Businesses serve as a major catalyst and engine for economic development and growth. As new technologies emerge and markets diversify, micro-small-medium and large-size enterprises are anticipating the need to maintain pace by adopting electronic payment financial services to broaden business gains and consumer reach.
By adopting e-Payments, businesses can:
- Create opportunities for financial access and affordability for those formerly excluded from formal financial systems, which in turn grows customer base
- Develop new market access and economic development by opening new revenue streams, and greater reach of fee-for-service business models in under-served areas by reducing transaction costs
- Increase cost savings by diminishing the direct/indirect costs associated with physical cash-handling and in-kind goods
- Expand transparency and accountability in tracking of financial flows through electronic receipts, resulting in less fraud and exposure to risk
- Enable faster and safer means of delivery of funds with real-time activity and electronic receipt confirmation
According to a study of the Philippines by the Better Than Cash Alliance, the corporate sector could save nearly half of its invoice-handling costs if it adopted digital payments instead of checks and cash. At the same time, the banking sector could boost net profit by almost 10 per cent.