The Digital Banking shift in the Philippines
Arguably, today’s banking systems are far from being perfect or foolproof from errors– but we are getting there. Thanks to a continuing digital shift that’s gradually integrating everything we need in banking within singular but versatile platforms. Even micro, small, and medium enterprises (MSMEs) now have the capability of enjoying smoother small business banking without all the hassle and with utmost security.
In a nutshell, most MSMEs in the country are challenged with inadequate business operations, human resource constraints, and inconveniences in complying with government requirements. Yet the sector represents an important economic demographic in the Philippines that comprise 99.6% of all business enterprises that contribute to the creation of jobs to help grow the local labor force, and serve as essential support services to larger business firms.
What is NextPay?
We recognize the potential of both the country’s MSMEs and the disruptive innovation of fintech, and providing the right solutions in small business banking can significantly help MSMEs grow their businesses with cost-efficient and more secure approaches.
Do away with the limitations of high maintaining balances and transaction limits, and help small businesses secure legitimized business bank accounts. To date, we now serve More than 100 companies, processing more than USD 3.3Mn disbursements since we started in January 2020. We remain committed to transforming the way small businesses do banking in the country through convenient solutions in disbursing periodic payouts, reliable financial tools, and faster processing times. Whether sending money in batches, settling bills with suppliers, or authorizing payments. Small businesses who partner with us are quick to compliment how their analytics, tools, and systems work flawlessly.
Who can benefit from NextPay?
By providing clients with better banking convenience, we help you focus on new avenues toward bigger MSME opportunities. Employees who depend on timely disbursements of their salaries cannot complain either.
From a company standpoint, the ability to track digital invoices or cash flow, and accept or pay through various financial channels such as bank transfers, credit cards, or eWallets are among the many advantages of doing business with NextPay. The dashboard is also neatly organized so you can view your financial transactions with ease.
Small businesses can also enjoy unlimited transactions and zero maintaining balances, a maker-checker tool for more secure payment authorizations, and fully digital, cashless transactions.
For employees who work for MSMEs, the typical inconveniences of traditional small business banking are remedied in a way where they can opt to receive their salaries via their existing bank accounts instead of going through the hassle of opening a separate one.
Needless to say, the platform is the ideal small business bank solution not just for small businesses but also for freelancers, creators, evergreen businesses, and non-profit organizations among many others.
Setting up your account with NextPay?
Another great thing about our platform is how it reduces costs for MSMEs through its pay-per-use model and no-cost setup. All it takes for your business to enjoy the various features are minimal requirements that may include nothing more than a valid photo ID, SEC Certificate of Registration, your latest General Information Sheet (GIS) or Articles of Incorporation, and duly notarized Secretary's Certificate if you are a partnership, corporation, or one-person enterprise.
Sole proprietorships will only need as little as an ID plus their DTI Business Name Registration Certificate, while freelancers and unregistered business entities only need to submit an ID and a Proof of Billing Address and they are all set.
Services are at affordable rates that will help small entrepreneurs grow without sacrificing the quality of various solutions they can enjoy from their dashboards. And it only takes as little as 30 minutes to set up an account. Upon submitting your requirements, our team will ask you for basic details about your business for a brief verification process. And just like that, you can enjoy an all-in-one financial management platform that is designed to help your business thrive.
Looking for online business banking solutions to manage your company money is a huge step when you jump onto the digital bandwagon. Knowing what you need and which partner to tap for services can certainly help you plot your business growth path in the right direction to more expansive opportunities.
Know more about how NextPay can take you there and set up your account now!