PAYNAMICS TECHNOLOGIES, INC. aims to add a third of small and medium-sized enterprises (SMEs) into its client base as businesses transition to a more digitized environment brought about by the pandemic.
“With Paynamics Biz, we are targeting to register over 100,000 merchants over the next three years,” Paynamics Chairman and Founder Ronald Gerald P. Magleo said in an online briefing on Tuesday, noting that the target is equivalent to a third of the over 300,000 SMEs in the country.
The firm will be banking on consumers’ shifting mindset as they are getting more comfortable with digital transactions because of the restrictions caused by the coronavirus disease 2019.
“For example, online school learning, food ordering, or online retails or paying for online bills and remittances — they’re now doing it online because of the fear of going out to transact or carry out their errands,” said Paynamics Chief Executive Officer and Co-founder Mylene C. Magleo.
The firm’s platform called Paynamics Biz allows payment transactions through links and QR codes. It will soon launch an Android point-of-sale device for businesses with the facility.
Using the platform is free of charge, but businesses pay a 2.5% fee based on the gross amount of every successful payment transaction.
Mr. Magleo said the company is planning to enable SMEs to transition to more digital solutions. Cash ledger features may be introduced in the platform for small businesses that continue to manually track transactions via pen and paper, he said.
He said the system has security features to guard transactions.
“We prioritize investments on compliance so we always allot between 8%-12% of our revenues to business development, this is related to cloud, the security and all of that,” he said.
Ms. Magleo said that while the focus is on facilitating local payments, Paynamics is looking at processing international payments made through Visa and Mastercard “very soon.” — Luz Wendy Noble