From online retailers doing live selling on social media to entrepreneurs launching their business on e-commerce platforms, we’ve seen how the ingenuity and resilience of Filipinos led businesses that enabled them not just to survive but in fact, thrive in the new normal. Despite the economic challenges brought by the pandemic, Filipino entrepreneurs and freelancers have succeeded in building and sustaining their businesses and their participation in the digital economy has been a major factor in this success.
Despite bearing the brunt of the economic slowdown brought on by the global health crisis, Micro, Small and Medium Enterprises (MSMEs) have contributed to the economic recovery of the Philippines. MSMEs accounted for 99.51% of all businesses and generated a total of 5,380,815 jobs, or 62.66% of the country’s total employment in 2020, according to the Department of Trade and Industry (DTI).
“Empowering the small and medium businesses is an important part of supporting the overall economic recovery in the country. By simplifying international business transactions through our innovative solutions, we aim to help more and more Filipinos participate and succeed in the global digital economy,” said Miguel Warren, Vice President, Payoneer Southeast Asia.
As the country transitions to the post-pandemic new normal, entrepreneurs continue to strengthen their businesses by embracing digital transformation. From ensuring secure online payment transactions, to promoting their products and services and growing internationally, Filipinos now depend on digital technologies to turn their businesses into small and medium-sized businesses (SMBs) that can compete in the global market.
Providing convenient payment options for customers
Businesses that offer a range of convenient, secure, and digital payment options using their preferred local method are often more preferred by global customers and clients. To help Filipinos participate and succeed in the global digital economy, financial services company Payoneer provides businesses with an easy, quick, secure, and affordable payment platform with no hidden fees.
Among the clients that benefit from Payoneer’s payment platform are business process outsourcing (BPO) companies in the Philippines. According to the Information Technology and Business Process Association of the Philippines (iBPAP), the BPO industry grew 1.8 percent in terms of headcount and 1.4 percent in terms of revenue in 2021. To sustain this growth and remain competitive globally, local BPOs need to make financial transactions with their clients, suppliers, and the government more secure and convenient.
With an easy-to-navigate digital platform, Payoneer enables not only BPOs but also online merchants and freelancers to be in full control of payment setups. It allows them to bill their global clients, get paid in multiple currencies, pay overseas business expenses at a lower cost, transfer funds to their local bank accounts, and make purchases online.
Securing financial transactions
Today, selling goods and services internationally requires trust and with Payoneer, there are over 5 million businesses across the world that use the platform. To ensure the security of the financial transactions of all SMBs customers and partners it serves, Payoneer makes sure that all payments processed are made through fully compliant, secure, and tightly audited payments that are regulated financial entities across the globe. Payoneer also operates under a robust, risk-based compliance program that addresses the regulatory requirements of each country that is involved in a cross-border payment.
In addition, Payoneer secures business transactions with its best-in-class fraud protection. It deploys multiple layers of risk technology alongside various procedures to protect businesses against different fraud scenarios such as registration fraud, account takeover, and other activities. Likewise, Payoneer provides a local team of customer care experts who can assist SMBs across all stages when it comes to chargeback claims and other concerns.
Think global, Act Local
More than just a payment platform, Payoneer is the world’s go-to partner for digital commerce. By simplifying payment for cross-border and managing the complexities of moving money, Payoneer allows SMBs to focus on their business and growth.
“At Payoneer, we believe in the potential of our SMBs to go global. Through our solutions, we aim to help as many entrepreneurs and freelancers in the Philippines grow and expand across the globe,” added Warren.
SMBs of all stages can utilize Payoneer’s innovative tools, integrations, and customer service to do business transactions and grow their businesses anywhere in the world. Aside from providing mechanisms for cross-border payments, Payoneer offers a range of services including digital business management, working capital access, merchant services, tax solutions, and risk management. These digital commerce services streamline operations of businesses from 200 countries and territories, allowing them to focus on growing the business.