How NextPay Is Transforming Business Banking in the Philippines

May 19, 2021
by
NextPay Editorial Team

Entrepreneurship in the New Normal

Every entrepreneur dreams of growing a company— that means having an office to go to every day, a team of talented individuals working by your side, and a lineup of customers coming to you for help on a regular basis.

For most, that dream slowly takes shape as they dive into the world of entrepreneurship, albeit with a few surprises that they would learn along the way. From managing teams, computing for taxes, setting up bank accounts, and disbursing salaries, these must-do’s can be overwhelming for some, and can limit them from focusing on their actual product or service. 

The internet and the past decade

Over the past decade, the internet has brought about some major changes to the way we live.

Filipinos are switching to digital work and online selling as an attempt to rebuild their lives after losing their jobs or due to companies implementing budget cuts. 

It is a continuous struggle even for small and big businesses alike to stay afloat in the midst of a worldwide pandemic. Over a hundred thousand businesses closed down and 4.5 million Filipinos lost their jobs by 2020 alone.

Since then, 72% of surviving companies have begun to operate remotely. Educational institutions have switched from live to online classes. Establishments like restaurants, retail shops, and tourism are still left struggling to get back on their feet, being the last businesses to open (and first to close again) when community quarantines were implemented. 

On the upside, good things have come out of the struggles faced by people who’ve recently faced unemployment. What used to be hobbies and passion projects have pivoted into streams of income for a lot of people. 

With smartphones and tablets getting cheaper every year, the digital space is more alive, more accessible, and profitable than ever before. 

Anybody with access to the internet has a chance to take home a piece of the pie— whether it’d be live selling clothes, going into food delivery, or getting home buddy tips and tricks for a cozy work-from-home setup.

But with this new entrepreneurship renaissance coming in, there are also new challenges that entrepreneurs face. 

As online payments and cashless transactions become the new normal for an online world, first-time business owners are at a loss on how to adapt to this rapid-changing environment.

The search for solutions becomes a struggle— one that the world of fintech is on edge to create solutions for.

NextPay is transforming business banking through fintech

What is fintech?

Financial technology or fintech is an industry that seeks to improve and automate the easy transfer, delivery, and use of money.

Much like every essential industry in the world, the ecosystem of financial services has been shifting and evolving over time. 

Fintech is focused on identifying the common money-related challenges faced by those who struggle to keep up with the requirements of traditional banks.

Fintech companies continue to develop solutions that don’t involve complicated requirements or hefty maintaining balances. 

This allows for a more affordable, accessible, and sustainable type of business banking and money management, especially for startups, freelancers, new businesses, and other gig economy workers who are either just starting out or rebuilding their finances.

NextPay is the all-in-one banking solution for businesses

NextPay: An all-in-one banking solution that’s completely digital

Whether you’re launching a new business or jumping into the world of the gig economy, NextPay is exactly what you need. 

Born in 2020, NextPay’s current team of 22 (and counting. Yes we are hiring!) is focused on creating a banking solution for small business owners so they can manage their finances simply and have more focus time to scale and grow their business. 

With just an internet connection, NextPay can:

  • Collect customer payments via digital invoices.
  • Store the account and contact details of employees, suppliers, and customers for faster transactions and notifications.
  • Manage salary disbursement for employees without the need for opening another bank account on top of what they already have. Send batch payments to suppliers, salaries, or reimbursements without worrying about daily transaction limits.
  • Allow easy payment for bills, utilities, and suppliers, as NextPay can connect and transact to almost any bank or e-wallet.
  • Download payslips and reports that accurately track your cash flow for easier bookkeeping.
  • Painless and transparent payment approvals with our built-in maker-checker flow.
  • And soon, seamlessly integrate your financial operations with accounting tools and HRIS systems.

By operating on a pay-per-use model (without the need for any set-up fees, maintaining balances, or ridiculously steep requirements), NextPay works great for entrepreneurs looking for an affordable banking solution for their growing business. 

Freelancers or “digital nomads” enjoy an easy-to-use online platform that helps them make transactions remotely, and existing companies in the search of switching to digital banking platforms can simplify a huge part of how they do business.

Since NextPay’s launch last year, we’ve already processed more than $3.1M (PHP 148M) worth of transactions for over 100+ businesses in the Philippines.

Conclusion

Through NextPay, growing businesses have access to fast, simple, and affordable banking. 

Gone are the days when people have to break the bank just to have a bank. 

If you’re thinking of starting a business, or have started with one and dead set on making it grow, we hear you! Simplify the way you do business today. Sign up for an account here.

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