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If you are a small business owner, you know that being able to cut operational costs will be exceptionally helpful to your company. Small online businesses have flourished in the pandemic but the demands for payment acceptance efficiency over the last few months have also increased. Customers want it faster, easier, and more secure.
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Photo byKampus Production from Pexels |
How AUB Is Helping Sellers By Enabling Mastercard Acceptance Via QR
No more costly terminals
It’s because of the changing landscape of online selling that Asia United Bank (AUB) has enabled its AUB Paymate merchants to accept Mastercard payments using a QR Code. Because of this development, online sellers using AUB PayMate are spared from the hassle and added cost of getting point-of-sale or card terminals to accept Mastercard payments from their customers.
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| In photo (L-R): Elena Torrijos, publisher and digital editor of MoneySense; Wilfredo Rodriguez Jr., executive vice president for IT and Operations of Asia United Bank (AUB), and Mags Surtida, AUB first vice president and Cards & Acquiring Business Group Head during the “Tap & Click with AUB” virtual briefing on Oct. 20. |
AUB First Vice President and Cards & Acquiring Business Group Head Mags Surtida, during the “Tap & Click with AUB” virtual briefing, unveiled the latest feature of AUB PayMate.
“AUB PayMate can now support different types of payment transactions, including card payments,” said Wilfredo Rodriguez Jr., AUB executive vice president for IT and Operations.
AUB PayMate is the bank’s all-in-one digital payment acceptance product that enables all types of merchants to accept digital payments, whether local or foreign e-wallets, bank payments, and cards, from their customers.
QR Code makes payments simpler
I’m sure many of you are familiar with what a QR Code is by now. It’s a type of barcode that lets individuals scan the information it contains using their smartphones.
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| Photo by pexels.com |
It’s the same technology that the bank is using to allow secure payments via AUB Paymate. With it, customers can simply use their smartphone camera to scan the Card QR code displayed on the AUB PayMate merchants’ stores.
The buyers will then be directed to a secure AUB PayMate checkout site and receive an OTP to complete and secure the transaction. Merchants can then view the payment status in real-time using the AUB PayMate app or portal.
“AUB PayMate merchants have been trained to accept QR payments since we started in 2017 as an e-wallet/QR payments acquirer. We want them to have the same digital payment acceptance journey by providing them a Card QR code to accept Mastercard payments,” Surtida said. “We want to provide a solution by innovating on the card acceptance process.”
This expanded digital capability also allows merchants, especially micro, small, and medium enterprises (MSMEs) to do away with costly card terminals.
“There are a lot of merchants that are not able to accept Mastercard payments because of the high cost of card terminals. In addition, merchants are usually required to meet a certain monthly transaction volume processed on the card terminal. If they don’t meet this quota, merchants can either lease or lease
to own the terminal. This is the reason a lot of MSME merchants only accept cash payments,” added Surtida.
to own the terminal. This is the reason a lot of MSME merchants only accept cash payments,” added Surtida.
During the virtual briefing, AUB also demonstrated the wide acceptance of its other digital platforms, including the early adoption of the national QR PH code for convenient fund transfers and payments via QR across banks using the AUB mobile app, HelloMoney e-wallet, and AUB PayMate.
Epilogue
This latest advancement from AUB is definitely a big help for online sellers, especially those who are just starting out in their business venture. At the same time, a QR Code provides customers a quicker and more secure option to hand over their payment to their favorite online sellers.
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Wow thank you for sharing complete details dadi iv good news itong advancement ng AUB sa mga online seller or kahit sa other business mas convenient na mag bayad easy transaction pa.
ReplyDeleteWow this is good news, this makes it more convenient and safer po.
ReplyDeleteTlgang malaking po ito sa mga online sellers lalo na sa panahon ngayon na mas dumadami na ang mga online sellers . Thank you for sharing this 😍❤️ (Joaquin Eli Bacod)
ReplyDeleteThis is really such an Helpful News, lalo na sa mga May small Business at Nagsisimula palang, Thanks for sharing this Sir, and Truly bery convenient and Easy to Use po
ReplyDeleteThis is very helpful to all online sellers. Asia United Bank (AUB) has enabled its AUB Paymate merchants to accept Mastercard payments using a QR Code which is the most convenient way of payment.
ReplyDelete