Sunday, June 23, 2024

MSMEs can now ask payment request to clients without sending bank info

With the goal of providing a one-stop hub for financial transactions, UnionBank has launched Upay, its latest product offering that enables businesses to simply send a link to customers that will automatically facilitate the payment process.

UnionBank

The all-in-one payment acceptance hub allows both MSMEs and their customers to skip over the exchange of banking details. Instead, merchants will be able to collect amount payable when customers clock on the link and are redirected to either Instapay, UB Online, or over-the-counter at 7-11 and ECPay outlets.

“Our main purpose is to empower MSMEs to uplift their businesses and enable inclusive prosperity by extending products that go beyond traditional banking services. We also believe that in order to achieve this, our organization had to shift and pivot as well by educating them on the use of concrete solutions that will help keep their businesses afloat in the now normal,” said UnionBank vice president and SME segment head Jaypee Soliman.

The new product is complemented with the newly introduced MSME Business Banking App, a platform designed to handle finance-related needs of MSMEs – from digital account opening, bills payment, online check deposit, and supplier and government payment processing. The two platforms are part of the larger MSME Business Banking Hub project of UnionBank which aims to tap into a network one million registered enterprises and 12 million self-employed micro entrepreneurs.

“MSMEs are the backbone of the Philippine economy and their success is crucial especially amid challenging instances like the current pandemic. That being said, we want to make sure that every MSME goes to us for their digital and financial needs because we believe that we always come prepared with the right solution and answer for them when they do,” added Chut Santiago, UnionBank executive vice president and chief financial inclusive executive.

Aside from payment requests and collect payments, the Upay Payment Acceptance Hub also supports fund transfer, over-the-counter payments, e-wallets, and both debit and credit cards at the point of sale. Meanwhile, the MSME Business Banking platform allows a broader range of services that spans to government and utility billing, international bank transfers, customizable business approvals, online check deposits, batch account opening, and multiple company and subsidiary enrollment.

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