MAKATI, Philippines: Today everyone is immersed in a digitally connected world. Times have gone when people spend time moving from shop to shop looking out their needs. Today everything happen with the movement of fingers, E-commerce has gained momentum with mobile shopping. Sitting at the ease of home anything across the globe reaches the door steps of one’s home, as online transaction is possible.Only Business establishments with merchant account can accept credit and debit card transactions online, which creates a gap between business tycoons and start-ups, SME’s.This situation hinders most businesses from fully maximizing their sales potential in the field of e-commerce where credit cards remain one of the most preferred payment methods for online shopping among Filipino Millennials.
A merchant account is neededfor thebusiness bank account, which enables businesses to accept credit and debit card transactions online. Unfortunately, getting such an account is no small deal. In addition to a security deposit of ₱500,000, majority of banks require merchants to have at least one year of profitable business operation in order to be eligible. On top of that, merchant account holders must also maintain a monthly minimum sales volume of ₱150,000 to keep the account active.
“Large-scale enterprises have no problem adhering to these requirements, but how about new entrants to e-commerce? With a limited capital at hand and less than a year in operations, these businesses will ultimately be left out of the e-commerce scene without a proper solution,” said AsiaPay Philippines Associate Director Mau San Andres.
PesoPay, the leading online payment gateway in the country, now offers a new payment plan that allows start-ups and SMEs to easily apply for a merchant account and process card payments online.Early the impossible task for start-ups & SME’s now becomes possible by the bridge laid by PesoPay. It gives an extra mileage in this competitive world to get moving upward on the graph.
The PesoPay Basic Plan operates under the so-called “Payment Facilitator” model in which AsiaPay Philippines will process credit card payments on behalf of merchants. The payments are first collected into one central account and later disbursed respectively to each merchant account. In such cases, AsiaPay acts as the “Master Merchant” whereas online businesses are referred to as “Sub-Merchants”. Also the processing justtakes two weeks’ time.All payments are settled locally; hence merchants would never have to pay for cross-border transaction fees that are usually charged in other payment platforms.
“Applying for a merchant account used to be an impossible task for many new and small businesses. Now, these businesses have a chance to compete against bigger players with PesoPay serving as their equalizer to thrive online,” Mr. San Andres added.
Visit www.pesopay.com or call (+63-02) 887-2288 / 887-0088 to learn more on how PesoPay can help your businesses grow online through payments. ADVT
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