While the Philippine consumer market has long lagged behind some of its Asian neighbors in credit card adoption, this may no longer be the case in the near future, given the massive increase in credit card usage in country recently. Not only are more people adopting credit cards but the ones that do have cards are using them more often. Data from the Credit Card Association of the Philippines (CCAP) indicated that gross credit card billings jumped by 47% to PHP 410 billion in the first quarter of 2023 from PHP 279 billion in the same period the year before.
Given that domestic credit card usage is set to accelerate even further, startups and small and medium-sized enterprises (SMEs) in the Philippines need to have a safe way of accepting credit cards as a form of payment. To facilitate these transactions, SMEs need to carefully evaluate and select the right Point of Sale (POS) system or credit card terminal.
Whether you run a brick-and-mortar store, an e-commerce site, or a mobile business, Maya has your credit card acceptance needs covered. Below, are some of the factors that Philippine-based SMEs and startups need to consider when choosing a Maya Business terminal for credit cards and other cashless payments. To enjoy Maya’s full range of business solutions, sign up for Maya Business today.
Your Business’s Checkout Processes
Different businesses need to facilitate credit card payments under different conditions. For example, a brick-and-mortar shop will likely be best served by the Maya Terminal device, the standard Maya credit card terminal and e-payments solution, as this offers a complete feature set, including integration with your cash register. Mobile businesses and those that frequently do cashless on delivery may be better served by a Maya Terminal Lite device because of its superior portability and its support for a complete range of cashless payments. Likewise, businesses that primarily operate online should consider one of Maya’s online payment gateway solutions for card payments.
Portability
Consider the mobility requirements of your business. If your business frequently operates in the field, the Maya Terminal Lite POS device may be the best solution for you. However, if you only need mobility within your premises or have infrequent field operations, a regular Maya Terminal device should offer more than enough mobility and convenience. Alternatively, you can also opt for a Maya QR standee to help facilitate payments in out-of-store settings like conventions and trade fairs.
Connectivity
Ensure that the POS solution you choose supports connectivity options that are available to you, such as Wi-Fi, LTE, 3G, 4G, or Bluetooth. Reliable and fast connectivity is crucial for seamless transactions and prevents any disruptions or delays that could negatively affect the customer experience.
Payment Methods
Offering diverse payment options increases convenience for customers and encourages sales. While all of Maya’s payment solutions can be used for credit cards, you may want to check your desired POS terminal's compatibility with other payment methods, including EMV chip cards (for dipping), magnetic stripe cards (for swiping), NFC contactless payments (for tapping), QR code payments, and payments via popular e-wallets.
Data Security
Payment terminals should always prioritize the security of customer data and transactions. Both the Maya Terminal and the Maya Terminal Lite devices fully comply with the Payment Card Industry Data Security Standard (PCI DSS) and utilize encryption technology to safeguard sensitive information. This certification ensures a secure payment environment for customers paying with credit or debit cards.
Physical Safety
Your payment solution should also be safe for the environment your SME operates in. The Maya Terminal device is ATEX-certified, which means that it is safe to use in potentially explosive environments. As such, the device is ideal for use in workplaces that handle large quantities of flammable dust, such as flour or wood. These can include gas stations, bakeries, restaurants, and other such workplaces.
Software Updates
Frequent updates help close various vulnerabilities to cyber threats and also introduce new features that could be useful to your business. Maya’s credit card terminals are periodically updated with new payment options, device features, and security improvements, ensuring that the associated firmware or software will always remain useful and relevant for the duration of the devices’ service lives.
User-Friendly Interface
A more user-friendly interface reduces training time for employees and minimizes the chances of errors during transactions. All Maya POS terminal options are simple-to-use, ensuring you and your staff will quickly get the hang of them.
Customer Support
Maya stands by its cashless payment solutions and assures Maya Business accountholders prompt and reliable support for any queries or technical issues that may arise. You may contact business.signup@maya.ph for any questions related to Maya Business solutions.
Cost
Before deciding on a solution, evaluate the costs associated with your desired credit card POS system. You’ll also want to check the Maya Terminal price table to compare the merchant discount rates (MDRs) associated with different credit card acceptance solutions. Comparing rates structures helps ensure you choose a solution that aligns with your business’s requirements.
Accept Any Card, Anywhere with Maya Business
With credit cards and other contactless payments gaining more popularity in the Philippines, SMEs need to find payment acceptance solutions that will best appeal to today’s cashless customers. By taking a careful look at each Maya Business solution, SMEs and startups can make an informed choice that contributes to enhanced customer satisfaction, streamlined operations, and sustained growth in an increasingly cash-free future.
To grow your business even more, sign up for Maya Business, get a Maya Business Deposit savings account, and join the Maya 1-2-3 Grow promo. Signing up for the Maya 1-2-3 Grow bundle entitles participants to a 1% MDR onQR Ph sales for 3 months from promo onboarding. Promo participants can boost their Maya Deposit savings to PHP 102,200 for every PHP 7 million worth of sales at 1% MDR when compared to other payment solutions.
If you’re also on the lookout for new funding, then Maya 1-2-3 Grow is for you. Accepting this exclusive bundle entitles you to a Maya Flexi Loan offer as large as PHP 2 million in just 3 months or less, perfect for quickly expanding your business. If you set up Maya Business as your settlement account, you can even unlock an extra month of 1% MDR, allowing your business to save even more. Sign up for Maya 1-2-3 Grow and take your business to new heights.
