Experience Easy with GCash for Business

The Philippines is highly competitive, with businesses of all sizes, both local and international, vying for a share of business. For nano, micro, small, and medium enterprises (NMSME), which make up 99.6% of all businesses in the country and employ 62.1% of the workforce, the current economic climate presents new challenges that only some can overcome. Despite this, these businesses continue to play a vital role in the country's economy.

Of the 80M registered users using the GCash app, 6M are merchant and social sellers—making businesses of all sizes participate in the country's largest digital ecosystem.

The current business landscape

Many small and medium-sized enterprises in the Philippines face financial difficulties due to inflation, causing higher costs and reduced revenues. This puts these businesses in a difficult situation as they require more resources to succeed in a volatile market, but many need access to adequate financing. A 2023 study by the World Bank found that 32% of NMSMEs in the Philippines do not have sufficient financing. Consequently, these businesses must catch up and work hard to keep up with larger, better-resourced companies.

To empower and equip local businesses to achieve commercial success, GCash for Business held the “Experience Easy” Business Summit to provide Philippine businesses of all sizes with tailor-fit solutions that help them respond to an increasingly demanding local market.

“The market offers numerous business solutions available, but few are tailored for small businesses with limited resources. Small business owners often lack the expertise, experience, large teams, and financial resources required to scale their operations and get access to necessary tools. They often have to juggle multiple roles,” said Kate Cruz, head of B2B Marketing. “GCash aims to make it easy for NMSMEs in the country to be equipped with the necessary and affordable solutions to succeed in their businesses and provide good customer experiences, as they are key drivers of our economy's growth.”

Experience Easy with GCash for Business

With mobile usage accounting for about 70% of internet traffic and is projected to increase in the coming years, businesses have ample opportunities to offer unforgettable experiences to their customers. However, with countless channels to choose from, creating such experiences can become overwhelming and expensive.

With a multitude of financial products and services available for every Filipino, GCash for Business has already done the legwork for many NMSMEs that don’t know where to begin or where they can get their money’s worth. With the new products specifically crafted to cater to NMSMEs’ needs, here’s how business owners can take it easy with GCash for Business:

Easy to choose the right solution for every business need

GCash for Business offers three packages with curated benefits, depending on the business's needs. With the Starter, Standard, and Advanced packages, business owners can set or expand wallet limits, choose simple or advanced merchant solutions, take advantage of lending options, acquire business insurance, and access different upskilling tools from CANVA and Start-up Village. This way, it’s easy for business owners to manage their resources and acquire new solutions as they scale their businesses.

(Starter and Standard packages coming soon)

Easy to access and sign up with their business

Consistent with every GCash product, businesses can skip lengthy approval processes and cumbersome documentation requirements. With GCash for Business, accounts with relevant business information can sign up for any package with significantly fewer documents to submit.

Business owners will also enjoy the convenience of managing several functions in one dashboard as necessary tools are easily accessible via the GCash Pro Website. With the GCash Pro Suite, users can self-onboard, generate and download their own merchant QR, gain real-time access to their merchant wallet, and do transfers to other GCash accounts and banks using their dashboard. Other features within the GCash Pro to help businesses will be launched soon.

(Advanced Package now available on the GCash Pro website)

Easy-to-pay-for solutions

Since the biggest struggle for most NMSMEs is managing resources, GCash for Business has also made it easy for business owners to manage their package payments. Businesses only need to pay for the services they need according to the packages and only incur 1-2% in fees depending on their chosen solution. NMSMEs can also enjoy easy access to additional capital through GLoan for Business, which provides eligible business owners with an instant source of cash in just a few taps on the GCash app. Active GCash users also benefit from more favorable loan offers to further fuel their business based on their credit profile.

“GCash for Business helps small businesses stay ahead in the digital age by providing manageable packages that cater to their specific needs. With the convenience of managing several functions in one app, easy payment options, and access to a variety of financial products and services, businesses can focus on providing excellent customer experiences to ensure their success,” said Katre Francisco, head of Merchant Solutions at GCash.

NMSMEs can engage and retain their customer base by fulfilling their demands, resulting in bigger opportunities to grow and maintain their business. With the increasing popularity of digital payments and online transactions, enterprises in the Philippines can now offer easy and flexible online and offline payment options and rewards to millions of Filipinos through GCash for Business.

For more information on the solutions offered by GCash for Business, head over to https://www.new.gcash.com/business/nmsme

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Editor’s Note: This article was provided by GCash.