Starting their own business a few years ago, Francis Plaza, Luis Sia, Jaime Hing III and Edwin Lacierda realized that invoices had one of the biggest bottlenecks in business. To solve this problem, they collaborated to launch an online payment platform, PayMongo, in 2019.
Having increased its visitor base to more than 9,000 to date, as well as its suite of products beyond links that allow distributors to settle payments seamlessly, PayMongo now aims to grow what it calls the emerging market economy.
Mr. Plaza, the company’s CEO, shared in an interview that PayMongo’s founders have begun to solve the challenge by looking at how to make invoices for everyone, regardless of their experience in generation.
In building solutions, Plaza continued, PayMongo is based on the principle that while other people have figured out tactics for making purchases, they need this ability to move the price between shoppers and merchants with little or no overhead to build trust.
“Payments are necessarily just the specific time when invoices are made. It’s this total lifecycle, from integration to [when] traders get their money,” the GENERAL MANAGER said.
PayMongo started with its exclusive payment links, where merchants can settle for Visa, Mastercard, GCash, GrabPay and counterbills via SMS, chat or email. in the store without the need for coding; Application Programming Interface (API), where paid channels can be incorporated into your online page or application with just a few lines of code; and ecommerce plugins, for quick integration with merchants’ Shopify, Woocommerce, or Magento sites, among others.
“By signing up with us, they can satisfy the fundamental desire they have: the ability to conduct large-scale transactions on the web without having the burden of verifying that they accept as true every time,” Mr. Plaza said.
However, PayMonpass doesn’t just offer those solutions. As the number of its consumers increased due to the rise of virtual caused by the pandemic, PayMonpass observed that there was a huge gap between businesses, a virtual platform, and their real willingness to go virtual.
“Our project is to expand the Internet economy of emerging markets, made up of millions of small and medium-sized enterprises; and what better way to satisfy this project than by helping them expand their activities on the Internet as well. These will be one of our main consumers in the long run,” Mr. Plaza said.
PayMongo brings this spice to businesses through its Accelerator program, which gives members two months with no transaction fees on all their sales with PayMongo, as well as exclusive marketing, webinars, and content from sales experts.
While leveraging the integrated payment solutions of Philippine companies, PayMongo aims to create a monetary operating formula for the country’s companies.
“We learned that starting as a payment company, we’re really building this currency that’s priced more than any peso that goes to the platform, and that currency is accepted as true,” he explained. Square. accept as true with us, we are better placed to provide them with more monetary services. “
The CEO is also more small and medium-sized companies to adopt their platform. “have some presence on the internet,” he said.
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