Along with the rise in the number of Covid-19 cases in the country is the rise in the number of online transactions. Most business entrepreneurs and consumers now prefer doing business digitally which is one of the aspects of the “new normal”. And with the necessity of online transactions nowadays, most online business owners struggle to cope up with the payment arrangements. The manual payment arrangements from their increasing numbers of customers are such a pain. But PayMongo has got that covered.
What is Paymongo?
PayMongo is a payments processing platform that allows online merchants to easily manage and accept payments from their customers. This financial technology company provides gateway from multiple payment channels such as credit/debit card, over-the-counter or electronic wallets.
PayMongo uses digital technology to make collecting payments easier with the following:
It enables the online seller to provide a sharable link to the buyer via email, text or social media. When the customer clicks on the link, multiple payment options appear.
Customer can choose from credit cards, e-wallets like GCash and GrabPay and bank transfers. Over-the-counter payments such as 7-Eleven and pawnshop payment centers are also available payment options.
An application program interface or API allows online merchants to integrate payments directly into their website or app. This means, customers can pay easily without any redirection to another page.
When It Started
PayMongo was founded in March 2019 by four brilliant Filipinos. Among them is Francis Plaza (CEO), an MIT engineer. His co-founders are Jaime Hing II, a software engineer; Luis Sia, a business entrepreneur; and Edwin Lacierda, a former Philippine Cabinet member. It was launched in June 2019.
In the startup stages of this Filipino fintech company, it secured a seed funding investment of $2.7 million (P140 million) from Silicon Valley investors to grow its business. These include investors such as PayPal co-founder Peter Thiel, Founders Fund, and digital company Stripe.
This paved the way for PayMongo to be the biggest seed funded in the history of any startup in the Philippines.
Plaza said in an interview with ANC that PayMongo’s partners grew from 10 to 1,700 within just four months. It aims to hit a total of 10 million transactions by mid-2020.
Before the Covid-19 pandemic erupted, not many Filipinos were fond of online transactions. This is because buying online was such a hassle and a complicated process especially when it comes to payment. Before, the common practice for online purchasing is that the seller texts or sends a private message to the buyer. The message includes the total purchase amount and bank information. The buyer then goes to the bank and has to stand in line to pay the amount over the counter. Once paid, the buyer sends a picture of the receipt to the seller. Only then will the seller process and deliver the goods.
Until today, there are still online sellers that practice this kind of payment process. The perfect solution to this painful payment practice is PayMongo.
PayMongo makes it so much easier and faster to make payments online. With the integration various payment methods, online sellers are now able to offer a more convenient way of online payment.
with the buyer’s preferred means of payment.
Today, more and more Filipinos are adopting online payments. And PayMongo makes the online selling industry performance’s easier and smooth-sailing, from small, medium to large business enterprises. And since it is a Filipino-based financial technology company, PayMongo is something that we Filipinos can be absolutely proud of.