Before the widespread availability of secure digital wallets like Maya (formerly PayMaya), the local e-commerce scene was hampered in its growth potential, as not all websites were able to offer payment methods that were accessible to potential customers. As a result, websites were often not much more than online catalogs that customers would check to see what was available before they headed out to a brick-and-mortar store.

Of course, things are quite different today. Filipino consumers now have more payment options available to them than ever before. Unfortunately, not all online businesses offer the payment methods their target customers prefer. If a business is not able to offer these methods on its website, they’re likely missing out on growth opportunities in an important e-commerce channel.  In this article, we’ll look at a few important payment methods that Filipino businesses can explore to better match the needs of their customers.

1) Secure Digital Wallets

Digital wallets (also called e-wallets or virtual wallets) from providers such as Maya and GCash are in a position to become the country’s dominant online payment method very soon. These platforms enable users to load credits into a secure online account from their banks, remittance services, or other methods. These credits can then be used for quick and—most importantly—secure online payments. 

Given the growing popularity of digital wallets, businesses should choose an online payment processing company that seamlessly facilitates them. Today, solutions like Maya Checkout are making it easy for businesses to expedite payments from a variety of popular and emerging digital wallets, credit and debit cards, and even virtual payment cards.

2) Bank Transfers

Today, direct bank transfers are a reliable and widely accepted payment method in the Philippines, often used for bills payments and remittances. In e-commerce settings, they’re often preferred by individuals who place more trust in traditional financial institutions as well as those who want to avoid sharing credit or debit card details online. Some individuals also believe that bank transfers may offer them more control of their finances. 

Online businesses that offer direct bank transfers as a payment option can cater to customers who value security and financial control. However, it’s worth noting that significant numbers of Filipinos remain unbanked. Also, even individuals with bank accounts may prefer other payment methods. Given this, businesses that target Filipino consumers should also offer a variety of other settlement options.

3) Credit Cards

Credit card penetration is relatively low in the Philippines, with just 8.1% of Filipinos owning a credit card at the end of 2021. However, with the country’s increasing prosperity, adoption is seen to grow as more Filipinos start to qualify for them. Additionally, offering this method is usually desirable because individuals who do own credit cards may make more frequent purchases. 

With these things in mind, Philippine businesses should consider accepting credit card payments, especially when pursuing high-value market segments. By leveraging secure internet payment solutions like Maya Checkout, businesses with existing websites can readily accept card payments, ensuring a smooth and secure checkout process for customers. Alternatively, businesses that don’t have their own e-commerce sites can also accept card payments through Payment Links—another payment processing service from Maya that only requires them to send a payment link to their customers’ preferred messaging app.

4) BSP National QR Code Standard (QR Ph)

In early 2021, the Bangko Sentral ng Pilipinas (BSP) introduced the National QR Code Standard to promote interoperable and secure person-to-person and person-to-merchant transfers. If you’re not yet using QR codes to accept payments, create your own now! Businesses like yours can readily accept QR code payments from various e-wallets and mobile banking apps, while your customers can enjoy a convenient and contactless payment option.

5) Buy Now, Pay Later (BNPL)

The buy now, pay later (BNPL) model has slowly gained traction in the Philippines, offering customers the flexibility to make purchases and pay for them in installments. Collaborating with BNPL providers allows online businesses to attract customers who prefer deferred payments, potentially increasing conversion rates and overall market penetration.

6) Over-the-Counter Payments

While this method has become less popular in recent years, many customers still prefer to pay over the counter at physical locations like banks, payment centers, convenience stores, or remittance outlets. And although these payment methods are no longer as important as before, local businesses that want maximum market penetration should still consider offering this method, especially because some customers are not yet as digitally savvy and may prefer to pay using cash due to security concerns or because they have limited access to electronic devices.

7) Cash on Delivery (COD)

Cash on Delivery remains popular in the Philippines, especially for more traditionally minded customers who prefer to pay in cash. COD is often preferred by shoppers who are concerned with online scams, as this method can allow them to verify a product’s quality and authenticity before payment. It’s also worth noting that for the sizable number of Filipinos who are unbanked, do not have a secure digital wallet, or live far from remittance centers, COD may be the only payment method available to them.

Offering COD is also important as it allows online businesses to build trust. This is true for the Philippine market where instances of consumer fraud are still commonplace. When skeptical customers see that an online store offers both COD and favorable return policies, it may help push them toward making a purchase, even through other payment methods.

Conclusion

Filipino shoppers have always been diverse, and this has not changed with the recent rise of Philippine e-commerce. Offering a range of appropriate payment methods is vital for online businesses to be able to drive conversions and build trust in their respective target markets. By thoroughly understanding the preferences of their target markets and choosing the right mix of

To veteran entrepreneurs and rookies alike, the prospect of starting an online business is an appealing one. When you’re using the internet as your main platform, you’ll have more chances to market your brand to a global audience, and you may gain a larger consumer base as a result. Managing an online business also entails a lower operating cost compared to a physical store, since you don’t necessarily have to rent an office or invest in office equipment to get started. That makes it a particularly low-risk and beginner-friendly type of venture compared to a brick-and-mortar business.

All the same, starting an online business comes with its own challenges. For one thing, you may be competing with thousands of other businesses in a similar niche as yours, so you might have trouble keeping your brand visible in the search engines. And for your online business to really take off, you’ll also need to invest in a working website that’s not only acceptable to your online users, but to search engines as well.

Fortunately, with the right business mindset and the help of companies that can fine-tune your brand’s online presence, you can expect your online business to flourish in the digital realm. Here are four concepts you should learn to give your online business a significant boost in performance and revenue.

The Importance of Creating, Optimizing, and Maintaining a Good Website

You can’t have an online presence without a good website, as it’s where your targeted audience will be able to find you in spite of the expansiveness of the World Wide Web. It’s not enough to create an aesthetically pleasing website, however; a good website must respond well and be easily accessed by both online users and search engines. That’s why it’s a good idea to learn about the concept of search engine optimization (SEO) and work with a trusted company that’s known for offering web development and SEO services Philippines-based and international businesses can trust.

SEO companies have the knowledge and resources to optimize your website. They can handle the on-page (everything that’s directly within your website) and off-page (actions taken outside of your website that can impact your online presence) aspects of your website so that it can rank high in online searches and reach your targeted audience. It’s also a plus if the SEO company has an in-house web development team. This way, they can create and help maintain your web pages, keeping your website updated, secure, and running smoothly as a result.

No matter what industry or niche you’ll operate in, it’s a must for you to learn about concepts like SEO, the role of aspects like web design and user experience (UX) in bringing customers to your (virtual) doorstep, and how you can leverage your website’s searchability to build your online presence. Once you do, getting word out about your business will be that much easier.

How an Effective Digital Marketing Strategy Boosts Business

Aside from the value of optimizing your website, you should also learn about how providers like SEO companies can come up with effective digital marketing strategies for your business. You should familiarize yourself with strategies like creating tailored content for your audience. These will make it so that your targeted audience will be more inclined to visit your website and purchase your products or engage with your services often.

A digital marketing campaign that truly suits your business will also allow you to be one step ahead of your peers. If your brand can stay relevant and be perceived by your audience as an innovative force—even when the competition is tight—you’ll be able to stand out from your peers in a positive way.

Using Social Media to Your Advantage

Social media is a powerful tool for cultivating your online visibility. Creating a social media profile and keeping it active will allow you to get the attention and engagement of thousands of users. If you play your cards right, these thousands could turn into tens of thousands or even millions.

However, having a noticeable and verifiable presence on social media takes time. It’ll also require you to use thoughtful strategies to increase brand awareness. Some of the most viable ones include opting for paid social media campaigns, properly incorporating social media trends into your posts, and posting interesting and relevant content. Spamming or being too “hard-sell” on social media won’t cut it, and if you lean on these approaches over thoughtful and honest social media marketing, it could backfire and decrease trust and interest in your business.

How to Do Basic Financial Management

If it’s your first time handling an online business, you might be surprised at the amount of money you can eventually make once your business stabilizes. Although having sufficient cash flow is a sign that your online business is doing well, you can lose revenue if your money isn’t managed properly.

Not knowing how to budget your business expenses correctly can cause permanent financial damage to your brand. Whatever industry or niche you’re breaking into, it helps to learn basic financial management so that you can allocate the right amount of money into various aspects of your business. This, in turn, will keep your operations going for a long time.

If your online business is experiencing rapid growth, it’s a good idea to hire a financial manager who can manage your brand’s finances. Doing so will help you reduce your financial risk and avoid making costly mistakes in your bookkeeping.

Starting an online business is an exciting venture because it gives you a chance to make your mark in the digital world. If all goes well, you’ll gain both fulfillment and financial stability for yourself and your employees. But in order to achieve that, you’ll still have to make timely and well-informed decisions—just like how you would if you were running an onsite business with more capital. After all, an online business is still a business. 

If you master the four concepts listed above, it’ll be easier to ride out the growing pains of running your own business and gaining a large online following. You’ll also have an easier time working with companies who understand the needs of your online business and who are willing to help you reach your goals. Do right by your new business venture, and do your homework!