One of the major challenges of small and medium enterprises (SMEs) is getting paid on time, if at all. A 2020 survey by the Asia-Pacific MSME Trade Coalition revealed the lack of operational cash flow as a major challenge for SMEs, with almost 50% of those surveyed having one month or less worth of cash reserves.
The Covid-19 pandemic accelerated delays in businesses getting paid because of the lack of available cashless payment options and overall uncertainty about digital payments. However, this has only emphasized the need for the Philippines to shift towards becoming a digitally powered economy and provide small businesses with the right resources to receive payments promptly.
SME Superapp Enstack recently released its Send Invoice feature which has made it easier for merchants to forward order summaries and payment links to customers. Any entrepreneur managing their business on Enstack can get paid instantly with e-wallets including Gcash, PayMaya, and GrabPay, bank transfers, even debit and credit cards. To offer customers these non-cash payment options that were previously inaccessible to them, merchants just need to upload one ID, a selfie, and proof of address on the app, bypassing large amounts of paperwork required by banks and payment providers.
The Send Invoice feature also addresses business credibility and security concerns stemming from paying through informal channels like personal wallets or bank accounts. Freelancers make up a large part of the user base for the feature as they constantly face challenges collecting payments from clients. Long-time Enstack user Ebrahim Fajardo has seen an increase in turnaround time after maximizing Enstack invoices to bill his clients for his video editing services. Now, his payment process is completed within a few clicks—all he does is create an invoice on the Enstack app and share the payment link via email or text message, which his clients then click to settle the bill.
Earlier this year, Enstack introduced Web Store, the latest of three sales channels that include Cashier and Chat Store which merchants can use to transact with customers. All Cash on Delivery and cashless payment options offered by the superapp are accepted on these channels.
“Enstack is committed to offering safe, secure, and seamless products and services that drive efficiency for SMEs to receive customer payments. By working closely with our partners, Enstack will enable more than 50,000 merchants to quickly receive payments, streamlining and simplifying what has previously been a manual and drawn-out process of submitting multiple applications and documents to different payment enablers,” said Enstack CEO Macy Castillo. “With the busy Christmas season coming up, we look forward to helping our merchants manage their business and cash flow more easily all in one app.”