PayMongo Philippines Inc. (Paymongo) and GoTyme Bank (GoTyme) have joined forces to provide loans to small businesses under PayMongo’s merchant ecosystem. Through GoTyme, entrepreneurs can avail themselves of up to P500,000.
PayMongo is a B2B payment gateway, while GoTyme is an all-digital bank and a joint venture between the Gokongwei group of companies and multi-country digital bank Tyme.
“Through PayMongo Capital powered by GoTyme Bank, we hope to make loans and banking in general more accessible to SMEs and give them the preferred banking experience they deserve,” said Nate Clarke, CEO, GoTyme Bank.
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A fully digital financial program, PayMongo Capital powered by GoTyme Bank offers a streamlined and efficient application process, eliminating the lengthy paperwork traditionally associated with financial services, and providing a seamless, two-minute, two-screen journey. The first screen prompts users to input the desired amount and tenor, while the second screen requires confirmation and verification.
“This collaboration is a game-changer for PayMongo merchants, unlocking additional capital to propel their online enterprises toward unparalleled success,” said Jojo Malolos, CEO of PayMongo.
PayMongo merchants who qualify will enjoy seamless disbursement and receive the loaned amount in one banking day, depending on the receiving bank’s processing. Eligible merchants will receive instant approval, and a cash advance offer complete with flexible repayment options — no collaterals required. To track payments, merchants can access a fully transparent view of loan transactions through the PayMongo merchant dashboard.
Other features include:
• Flexible term of the loan. Instead of fixed tenor or term, GoTyme Bank offers tailor-fit financing options for businesses, such as flexible tenor options that align with their unique preference.
• Transparent pricing. Unlike traditional loans, PayMongo Capital powered by GoTyme Bank does not include hidden fees, processing fees, penalty fees, or interests. Businesses are only required to pay a competitive flat fee, simplifying the financial landscape for borrowers.
• Flexible pay schedule based on your daily sales and unfixed monthly amount. With PayMongo Capital powered by GoTyme Bank, you can pay more or less than your monthly fee through PayMongo’s easy repayment channel that automatically deducts from a portion of your sales. So merchants can go about their business as usual without worrying about repayments.
“By making the process easier and less intimidating, merchants are better empowered to make the best choices for their business,” Tinio said.