Receive your payment ways with these popular online payments that every Filipino store should have. Read this article how to accept online payments.

In the digital era, Philippines adapted the two main ways to buy then pay: cash and online payments.

Cash or physical money are those coins and paper bills we can hold in our hands. Through online store, we can have online payments with the use computers or smartphones and internet. This e-payments are credit cards, e-wallets, and bank transfers.

Cash and online payments have their good points and challenges. Cash is easy to use and accepted almost everywhere, but it can be lost or stolen. Online payments are quick and convenient, but you need technology to avail an item or services.

In fact, most of the Filipinos sellers and buyers use smartphones and the internet for access and convenience. As for the merchants, online payments are becoming more popular and recommended.

The downside of cash payments that Pinoy Store owners should know

• Make sure cash transactions should put in a digital record. This may lead to tax evasion and complicated financial control for every small and medium enterprises.

• Detecting fake bills may need more personnel and expensive counterfeit equipment. Even counterfeit payments may result to employee fraud.

• Large amount of money attracts thieves.

• Burning your midnight candle may be same as true with manual cash handling. This money tracking is liable to human error. The worst, it is strenuous to maintain precise financial records and settle accounts.

• Cash payments has been the major hygienic concerns for customers and store staff. It started when COVID-19 pandemic, every store should secure hygiene and distant transaction. Moreover, the customers and staff should wear protective facemasks, too.

• Many businesses may provide more help to customers who carry large sum amount in every bulk buys.

• It is true that transaction records like budgeting and expenses tracking are demanding. It is a challenging part for every business owners. In result, the business may run slow like a turtle’s progress while digital literacy is at haste.

• Cash users skips the credit card and BNLP perks like cashback or discounted purchases.

• Credit card transactions track a transaction history unlike of cash payments.

• For international transactions, use credit and debit cards to avoid delays. A customer might need a cash exchange booth for no time.

Advantage of Online Payment to a Pinoy Store in the present

Pinoy likes online shopping

• In 2023, Filipinos prefer online shopping which the fact that it can best done at home. With the help of internet and smartphone, the Philippines’ e-commerce market expanded to 27.8% in 2023. This even to reach highest up to PHP1.1trn ($20.6bn).

• Looking ahead that in 2024, the PH’s e-commerce market will rise to its compelling momentum. The PH’s e-commerce market can hit by 23.3% to reach PHP1.4trn ($25.4bn).

  More Pinoy likes online payment

• Merchants that promotes online payment gives convenience to the customers. In fact, it will be an advantage to merchants because 23.5% of Filipino customers would like to pay online. The result, it lessen customer’s time and effort to reach a physical store or bank.

• Over 30 million Filipino pays through GCash in 2019.

Online Store for Merchants

• As long as a store is receiving an online payment, it never limits its location. It gives them opportunity to maximize their market places.

• Through cyber space and at the same time, this indulge the needs and wants to prospect customers. Moreover, it will be cost efficient for business owner.

• Most likely it will be practical in easy for bulk goods to different locations around the world. In contrast to a physical store, an online store lessens the costs such as rent, utilities, and human labor.

More Choices

• There are variety of online payments to choose. These are e-wallets like Gcash and Maya, business owners may offer more payment option.

• Between 2022 to 2023, the record of retail payments is 42.1% to over 50% of the total monthly payments of businesses.

• No worries because the two-way factor authentication and encryption secures monetary assets. Unlike of an over-the-counter payment, money is prone to lose or theft.

• It gives customers preference and convenience if cash in unavailable. This may lead to a customer’s loyalty.

Save receipts, anytime and anywhere

• By taking a screenshot or saving options of your smart phone, all payment process can be saved. It will be directly stored unlike of paper receipts are vulnerable to tearing and loss.

Limited work force

• It will lessen human resource demand since all payments are paid direct to the owner’s account. The employee needs to know how to use online payment afterall. Indeed, this will help avoid employee fraud and fake money payments.

• This way the monetary assets are monitored easily and spot off based from the record.

Easy pinpoint transactions

• All receipts and transactions are transparent in the online payment app. All instant transactions can be tracked which is evident for the cash flow of businesses.

• Make sure reference number and the date of payment transactions are accurate.

  Cyber security

• All online payments offer protection against frauders and scammers. Like credit cards, a notification appears after a suspicious transaction is detected.

  In this swift-paced digital economy, cash payment solution became vulnerable. To add, cash payment greater security and process. Also, consider the limited accessibility of payment solutions.

Examples of Digital Payment Transaction

What is an e-commerce transactions?

This is about purchasing goods or services online using any available digital payment. In fact, in the Philippines, 33% of e-commerce transactions are alternative payment methods. These examples are e-wallets, bank transfers, and digital payment platforms.

Mobile banking

• This gives a green light on to users to utlize currency transactions via a bank’s mobile app or website. Consumers can transfer e-money, pay bills, and check bank account balances. By using gadgets like smartphones or tablets, your online money is accessible.

  Keep in Mind:

• Hackers are persuasive.

• They always use an unknown phone number. These deceivers introduce themselves as bank agent.

• Never provide your personal details. Once they will ask you about the PIN or OTP, end the call and block that number. Better visit the bank.

• Activate the two-way factor authentication (2FA) in your account. This will notify the user in case that a hacker will try to access your account.

E-wallets

• GCash and Maya made possible for users to store funds and keep digital money. These E-wallets are built for online payments. Also, e-wallets can transfer money for the merchants and customers and vise versa.

Keep in Mind:

• E-wallets are not built as a savings account or bank account. Always check your e-wallet account.

• Always check the name of the recipients, the sender and the reference number if via e-wallet paid.

• Never click suspicious links from an unknown sender to avoid malware or phising.

  QR code payments

• Merchants that display QR codes allow customers to scan with the use smartphones. QR codes sets to launch payments quick and secure. This payment technique has achieved popularity due to its easy and contactless way.

  Keep in Mind

• Check your displayed QR code. Hackers may replace your store’s display QR code above your counter table. Once paid, check the name of the receiver and the date of the payment process.

Digital remittances

• This payment method is availabe to Filipinos working abroad or OFW’s. They can send money back home via digital platforms. Digital remitances suggests lower fees unlike with traditional remittance services.

  Keep in Mind

• Frauders got good eyes in duplicating your account and details a remittance payment.

• Avoid connecting to public WIFI’s. Unsecured networks are attractive to hackers. They can block the data then send over to their own network.

• Always change your internet password. The hackers may stop the access of sensitive payment information. Be vigilant in securing the merchants and customers’ payment transactions.

  Blockchain-based Crytocurrency

• Fintech companies will soon promote blockchain technology for better and secure transactions. A good example of blockchain-based crytocurrency is Coins.ph..

5 Famous Online Payments A Filipino Store should need

Philippines business industry became competitive. Business opportunities are rapidly evolving based of what is convenient and secured for the businesses and customers. It is time that businesses should include these popular and useful online payment ways. So that merchants can serve and furnish a wide-spread of customer’s choices.

GCash

• This is the well-known digital wallet used by most of the Filipino customers.

• GCash has become the people’s choice if it comes to businesses. Through its app, this helps businesses provide payment services.

• Gcash can receive a payment through an express send. Gcash to Gcash payment includes no additional charges for every in-store purchases of items or services.

  How to Avail:

  1. First download the app on your smart phone through Apple Store or Playtore.

  2. To register, create a personal account and proceed to Gcash Dashboard.

  3. Find the “GCash for Business” or “Business Services” and tap. Choose GCash Merchant” or “GCash PO” (Pera Outlet).

  4. Fill out the business name, merchant’s contact information, identify the business type (e.g., sole proprietorship, partnership, corporation) and include the Tax Identification Number (TIN).

  5. Use any of government-issued ID, business registration documents (use DTI certificate, SEC registration), Mayor’s permit, BIR registration and Proof of business address (utility bill).

  5. Keep in mind to read and terms and condition before tapping the agree button. Once submitted, Gcash will notify after 5 to 7 days of processing and approval.

PayMaya (now Maya)

• Next in line is the wide used of e-wallet, PayMaya. Through its app, it displays the same features to GCash. In fact, this is most-liked by most Filipino customers.

  How to Avail:

  1. Download the Maya app from the Google Play Store or Apple App Store.

  2. Open the app and tap “Start an account”.

  3. Enter your personal information like full name, mobile number, and password.

  4. Read the terms and conditions and data privacy policy then tap “I Agree/Agree”.

  5. Enter the one-time PIN (OTP) once sent to the registered mobile number.

  6. Verify your email address via verification code sent to your email (optional).

  .

Credit and Debit Cards

• A store should consider accepting payments via swipe. The examples of major card networks are Visa, Mastercard, and American Express.

• These all cater both local and international customers. Credit and debit card payments can be linked and make payments from one account to another by the use of online banking.

  How to Avail:

  1. For debit cards, go to bank that provides ATM services.

  2.Proceed to an ATM then insert the card. Select “PIN Change” or a similar option. Follow the procees to access a desired PIN.

  3. For credit card, call a bank customer service to avail a credit card or log in via online banking. Some banks allow activation through their mobile apps.

  4. If online banking is availabe, visit the bank’s website or download their mobile app.

  Note: The card number, expiration date, and the personal information are the requirements.

  5. Upon registration, create a username and password for online access. Banks need setting up security questions or two-factor authentication for added security.

  Note: Other banks may send a one-time password (OTP) to the registered mobile number. Another, check the email to verify the client’s identity for the registration process.

  PayPal

• PayPal is recognized as a globally online payment platform. All businesses that transacts international payment processes or services, should consider Paypal. This is the easiest payment platform to every overseas Filipino workers (OFWs).

  How to Avail:

  1. Go to PayPal.com then choose “Sign Up”.

  2. Option are personal or a business account.

  3. Add an active email address and create a strong password.

  4. Continue the registration by adding the full name, address, and an active phone number.

  5. Enter the verification code received via text message.

  6. Check the email for the verification of account.

  7. If possible, link a bank account or debit/credit card to your PayPal account.

“Buy Now, Pay Later” (BNPL) services

• BNLP or “Buy Now, Pay Later” is recently looming as a profitable payment option for merchants and store owners. This offer great benefits that can return big-deal on sales and customer satisfaction.

• BNPL like Atome, BillEase, and Akulaku are on surge and gaining customers interest in the Philippines. The flexible payment choices can appeal prudent customers.

  How to Avail:

  1. Go to the BNLP’s website or download it through mobile app.

  2. Proceed to the registration by adding the full name, address, and an active phone number.

  3. Government issued ID or proof of income are the requirements for identity verification.

  4. After approved, start using the BNPL to all online stores.

Conclusion

Convenience

• Pay anytime, anywhere, even no cash or visiting a store

  Safety

• Digital payments lowers the risk of losing money or getting scammed.

  Payment Magic

• In just seconds, payment transactions are like magic.

  Easy Tracker

• Money tracking is easy through digital records than over-the-counter payment.

  Vast reach

• Businesses can sell products and services around the world.

  Effortless

• No need to count cash or make change for bulk orders.

  Receive special deals

• Some online payment methods offer discounts or rewards to loyal online buyers.

  Breath and Relax

• No need to wait for loner queus at the cashier.

  More Options

  Merchants and buyers can use Gcash, Maya, Debit and Credit Card, Paypal and BNPL.

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• Upsell.ph top the list of the popular payment gateways in the Philippines. Upsell.ph provides an easy tools of payments for all online buys and services. Well-known payment methods benefits for merchants are available in their tools.

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