Indonesian fintech firm Xendit continues to provide individual business owners with a payment platform that is easy to navigate and use.
“The pandemic has seen a rise in individual sellers who utilize social media to sell their goods and services,” Alyzza Acacio, Philippine SME Task Force lead of Xendit Philippines. “The digital nature of transactions means payment methods need to adapt. We want to empower these rising contributors to the Philippine economy with a platform that handles payments for them while they focus on their business.”
When individual sellers integrate their business with Xendit, their customers can make direct payments via direct debit through Bank of the Philippine Islands (BPI) and UnionBank of the Philippines (UBP), e-wallets such as GCash, GrabPay, and PayMaya, or Over-the-Counter via 7-Eleven and Cebuana Lhuillier. Meanwhile, sole proprietors, corporations, and partnerships can also process credit card payments.
Because Xendit handles payments on the individual seller’s behalf, entrepreneurs can focus on fulfilling orders and growing their business. They no longer need to coordinate with each customer for payments because transaction statuses are updated in real-time on the Xendit dashboard.
Payment platform integration
According to Xendit, its mission is to make payments simple, so that even entrepreneurs and small and medium enterprises (SMEs) unfamiliar who are not as technically savvy can integrate with the platform easily. Xendit is available on platforms such as Wix, Shopify, or WooCommerce. Those who rely solely on social media for business can generate payment links that customers can access. Sellers also have access to their transaction history on a centralized dashboard to monitor sales and payments.
“We need to continue to support the Filipino micro-entrepreneurs and small business owners to embrace the digital age; they have experienced the ease that online selling and marketing and smartphones have brought them closer to their customers,” said Ana Mijares, senior trainer for the Go Digital Asean initiative. “The next step is to help them grow their business by helping them manage day-to-day tasks in their enterprise and improve their financial literacy as they experience and use fintech products and platforms more and more.”
P1.6 million waived fees
To welcome SMEs, Xendit is offering up to P1.6 million worth of waived transaction fees for new sign-ups. The platform is also waiving P1 million in fees for individual sellers.
Opening its platform to individual sellers is just one of Xendit’s many ways to empower SMEs using technology. Its Level Up accelerator program supports entrepreneurs through masterclasses and challenges that give them the tools and know-how to scale their businesses. The program also includes giving P3.5 million in free transactions for 1,000 startups for one year through its video challenge.
Xendit powers SMEs as well as the Philippines’ largest enterprises. Xendit is committed to building solid payment infrastructure for the country and the rest of Southeast Asia.
“We launched an SME task force at the beginning of the year to help create solutions for Filipino businesses that may have been affected by the pandemic. We hope to continue our support for Filipino MSMEs so they can grow their business and help the Philippine economy,” said Yang Yang Zhang, Managing Director of Xendit Philippines.