Payment solutions provider Paynamics Technologies Inc. has introduced a new service to help small online businesses in the Philippines make payment collections simpler and more efficient.
Paynamics Biz is the company’s new product aimed to eradicate the problems faced by SMEs having difficulty catching up with technology, especially now that the world gradually shifts towards digitalization in the new era post-crisis.
According to Mylene Chua-Magleo, CEO and Co-founder of Paynamics, among the challenges faced by SMEs today in terms of online payment transactions include the increased demand from customers for flexible payment options and channels
“Consumer behavior is changing. There has been a shift in consumer mindset, and many are now inclined to transact through digital channels such as online shopping, bills payment, entertainment, food ordering, and remittances, prompting a surge in digital payments,” she said.
In addition, availing digital payments also posed a predicament for many SMEs, especially those that are still trying to grow their cash flow, because these platforms usually cost a lot. Magleo said banks require average daily balance, security deposit, and set-up fees. Not to mention, it will also take great effort and time to talk to each payment channel.
While many consumers now opt for cashless transactions, SMEs still find it challenging as well to establish trust on their digital payment solicitation, especially since consumers are hesitant to mindlessly give financial information to entities that are not yet established. This is why, she said, many of them prefer cash on delivery or cash deposit.
There is also a challenge in terms of tracking payments real-time, Magleo stressed, as most SMEs conduct peer-to-peer payment transfers—or e-money transfers made from one person to another through an intermediary. In addition, she said reconciliation, or the process of identifying the payment transaction for each paid customer, can also pose a problem for many SMEs, especially those that have limited resources.
And, since some SMEs lack access to modern digital means, they also face the risk of complex system integration, said Magleo.
“Connectivity can be quite overwhelming for the SME since most of them do not have technical resources. Each payment channel will have its own connectivity specifications and required parameters,” she stressed.
And while these challenges can put a dampen on one’s business, Magleo said the solutions offered by Paynamics Biz can help not just ease the pressure, but eliminate these challenges for SMEs completely.
Magleo said that with this service, online sellers and other small businesses can get a secure e-money account facility that helps make payment collections simple and efficient.
“Paynamics Biz helps SMEs to accept payments from their customers through various payment channels where the process is simplified,” she said.
Among the ways on how this service simplifies the process includes providing a secure payment link that is easily shareable in messaging apps like Viber, Instagram, and Facebook messenger.
Paynamics Biz also have QR stickers where SMEs can download and print their assigned QR sticker so customers can scan and pay conveniently using their preferred payment option.
When it comes to trust issues, Magleo said consumers can trust Paynamics platform since it is under strict regulatory supervision of the Bangko Sentral ng Pilipinas—making the process secure for both parties.
“We designed Paynamics Biz to solve the collection and disbursement pain points of SMEs, especially during this unprecedented global pandemic that has rendered them cash-strapped and hanging by the thread,” she said.
“Paynamics biz equips the SMEs with a payment facility that allows them to accepts payments fast, efficiently track and reconcile payments, and seamlessly move settled funds from Paynamics Biz SME e-wallet to their desired bank account,” added Magleo.