Building a Remote Business: Modern Payment Solutions For Filipino Entrepreneurs
Can you operate a successful business while traveling? Not too long ago, before the dawn of the internet age, the answer may have been a resounding no. These days, however, traveling while working is quite the norm for many people. Utilizing technological innovations, people are no longer confined to their offices or places of business. They can be free to take months-long working holidays at a tropical beach or a mountain getaway while they run their businesses remotely.
With an expanding digital economy, innovations like modern payment solutions are making it possible for Filipino entrepreneurs to combine their passion for travel with the demands of their businesses. What are these payment solutions, and how can they aid business operations remotely? Let’s find out in this article.
Different Modern Payment Solutions
During the COVID-19 pandemic, there was a need to prevent the spread of infection via traditional cash transactions. This catalyzed the rapid adoption of contactless and cashless payment solutions. Even after the threat of the virus diminished, these payment systems remained widely in use. According to the Bangko Sentral ng Pilipinas, the digital payments’ share of the total retail transactions rose to 40.1 percent in 2022 from just 26.8 percent in 2020.
Today, there are countless apps and internet payment solutions that allow you to make and receive payments while on the go.
Digital Wallets
Digital wallets have revolutionized the way people make and receive payments. With enterprise wallet apps and associated services like QR payment acceptance, you can carry an entire payment ecosystem right in your pocket. These digital wallets offer security and convenience, which makes them an indispensable tool for entrepreneur-travelers like you. You’ll be able to receive settlements, monitor the movement of your funds, and transfer funds to any InstaPay and PESONet-participating financial institution for free.
Payment Links
Payment links have emerged as a versatile tool for accepting payments from clients or customers even without a website. They allow you to send a secure URL link over various messaging apps that direct the payees to a payment module where they can complete the transactions. Whether you’re on a beach in Bali or a cafe in Paris, payment links are your ticket to receiving payments without borders.
Payment Gateways
For online businesses that have their own websites, payment gateways are the way to go, and in the Philippines, Maya Checkout offers the best online payment processing service. Aside from accommodating credit and debit cards, digital wallets, and QR code payments, this payment gateway offers seamless integration with the most popular e-commerce platforms such as Shopify and WooCommerce Magento. Moreover, this payment gateway is powered by one of the most trusted online payment processing companies in the country—Maya Business.
Invoice Payments
The ability to send invoices and receive payments remotely is a game-changer for entrepreneur-travelers such as yourself. Solutions like Maya Invoice Payments enable you to create and send professional invoices. This can help you maintain your cash flow even when you’re far from home.
Ways Entrepreneur-Travelers Can Utilize Modern Payment Solutions
To successfully pull off running a business while traveling, entrepreneurs need to set up a streamlined operation with some help from payment solutions. Here are a few examples of how they can use these modern innovations.
Monitor and Track Real-Time Transactions
One of the key advantages of modern payment solutions is the ability to monitor and track transactions in real time. Tools such as the Maya Business Manager provide you with a comprehensive view of your financial activity, which ensures you always know where your money is, wherever you are in the world. From a unified dashboard, you can see online payments processed through various business channels, whether you have an e-commerce website or a physical store.
Provide a Smooth and Intuitive Checkout Process
The checkout process on your e-commerce store is a critical touchpoint for customers. When implemented right, payment gateway solutions can offer a smooth and intuitive checkout experience. This ensures that your customers can make payments swiftly and securely using their preferred cashless payment.
Invoice Clients or Customers Remotely
Entrepreneur-travelers can now invoice clients or customers from anywhere in the world. This level of flexibility allows you to maintain professionalism and convenience, whether you’re sipping coffee in a bustling café or relaxing on a tropical island.
Accept Cashless Payments
Going cashless is not just a trend that will eventually go out of fashion shortly. It’s a necessity in today’s digitalized world. With modern payment solutions, you can accept cashless payments in the form of credit or debit card payments, QR code payments, and digital wallet payments. This makes it easier for customers to make purchases and for you to manage your finances while traveling.
Pay Suppliers and Business Partners on Time
Timely payments are essential for maintaining positive relationships with suppliers and business partners. Modern payment solutions enable you to make on-time payments, regardless of your location, so your business operations can run smoothly.
The fusion of entrepreneurship and travel is no longer a distant dream but a tangible reality, thanks to modern payment solutions. Avid travelers who also own businesses, like yourself, can now navigate the world while staying connected to their businesses. While exploring new destinations, your business can continue to accept payments, send invoices, and make other financial transactions with ease.
The functionality of these solutions allows you to unlock success on your terms, which makes your journey as exciting as your destination. So, embrace the future of business, where borders no longer limit your entrepreneurial aspirations.
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