by Ben Francia |Last Updated: April 24, 2020 
In the advent of the worldwide pandemic globally known as CoronaVirus, most countries are forced to implement preventive measures in order to ensure safety of its citizens. These new policies such as interstate lockdowns, Enhanced Community Quarantine, and mandatory curfews strike a massive blow to the business sector, immobilizing the majority of its day to day operations.
Unable to cope up with the requirements to fully operate, most businesses have to significantly downsize activity or even temporarily halt all operations for the duration of the quarantine period.
As the saying goes “Modern problems require modern solutions.” The only way to keep a business afloat is to make sure it can be as functional as possible while adhering to the state’s prevention measures. And one crucial operation in every business is getting paid, taking in payments for your goods and services offered. Since we are practicing non contact interaction, what better way is there to pay and get paid than contactless payment methods.
Instead of receiving cash wrapped in a plastic envelope or sanitizing every bill and coin you receive with countless sprays of alcohol while breathing through a 3-ply face mask, Utilizing E Wallets to collect and settle payments would be the best way to carry on your business needs while doing your part in preventing the virus spread.
Here is a list of payment methods such as E- Wallets and payment gateways. Both enabling Small Businesses keep their monetary transactions digital and contact-less.
GCash
Official Website: https://www.gcash.com/
With 20M registered users and 63K Partner merchants. This E Wallet can turn your mobile phone into a virtual wallet. Using the GCash app, you can pay for items and send money at the speed of a text message, making it the country’s leading app when it comes to contactless payments.
The application is mandated by the BSP (Bangko Sentral ng Pilipinas) and also allows users to transfer money to and from all major local banks and enables trusted users to loan money when paying using the app.
It also allows you to schedule deposits in advance, perfect for paying out suppliers who bill by the month. It lets you send and receive money from any local bank
It gives Small Business Owners a huge advantage because of its no set up fees, unique QR code, daily automatic sweeping for transactions and free evaluation through the QR report could help business owners monitor and plan ahead.
Its participation in media and marketing promotions could give small business owners the authenticity when known to pair up with gcash.
Pros:
- No set up fees for business use
- Business owners get a unique QR code which customers can scan using their gcash apps to pay for goods
- Evaluation of business transactions are sent daily
- Free real time bank transfer 24/7
Cons:
- Customer service takes awhile to respond
- Server maintenance don’t always have prior notices which may cause inconvenience in time of need
- Security measure is only a 4 digit pin code
PayMaya
Official Website: https://www.paymaya.com/
This E wallet under the subsidiary of Voyager International,Leading Tel-co PLDT’s digital innovations company, aims to “future proof” businesses by allowing owners to collect all emerging forms of payment through their enterprise system.
On a consumer’s end, aside from enabling users to purchase online and pay bills, they can also book flights, buy games, ticket concerts, pay for skyway fares and stream music. Its mobile app has a scan to pay feature that can be used to scan the merchant’s QR code and send payment.
It offers hassle free registration, and additional verification steps that enable consumers and business owners to unlock more features.
Small Businesses may also partner with PayMaya in terms of payroll services, which could allow business owners to view progress through the app while PayMaya does the task for them.
Pros:
- Easy registration process
- Offers a payroll service for business partners
- Organized view of business transactions and progress thru app
Cons:
- PayMaya’s terms of service state that they don’t indemnify users who get scammed or are victims of fraud.
- Application is known to crash or have errors from time to time
Coins.ph
Official Website: https://coins.ph/
With a proud 5M local user database, Coins is a Southeast Asian fintech company that enables anyone, including those without a bank account, to easily access financial services directly from their phone.
It’s mobile app gives direct access to banking and digital payment services to customers, including local and international remittances, mobile air-time, bill payments, game credits, and online shopping. It is the first to integrate reloading of the beep card, which attracts more consumers to having the app in handy.
The company has also established one of the largest cash distribution networks in the nation, operating locally across more than 33,000 partner locations and more than 500,000 locations globally
Because of the number of users and its wide array of services, Coins.ph gives small business owners more leverage behind their computers or mobile phone screens.
Pros:
- Multiple options when cashing in and out
- Free use for business needs
- Business-Verified accounts are able to schedule mass payouts to their suppliers and staff just by filling out a form
Cons:
- A lot of features cannot be used unless you’re done with their full verification steps
- Customer are charged a fee per transaction, unlike other competitors
BanKo
Official Website: http://www.banko.com.ph/
Dubbed as “the first and only mobile-based savings bank in the Philippines.” This subsidiary of the Bank of the Philippine Islands or BPI allows its users to buy cellphone load, send money to fellow account holders, pay bills, do international remittance, and do cashless shopping at over a thousand BancNet partner stores nationwide using the BanKo ATM card or its mobile app.
It’s vision is to help Small and Medium-sized Enterprises or SMEs maximize their contribution to the country’s economic growth by promoting financial inclusion by providing access to easy, convenient and affordable loan products to fund the operations aside from offering hassle free payment methods.
With that being said,BanKo is best suited for small time business owners who dream big or plan taking a big step in terms of expansion. Aside from their microlending schemes for their clients, BanKo also offers financial literacy seminars for business owners.
Pros:
- Get the best of both traditional banking and online banking in terms of support and convenience
- Offers various financial literacy seminars for business owners
- Offers microlending: financing that helps small or struggling businesses stay afloat or expand.
Cons:
- Inter-bank transfers have charges
- Limited payment services compared to other options on this list
PayPal
Official Website: https://www.paypal.com/ph/home/
Being tied up with major banks both local and international, PayPal is a go to for businesses with import or export involvement. With over 10 million online stores across more than 200 markets accepting PayPal, tying up with their services instantly adds legitimacy to one’s business, especially with the PayPal logo on their website.
PayPal also has 24/7 transaction monitoring, anti fraud measures, and Buyer Protection, which gives consumers peace of mind when shopping with PayPal partner stores. These features also result in fewer chargebacks, customer complaints, and less fraud.
PayPal is a go to for business owners because it provides them with a convenient payment gateway with an array of services while still giving them the freedom to customize their payments page as they wish.
Pros:
- Being recognized globally, partnership with PayPal gives businesses a reputable impression
- Fully Customizable payment page
- Guaranteed secure transactions
Cons:
- PayPal’s anti fraud’s algorithm sometimes freezes accounts by mistake
- Interbank transfers may require fees
- PayPal users are common targets of Scammers
E – Peso
Official Website: http://epeso.io/ph/
Aiming to redefine the country’s financial structure and economy, E-Peso endeavors to provide secure cashless transactions that will promote transparency and ensure integrity in all financial transactions for any industry whether private or government.
“E-Peso is structured to support features such as cashless products, high security, AMLA compliance, mobile money, E-Payment, E-Payroll, E-Merchants, E-Attendants and ATMs, demonstrating that we have the technology necessary for a future-forward undertaking.”
It enables customers to send and receive funds, buy prepaid load, or check their transaction history all through the E-Peso dashboard.
Pros:
- Hassle free funds management
- Their dashboard feature also allows business partners to pay for bills
Cons:
- No available mobile app
- Most features not essential for startup businesses
PesoPay
Official Website: http://www.pesopay.com/
Under the Hong Kong owned AsiaPay group, PesoPay is one of the country’s leading online payment gateway systems. They provide local businesses with secure payment processing solutions that enable them to accept a wide variety of payment methods ranging from online, mobile and point-of-sale payments.
PesoPay accepts Credit and Debit cards, Net banking, E-Wallets and “PayCash” or over the counter transactions.
With 10 years in the ePayments business and its known adherence for the highest standards in online payment security, along with having the most payment options, it can be said that PesoPay clients are confident to be equipped with adequate tools and technologies to make them succeed online.
With those being said, PesoPay is best for those small businesses who wish to expand their clientele, giving their clients a wider payment range and a more reputable impression.
Pros:
- Offers a wide selection of payment services
- Being 1 PCI DSS Certified ensures security of business owner and customer
- Gives business partners a streamline report allowing them to anticipate future strategies for expansion etc.
Cons:
- Features are not ideal for start up businesses
DragonPay
Official Website: https://www.dragonpay.ph/
As one of the pioneers in the ePayments industry since 2010, DragonPay provides unbanked consumers a convenient option to transact which allows merchants, retailers and organisations through a secured digital platform.
Through their gateway customers can purchase goods or services online, and pay for it using cash or check at physical, brick and mortar payment counters, ATM’s, mobile wallets or through online bank debit.
They take pride in the security of both their partner merchants and their buyers, ensuring safe transactions through their portals.
DragonPay provides alternative online payment solutions to businesses of all sizes while adding personal touches depending on each of its clients needs.
The rates DragonPay charges small business owners compared to its competitors are pretty impressive. Instead of taking a percentage of their gross sales, business owners are charged with a fixed fee which can help small businesses accrue extra capital needed to grow.
Pros:
- Multiple payment methods accepted including some choices in this list
- Customizable Payment Portal
- Fixed fees for business partners unlike most competitors
- Enhanced security measures minimizes risk of fraud
Cons:
- No mobile app
- Customer service not always online
ING Bank
Official Website: https://ing.com.ph/home
Awarded by Bangko Sentral ng Pilipinas as 2019’s “Outstanding Partner for Innovative Mobile Financial Services” ING has been with the country’s digital payment scene since the 1990s providing wholesale banking services to international and local corporations.
It is the first foreign bank to become a universal bank.
ING has a full digital process. You can open an account through their mobile app, transfer money from your phone in a few clicks, and upload pictures of checks to cash them in. Unlike conventional banks, there are no banking hours as all features are available round the clock, with a 24/7 customer service hotline.
Small business owners are able to do bank transactions 100% digitally with maximum visibility all thru their app giving them more time to attend to other needs of their business. They also have flexible loans for business owners with a flexible payment timeframe.
Pros:
- Supports banking transactions around the world.
- Being a digital bank saves trips and long queues
- Business loans are mostly beneficial for small businesses
Cons:
- More Prone to Cyber Attacks compared to other ePayment methods
- App requires constant updates
- Initial account verification process takes days before getting feedback
Gogo Xpress
Official Website: https://www.gogoxpress.com/
Apart from the aforementioned e-wallets and payment providers on this list, Gogo express is a payment AND delivery platform. Designed for Small Business owners who sell online without the use of a website, it also attracts casual social sellers due to its one to one transactions.
Client’s customers get a tracking number in order to get real time visibility of where their purchased order is.
Customers usually pay in cash upon delivery and payment is sent to the merchant’s linked payment channel making this a convenient option for casual merchants.
Gogo Xpress is a go to for start up businesses who advertise on social media and are yet to set up an eCommerce channel because of its ability to bridge the gap of not having one.
Pros:
- Payment and Delivery integrated in one app
- Affordable billing fees
- Allows you to collect payment and deliver goods without a eCommerce website
- Insurance up to 15,000Php
Cons:
- App features are not Ideal to use as business expands
All these options listed above are beneficial for various businesses which can be used to their advantage depending on the particular needs or the nature of the trade. The information above can help you identify which of these services will cater best to your businesses needs.
These various E-Wallets and payment gateways are a very efficient way for business owners in terms of e-commerce and can also help both businesses and customers to be advocates of social distancing that can help end this global pandemic.
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[…] A payment gateway is the medium through which your customers can send you money in exchange for goods and services. It is also what allows you to receive the money your customers send you. […]2020-05-14 03:22:25
Small Business Ecommerce 102 - Ben Francia
[…] A payment gateway is the medium through which your customers can send you money in exchange for goods and services. It is also what allows you to receive the money your customers send you. […]2020-05-14 01:30:25