The rise of digital payment systems has been one of the most significant developments in the business world today. In the Philippines, for instance, Visa’s recent Consumer Payment Attitudes study reveals that one-third of Filipino consumers anticipate that the country will become fully cashless by 2030. The same study also reported a usage rate of around 70% for card payments and 87% for mobile wallets—figures that indicate these payment methods are used at least as often as traditional cash transactions. And considering that digitalization will likely only become more widespread in the years to come, e-commerce businesses—even small and medium-sized enterprises— must consider the benefits of leveraging online payment solutions to stay competitive.
Transitioning to online payment systems presents unique challenges and opportunities for small businesses and startups. They must navigate the technicalities of integrating these systems, preserving digital security, and managing transaction fees. However, the advantages these businesses stand to unlock far outweigh the challenges. Improved cash flow, enhanced customer convenience, and streamlined operations are just a few you can look forward to if you’re looking to integrate online payment tools into your business setup. When you use available solutions creatively, you can unlock new growth avenues and optimize your financial processes. Here are just a few creative yet practical ways to leverage online payment solutions for your startup or SME:
Leverage a Link Payment Solution
Link payment solutions are tools that enable you to send unique payment links directly to your customers through email, text messages, or messaging apps, allowing them to complete transactions with just a click. They’re highly flexible, user-friendly tools that can change the game completely for small businesses, particularly those operating without a traditional e-commerce setup or even a dedicated website. With a link payment solution, you can meet your clients and secure their payments on the platforms they’re most comfortable with, which they’ll surely appreciate.
Maya Payment Links is an excellent example of this technology in action. It allows you to generate a secure payment links that you can then share on various platforms. This makes payment more secure for your customers while also keeping your every transaction secure. Plus, Maya Payment Links also lets you use just one payment link for multiple transactions, which means you can avoid confusion and also make it easier for your customers to pay you promptly.
Use a Digital Invoicing Tool
If your business still makes invoices manually, you’re likely losing valuable time and also setting yourself up for costly errors. Consider simplifying this process with digital invoicing tools that let you create, send, and track invoices online. This frees up time for you to spend on more strategic, value-adding work, reduces the risk of mistakes in your financial records, and ensures that you get paid exactly what you’re owed as fast as possible.
Maya Invoice Payments is one of the most robust solutions for digital invoicing available to businesses in the Philippines. It enables you to create digital invoices online with fully customizable templates and send them out via email, SMS, or any instant messaging app. Your customers can then pay you through credit, debit, or e-wallet transfer in just a few clicks. All transactions with Maya Business solutions also enjoy 24/7 fraud protection, so both you and your clients can rest assured that the money and sensitive information you’re handling will remain secure throughout the payment process.
Make More Flexible Payment Schemes Available
The modern customer values flexibility, which is a major reason why enabling online card payments is crucial for any e-commerce business. Accepting credit and debit card payments online provides customers with a convenient and secure way to pay, which can enhance their overall shopping experience. Online card payments, in particular, allow customers to make big-ticket purchases instantly, making higher-priced items more accessible through their credit card providers.
By accepting card payments in your e-commerce platform, you cater to a broader customer base, including those who prefer to use their cards for rewards, cashback, or other benefits. This not only improves the customer experience but also increases your chances of converting users to drive more sales.
Practical implementation involves partnering with providers that offer secure and reliable online card payment processing services, like Maya Business. These services should be seamlessly integrated into your online checkout process, ensuring a smooth and user-friendly experience for your customers.
Capitalize on the Recurring Business Model
Subscription services are a powerful way to create a steady revenue stream and enhance customer loyalty. Customers often prefer subscription services for the convenience and cost savings of regular, automatic deliveries or access, which can be particularly appealing for consumable goods like food and personal care products, as well as digital services like software and media streaming. This model is both more predictable and easier to manage than one-time purchases, especially when customers expect to use the product often and would find it impractical or inconvenient to buy it repeatedly.
Start by identifying products or services that your business can offer on a subscription basis. From there, consider implementing an automated recurring payment system to simplify the process for both you and your customers. This step reduces the administrative burden on you and can help you secure timely payments.
Implement Digital Gift Cards
Digital gift cards are a versatile and effective way to attract new customers and encourage repeat business. Customers who purchase them for friends and family will effectively be spreading the word about your business and bringing in new clients. Gift cards are particularly lucrative during special occasions and holiday seasons when your customers are most likely to be looking for convenient gifting options.
Making digital gift cards available also opens an additional revenue stream and creates opportunities for increased brand exposure. This can help you boost sales, drive customer engagement, and ultimately support your business’s growth. To set up digital gift cards, you’ll need to adopt a compatible payment solution or platform and promote them through your marketing channels. From there, you can integrate gift card purchase options on your website and highlight them in your promotional campaigns.
Unlock the Full Potential of Online Payments with Maya Business’s Innovative Solutions
Cutting-edge business technology is no longer only accessible to large and well-resourced companies. Now, even smaller business entities can compete alongside their more established counterparts with the support of state-of-the-art solutions from companies like Maya Business. Sign up for Maya Business today for instant access to our suite of payment, disbursement, and business banking products that can help you take your startup or SME to the next level.
Setting up a Maya Business account lets you open a Maya Business Deposit account and use it as your settlement account. With an industry-leading 2.5% per annum interest rate, you’ll earn PHP 25,000 in interest per year on a PHP 1 million deposit. You can also send money to your partners and suppliers for free via InstaPay and PESONet, which means more savings and fewer fees to worry about.
Your Maya Business account also qualifies you for a no-collateral Maya Flexi Loan offer of up to PHP 2 million in just 3 months—funding you can readily use to develop your business further. Just use Maya as your primary processor for all wallet and card payments. The more you use our solutions, the better the loan offer will be.
Sign up for Maya Business and all these benefits and more can be yours today.
