Micro, small, and medium enterprises (MSMEs), the backbone of the nation’s economy, just got a major boost from Security Bank with the launch of a revolutionary digital payment platform designed to address the pain points plaguing countless Filipino businesses today.
Called “Security Bank Collect,” this all-in-one digital payment solution offers a one-stop solution for MSMEs, allowing them to seamlessly accept payments from customers through a variety of channels.
Gone are the days of limited payment options.
Businesses can now accept credit, debit, and prepaid cards (Mastercard, Visa, JCB) alongside popular e-wallets like GCash, Maya, WeChatPay, Alipay, and UnionPay. This comprehensive solution caters to the diverse payment preferences of today’s consumers, giving MSMEs the flexibility to attract a wider customer base.
Simplifying operations, saving time for MSMEs
In a press release, Security Bank stated that “Security Bank Collect” goes beyond just offering more payment choices. It streamlines the entire payment process, saving valuable time for business owners.
Powered by Magpie.IM Inc., a leading digital payment service provider, the platform centralizes sales invoicing and payment collections. This eliminates the tedious and error-prone task of manual reconciliation, allowing entrepreneurs to focus on what they do best – running their businesses.
Security Bank understands the unique challenges faced by MSMEs.
Traditionally, accepting digital payments often required high minimum transaction volumes and hefty fees for Point-of-Sale (POS) systems. Security Bank Collect breaks down these barriers by offering a service with no maintenance fees and no minimum transaction volume required. This makes it ideal for new and growing businesses that may not have the resources to invest in traditional POS solutions.
The launch of the new all-in-one digital payment solution addresses some of the critical challenges that MSMEs face in today’s increasingly digital economy. Traditional barriers, such as limited payment options, complex payment tracking, and manual reconciliation, have long been pain points for small businesses. Security Bank Collect aims to eliminate these hurdles, giving merchants the tools they need to thrive in a fast-paced business environment.
Aligned with national goals, a future-proof platform
Beyond the benefits for businesses, “Security Bank Collect” aligns with the Philippine government’s push for digital payment initiatives. As the country moves toward a more cashless economy, platforms like Security Bank Collect play a vital role in encouraging digital transactions and helping businesses transition away from cash-based payments.
“Security Bank Collect” isn’t just good for business; it’s good for the country. The platform aligns perfectly with the Bangko Sentral ng Pilipinas’ (BSP) push for digital payment initiatives. By encouraging cashless transactions, Security Bank Collect fosters financial inclusion and promotes economic growth.
With it, businesses gain access to real-time monitoring and automated payment reconciliation, which reduces manual tasks and human errors. This feature, in particular, helps businesses save valuable time and resources, allowing them to focus on scaling their operations and innovating new products or services.
For its part, Security Bank remains committed to the future success of MSMEs. Its platform is constantly evolving with plans to integrate additional payment options such as QR PH, HelloMoney, ShopeePay, InstaPay, and HomeCredit. This ensures that “Security Bank Collect” remains at the forefront of digital payment solutions, allowing MSMEs to embrace new technologies and stay ahead of the curve.
John David Yap, Senior Vice President & Business Banking Head at Security Bank, summed it up perfectly when he said, “Security Bank Collect is another step forward in our mission to empower businesses. This platform not only broadens the spectrum of payment options available to merchants but also streamlines the entire payment process.”
Security Bank Collect is a game-changer for Philippine MSMEs. It empowers them to compete more effectively, improve customer convenience, and ultimately, achieve sustainable growth. With Security Bank as their partner, Filipino entrepreneurs can confidently embrace the digital future and unlock their full potential.