning a QRIS code in the Monit app.

Integration capabilities

All spending data from the cards is displayed in real time on a single dashboard. This data can then be synchronized with popular accounting and ERP software such as Xero, SAP, Mekari Journal, Accurate, and Oracle Netsuite.

Areas to Note:

Lack of public information

Monit does not mention any cashback or rewards programs for its corporate cards on its official website, a factor you should consider if you are looking for cost efficiency.

In addition, Monit also does not specify limits on the number of physical and virtual cards you can issue, nor does it provide detailed information on fees for issuing new or additional cards.

No foreign-currency payments

Monit does not yet offer corporate cards in foreign currencies, so you can not make direct international transactions in any foreign currency. This might be worth considering, as international transactions via these cards could incur conversion fees.

Only focus on spend management

So far, Monit only focuses on expense management services and does not offer receivable management services.

Final consideration factors when choosing a financial solution

After reviewing the comparison above, narrow down your options based on these factors to ensure the financial solution you choose can adapt to your business’s growth

Alignment with business needs

Ensure the financial solution you choose offers products or services that align with your business needs. For example, if your goal is to simplify receiving online payments from customers, narrow your selection to financial solutions with payment gateway services. Then, compare the benefits of the payment gateways offered by each solution to make your final choice.

Simple requirements and quick setup

If you are a new business, you need to ensure that you can easily open an account with the financial solution of your choice. Choose a financial solution that has simple account opening requirements, supports online account opening, and offers a quick set-up process so you can start using the services as soon as possible.

Comprehensiveness

Choose a financial solution that is comprehensive, one that can automate and streamline all aspects of your business’s financial operations so you do not need additional financial solutions.

Cost efficiency

Choose a financial solution that offers cost-efficient services so you can reduce your operational expenses. Pay attention to account opening fees, service fees, and the availability of additional benefits that can improve cost efficiency, such as cashback or discount programs. 

These considerations are crucial if you are a new business that does not want to be burdened with a lot of fees and wants to save money to grow your business in the future.

Ease of managing foreign currencies

If you frequently make international transactions and aim to grow your business globally, ensure the financial solution you choose offers flexibility in managing multi-currency operations, such as local transfers in foreign currencies, low international transfer fees, or a business account that supports holding balances in multiple currencies.

Integration with accounting software

Make sure that the financial data in the solution you choose can be easily integrated with accounting software or other financial tools to close the books faster.

Key Takeaways

• You must choose a solution that meets both your current and future business needs.
• Banks offer financial services for businesses but often come with various limitations, fees and requirements compared to other solutions.
• It is important to choose a solution that offers comprehensive services, integrates seamlessly with other financial software, and is flexible in managing foreign currencies.
• Aspire stands out from the rest because it simplifies all aspects of financial operations on a single platform.
• Aspire offers exclusive perks such as 0.5% unlimited cashback on corporate cards and free local transfers in foreign currencies.