Evolving consumer expectations and new competitive realities are changing how and where consumers search and buy.
To get ahead of the game, small and medium enterprises (SMEs) must seize this big e-commerce opportunity by going digital and providing the widest range of cashless acceptance options to their customers.
“Consumers have ever-evolving demands and at PayMaya we aim to empower all businesses by providing them with the latest and most comprehensive payment acceptance solutions,” said Orlando B. Vea, PayMaya Founder and CEO.
PayMaya has equipped small and big enterprises– from street vendors to Top 1,000 corporations with online payment solutions to grow their top line. For 2019 and beyond, these technologies are poised to bring SMEs into the new economy.
Here’s why SMEs should have digital payment options:
Consumers are always-on:
Digital-savvy Filipino consumers are here and they want everything to be convenient, instant, and always within reach. They are always-on and have various devices to connect to the internet, which impacts how consumers purchase.
A large portion of them are already shopping online, with 44% of Filipinos purchasing goods via e-commerce*. Based on Voyager’s consumer survey in 2018, 70% of the respondents said they shop both in physical and online stores.
Convenience is a key deciding factor.
Consumers do not primarily think of channels where they shop, but they do care a lot about convenience and price points, because they think of shopping as a single, unified experience.
Cash, of course, is still a dominant form of payment for goods and services. However, electronic payment methods are gaining traction because of the convenience they offer as more consumers discover the perks of the cashless lifestyle. The penetration of credit card population is now at 9%, debit card ownership is at 37%, and e-money account** ownership is at 31%.***
As social media and instant messaging are part of their daily life, the new Filipino shoppers are used to doing everything at the speed of digital. They expect the same speed whenever they want to pay for their purchases. In fact, the primary reason users prefer paying with PayMaya is convenience: payments happen via their e-wallets, linked to their mobile phones.
Sellers on e-commerce platforms such as Shopify, Magento, and WooCommerce can get paid in seconds by installing Plugins that enable them to securely accept card payments through PayMaya Checkout.
Accept payments instantly.
Small store owners, freelancers, social sellers and companies that offer subscriptions or send recurring billing can now accept payments even if they don’t have an online storefront. They can use the E-mail Invoicing solution, which allows them to send an invoice link that will lead their client to conveniently pay for their services via prepaid, debit, credit cards, as well as via their PayMaya accounts. Meanwhile, sellers on e-commerce platforms such as Shopify, Magento, and WooCommerce can get paid in seconds by installing Plugins that enable them to securely accept card payments through PayMaya Checkout.
Moreover, businesses can bring in more revenue and decrease cash handling risks at their physical stores or during events by accepting payments via Quick Response (QR) technology. All their customers need to do is scan a QR code using their PayMaya app.
For his part, PayMaya President Shailesh Baidwan said: “One of the biggest challenges for SMEs is how they can offer their customers different payment options – given their limited scale and capital. The solution is an ‘all-in-one payment platform’ that can accept all kinds of payments—like debit, credit, prepaid, or QR codes—whether online, mobile, or in their physical stores.”
PayMaya has been equipping merchants and government agencies with PayMaya One. Recently, it has been tapped by the Professional Regulation Commission and Home Development Mutual Fund and merchants from Cebu for its digital payments solutions, allowing them to offer greater payment convenience and new cashless experiences to their customers.
PayMaya is the only digital financial services company with an integrated suite of solutions for consumers and merchants complemented by the widest remittance partner agent network. It is the fintech arm of Voyager Innovations, Inc., the leading technology company in the country backed by PLDT, KKR, Tencent, World Bank’s IFC, and the IFC Emerging Asia Fund.
*2019 We Are Social Report
**The number of e-money accounts includes the 5 million active e-wallets and 28 million prepaid cards linked to e-money.
**2018 population, Department of Budget and Management; 2018 number of accounts, Bangko Sentral ng Pilipinas