Accordingly, the use of online payments and mobile wallets have also seen a significant rise in the past several months. As this trend gains momentum, one such payments gateway provider that is aiming to get a significant share of the local market is Paynamics, a homegrown electronic payments company. 

Paynamics takes pride in its 10-year track record in enabling financial services through various digital payment methods. Paynamics is backed by its strategic partners, Beenos Inc., a publicly listed Japanese e-commerce operator, and Expresspay Inc., a fintech aggregator in the Philippines operating since 2011. 

Through its Paynamics Biz, the company aims to help small and medium business owners in the Philippines by providing them with secure and reliable electronic payment channel. 

“We designed Paynamics Biz to solve the collection and disbursement pain points of SMEs, especially during this unprecedented global pandemic that has rendered them cash-strapped and hanging by the thread,” said Mylene Magleo, Paynamics president and chief executive officer. 

What sets Paynamics Biz apart from other similar products is that it is a fully featured small business wallet as opposed to a general-purpose consumer wallet. As such, merchants can accept payments from both online and offline methods. 

“Most e-wallets cater to consumers,” said Paynamics Chairman and Founder Ronald Magleo. “With Paynamics Biz, we are targeting to register over 100,000 merchants over the next three years. During this period, we aim to have more than 60% actively using our e-payment services,” he added. 

With its track record and decade-long presence in the Philippines, Paynamics offers to its merchant partners its broad experience and knowledge in the payments industry, as well as a collaborative business approach.

Customers, meanwhile, will enjoy convenient payments with Paynamics' vast payments with both banks and non-banks.

If you are a small business owner, here are the top reasons why Paynamics can be your partner for success:

Paynamics Biz currently offers two types of digital payment services depending on the SMEs’ needs. One is Pay via Link, which targets merchants that sell through digital channels such as Facebook, Instagram, or freelancers, consultants, or professionals who need to collect payments through email or messaging platforms.

The other payment solution is the All-in-One QR Code for merchants with physical stores such as restaurant owners, food stalls, courier services, taxi franchisers, charity organizations, event organizers, and accommodations, among others. 

Paynamics became a Certified Operator of Payments Systems last February and obtained an e-money license from the Bangko Sentral ng Pilipinas (BSP) in June 2020, enabling the company to engage in the e-money business as a non-bank institution. 

Being a licensed e-money issuer means Paynamics has met the BSP’s minimum capital requirement of P100 million to maintain the business. Aside from the e-money license, Paynamics also holds a BSP license as a remittance agent for its mass payout product. 

Paynamics keeps its system secure by implementing policies and procedure to ensure that the system is maintained and always up-to-date in addressing vulnerabilities. 

Furthermore, Paynamics conducts, quarterly and yearly audits from qualified security assessor to ensure it is adhering to strict security and compliance standards. 

Lastly, the Paynamics team itself undergoes periodic risk assessments in integrations to ensure that customer experience is uncompromised.

Paynamics understands the needs of local small and medium enterprises. The pandemic has caused many businesses both locally and globally to tighten their wallets just to survive. 

As such, they have packaged their products and services with both reliability and affordability in mind. This is already a big advantage especially since most online businesses in the Philippines are just startups. 

While most big banks in the country hold e-money licenses and more fintech firms are entering the space, Paynamics is confident it can emerge as a significant player, particularly in providing e-payment solutions for SMEs. 

The fast-growing fintech company expects to generate 100,000 transactions per day by 2021 and by eight times bigger by 2025.