OY! exists to provide flexibility in managing financial needs by offering a world-class collaborative payment platform that is integrated and easy to use. As well as providing world-class financial services that are intuitive, fast, easy to use, and affordable for businesses, of any type and size.
OY! creates new products by refining existing systems, and provides the best business experience for all layers. Introducing a financial service designed to support businesses of all sizes, called OY! Business.
The main segmentation of OY! Business focuses on two pillars, namely the SME sector and Corporations. Here is a detailed explanation for you.
What is OY! Business?
OY! Business is an advanced payment system that can be easily used by any small business owner, medium to large corporate scale. OY! The business is determined to improve the business efficiency and revenue of its users.Â
To improve business OY! Business offers from a dashboard that is useful to monitor all transactions, cash management, to disbursements. The dashboard is also used to organize the outflow of money more neatly and cost-effectively. OY! Business is divided into two scales, including:
Business Type MSME
More than 10,000 Small and medium enterprises across Indonesia have been connected to OY! Business. The solution to send and receive payments easily and accurately is supported by various types of payment methods through virtual accounts.
According to one of the MSME (Micro, Small Medium Enterprise) actors who has used OY! Business, the system is equipped with a dashboard that is user friendly, as well as support services that are very responsive and reliable.
Business Type Corporate
With OY! For corporate or company scale business, you can shorten the time in transacting large amounts, because the process of sending and receiving payments is practical and instant. Transactions are received in real time and will immediately enter your OY!balance.
OY! Business is known by users as a reliable partner to assist users in providing various transaction conveniences.
Key features of opening an OY! corporate account Business For Business Financial Management
OY! Bulk Disbursement
OY! provide convenience for customers in carrying out daily transactions such as transfers to more than 100 banks and e-wallets in Indonesia. There is no daily limit on how many bulks can be executed, and there is also no limit on the total number of transactions per disbursement. Take advantage of the dashboard to check the Registered Account Number and the status of ongoing transactions.Â
OY! Invoice
You can also create invoices instantly, send invoices automatically and receive payments from various methods directly via the Oy API! Invoice.
OY! Payment Link
Payment Link from OY! is a payment solution that can be tailored to your website or application. OY! supports payment by bank transfer, credit card, debit card, and QR code in the following list:
- Bank Transfer via Virtual Account: BCA, BNI, BRI, CIMB Niaga, Mandiri, & Permata Bank;
- Bank Transfer via Unique Code: BCA;
- Credit card or Debit Card: VISA & Mastercard;
- E-wallets: ShopeePay, DANA, LinkAja, & OVO; and
- QR code: QRIS.
Facilities Available With OY! Business Account
- No need to wait for days to cash out;
- Can be used anytime 24 hours / 7 days, even on national holidays;
- OY! Indonesia is licensed, registered and authorized by Bank Indonesia, and has ISO 9001 and ISO 27001;
- Connect with more than 100 banks and e-wallets in Indonesia;
- Cheaper transaction fees;
- Automatic financial and data management;
- One dashboard for all activities;
- Easy to use for everyone; andÂ
- Team OY! which is always quick to respond.
Costs Associated with The Facilities OfferedÂ
The registration process begins with creating an account that is 100% free of charge, and allows users to try a series of products for a trial or demo, where users can make mock transactions in the form of money in and money out like real money movements.
After successfully creating a demo account, if you are interested in going live (or running real money in and/or money out transactions) or integrating with OY!, then you are required to upgrade your account by submitting supporting legality documents.
Here are the payment methods on OY! Business and their respective costs:
- BCA Virtual Account IDR 4,500/transaction
- Virtual Account Mandiri, BRI, BNI, CIMB Niaga, Permata Bank, BTPN IDR 4,000/transaction
- Debit & Credit Cards Visa, Mastercard and JCB IDR 2,000 + 2.9% of the nominal transaction
- LinkAja e-Wallet, ShopeePay, Funds, OVO 1.1% of the nominal transaction
- QR Code Indonesian Standard (QRIS) 0.7% of the nominal transaction. QRIS accepts payments from Bank Mandiri, BCA, Jenius, and other Mobile Banking & ShopeePay, GoPay, OVO, LinkAja, and other e-Wallets
- Retail Outlets: Indomaret, Alfamart, Alfamidi, Lawson, Dan+Dan, Pos Indonesia IDR 5,000/transaction
- Direct Debit / Periodic payments without OTP: OneKlik, Bank BNI, Bank BRI (contact our agent for prices)
- Personalized service for transactions over 10,000 transactions per month (contact our agents for prices)
How to open an OY! Business company account and documents required
Registration is done through OY! dashboard to create an account and complete the form with all the necessary information, or via OY! whatsapp number at +62 851-6309-6309. The following is a list of documentation that must be submitted.
For individual types of business (Micro, Small Medium Enterprise):
1. ID card (KTP)
For the Company's business type (PJSP):
1. Company Taxpayer Identification Number (NPWP);
2. Trade Business License (SIUP) / Company Registration (TDP) / Business Registration Number (NIB);
3. Decree of the Ministry of Justice and Human Rights;
4. Last Amendment Deed that was ratified;
5. Legalized Deed of Establishment of the Company;
6. Identity Card (KTP) of the Director;
7. Shareholder Structure;
8. License from Bank Indonesia or Otoritas Jasa Keuangan; And
9. Ratification of the Related Ministry.
Strategies for Using OY! Business For Business
Maximize the smoothness of the company's business by utilizing the targeted use of statistics on OY! Business. Through simpler bookkeeping, reconciliation of various banks is easier. All can be found on one platform.
Team OY! always quick to respond in helping various transaction activities of its users. Services that operate 24 hours 7 days, so you can transact anytime anywhere.
OY! integration Business is done with various partners such as Xero, Accurate and Journal which have the aim of overcoming the constraints of manual bookkeeping, which is often faced by the finance team of a business. In addition, there is an OY! API feature which can link the user's phone number to the DANA e-wallet.
How OY! Company Accounts Fare Against Other Corporate Accounts
Payment Link
OY! has a payment Link method, where users can use this link to send it to their customers which is available in various payment options such as e-Wallet, QRIS, Virtual Account, credit card, and debit card.
Refund Process Efficiency
OY! difference with other company accounts. There is a refund (Claim Fund) process that can be done without knowing the customer's bank information. The refund process must go through the stages of approval in advance by superiors in the company, which is done quickly and efficiently.
Officially Licensed
OY! Indonesia has a variety of official licenses that guarantee its performance, for example, OY! is registered and supervised by Bank Indonesia, The Financial Services Authority, and registered as an Electronic System Operator at the Ministry of Communications and Information Technology of Indonesia. OY! also has international accreditation in the form of ISO 9001 Quality Management Certificate, ISO 27001 Information Security Management, and ISO 37001 Anti-Bribery Management.
Corporate account alternative from Aspire
Aspire provides a business account with the most variety of benefits in indonesia, which is an integrated solution to manage financial activities such as money transfer, card payments, expenses, debts, and receivables of your business.
Registration is easy in just a few minutes, through the Aspire website, mobile app and via Whatsapp at +62 811 1922 4870.
The requirements needed are very easy, you are only required to fill in the name field (in accordance with KTP and other official ID cards), email address and your active phone number in creating an account.
Speaking of benefits, the Aspire virtual business account provides many interesting facility options and promotions. Such as offering cashback of 1% for every transaction made with its corporate credit card at many merchants spread all over the world.
Aspire understands the needs of each line of your business, while answering the challenges of the digital era by creating an all-in-one platform that can improve your business performance faster.
Main Features of Aspire Business Account
Powerful multi-currency business account
Aspire provides businesses with fast, free local transfers and transparent upfront FX rates and zero fees for international transfers, thus opening doors for international business. Aspire business account enables you to send and receive international payments in 30+ currencies. It also offers market-leading FX rates with zero fees and provides businesses access to USD and IDR Virtual Accounts to scale globally.
Corporate Card
Aspire Corporate Cards are powered by the MasterCard network and are widely accepted by more than 48 million merchants worldwide. The advantage is that you can avail them online, within minutes. The application also does not require a security deposit from your company, and you can avail unlimited virtual cards for your employees.
Unlimited Cashback
Aspire provides unlimited cashback on business expenses paid via the corporate card, with no monthly fees. Here is a list of some of the cashback benefits from Aspire:
a. 1% cashback for every business purchase at some of the most popular merchants throughout Indonesia and the world;
b. 1% cashback for digital marketing;
c. 1% cashback on travel and telecommunication; And
d. 1% cashback on business software.
Smart Invoice
Aspire has the advantage of smart invoice, which can receive payments faster with an integrated invoice system, so you can reduce client payment delays with automatic reminders, and get real time notifications for every incoming transaction.
In general, Aspire provides a more attractive banking solution for businesses by offering cashback, ease of payment, and ease of use of multifunctional corporate cards without the requirement of a security deposit from the company.
Frequently Asked Questions
How can Aspire support the unique financial needs and challenges of mid-sized businesses?
Aspire offers a comprehensive suite of expense management solutions tailored for mid-market companies. This includes sophisticated corporate cards, advanced budget controls, and streamlined claims and approval policies, all designed to enhance financial efficiency.
How quickly can a mid-market company integrate Aspire's solutions into existing systems and workflows?
Integration with Aspire's expense management solutions is swift and seamless. Mid-market companies can swiftly implement corporate cards with tailored features, set up nuanced budgets, and establish streamlined claims and approval processes, ensuring minimal disruption to existing workflows.
How does Aspire compare to competitors for international money transfers?
Aspire excels in international expense management with FX fees up to 2x cheaper than traditional banks.
Global payments are offered by various providers through business accounts. Read our article to know more about types of business accounts and how to choose the best one for your business. There are many banks and fintech companies offering business accounts to businesses in Singapore. We have covered them all in our blog, you can click the links to view accounts offered by various banks such as DBS, OCBC, Maybank etc.
However, if you are a start-up or a growing business, chances are you may not meet the eligibility criteria for most of these banks or find their charges to be expensive for your liking. You can consider opting for Aspire multi-currency account for global payments which offers you all the benefits, with eligibility criteria which are less stringent. Read our article on bank charges in Singapore for a quick and easy comparison.
What level of customization does Aspire offer to meet the specific financial requirements of mid-market clients?
Aspire understands the diverse financial needs of mid-market clients and provides a high level of customization to tailor solutions accordingly. This includes the ability to customize corporate cards with specific spending limits, rewards, and benefits that align with the unique requirements of each client.
Additionally, Aspire's budgeting features are adaptable to accommodate the distinct financial structures of mid-market enterprises. The platform also allows for fine-tuning approval policies, ensuring they align with the specific workflows and compliance standards of individual mid-market businesses. This commitment to customization empowers mid-market clients to optimize their expense management in a way that best suits their financial goals and operational preferences.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD, EUR, GBP and IDR Accounts activated.
Can Aspire's corporate cards be customized to cater to the specific needs of consulting teams on the go?
Yes, Aspire's corporate cards are highly customizable. Consulting teams can benefit from tailored spending limits, travel-centric perks, and real-time transaction tracking, ensuring that the cards meet the unique requirements of professionals on the move.
How does Aspire support budget management for consulting projects and travel expenses?
Aspire's platform offers sophisticated budget controls that consulting companies can adapt to project-specific needs. This includes setting project budgets, tracking expenditures, and receiving real-time insights to ensure that expenses align with project goals.
What are Aspire Corporate Card FX rates?
At Aspire, we want you to pay the lowest rates in the market.
- Zero card activation fees
- Zero card transaction fees
- Best FX rates, up to 2x cheaper than banks
How does Aspire help consulting companies enforce expense policies and approvals for travel expenses?
Aspire streamlines the claims and approval process, allowing consulting companies to establish and enforce expense policies seamlessly. Customizable approval workflows ensure compliance with company policies and industry regulations.
Is Aspire's platform scalable for consulting companies of varying sizes?
Yes, Aspire's platform is scalable and caters to consulting companies of all sizes. Whether you're a boutique consultancy or a larger firm, the platform's features can be adapted to meet your specific travel and expense management needs.
How can I open a business account in Singapore?
For a business account in Singapore, Aspire is an excellent choice. With a focus on startup and SME needs, Aspire offers a seamless and transparent banking experience.
Benefit from their user-friendly online platform, no minimum balance or account opening fees, and dedicated support for businesses of all sizes.
Aspire is designed to streamline your financial management, making it an ideal partner for entrepreneurs in Singapore.
How long does it take to open an Aspire business account?
Registration with Aspire takes less than 10 minutes which you can do via our website or mobile app.
Once registered, we will get back to you within 5 business days on whether your account has been activated or if we need further documents from you.
Our account verification process varies according to the nature of your business. In exceptional cases, it can take up to 7 days to process your documents.
How can Aspire's corporate cards benefit my startup?
Aspire's corporate cards offer a range of benefits for your startup. Earn 1% unlimited cashback on qualified spends, simplify expense management, enjoy streamlined transactions, and gain real-time insights into spending. With customizable limits, integration with accounting software, and enhanced security features, Aspire's corporate cards are designed to empower your startup's financial efficiency and provide added convenience for your team.
Is Aspire suitable for both early-stage and established startups?
Absolutely, Aspire caters to the needs of both early-stage and established startups. Whether you're just beginning your entrepreneurial journey or have an established business, Aspire offers tailored financial solutions to help streamline your operations.
From managing expenses and optimizing workflows to providing valuable financial insights, Aspire's platform is designed to adapt and scale with your business as it grows. The flexibility and scalability of Aspire make it a suitable choice for startups at various stages of development.
Is there a minimum balance required for Aspire Business Accounts?
No minimum balance is required to keep your SGD, USD and IDR* Accounts activated.
However, we recommend keeping your subscription plan amount available on your balance to ensure you're up to date with your payment every month.*
To create a recipient or make any transaction on your IDR Account, you'll need to have a minimum balance of IDR 10,000 on your account.
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