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eCommerce business is growing? Add these payment options to attract more customers ASAP

A seamless payment experience with flexible payment options is integral to business growth. Nailing payments in the customer journey does not only make a brand trustworthy and credible, it can be one of the points that can significantly separate a brand from its competitors. Expand your business by adding more flexible payment options for your growing customer base:

 

  • Go cashless and contactless with card payments

Payments have moved beyond cash as contactless options are now considered essential with the emergence of the COVID-19 pandemic. In the Philippines, where cash used to be the unbeatable king (and it still is for the record), the pandemic forced Filipinos to try online alternatives when sending money, paying bills or shopping online. Aside from e-wallets, debit and credit cards are widespread both locally and internationally. It is also one of the most common online payment methods accepted online. Adding card payments as a mode of payment is a must especially when the market you’re serving is reliant on cards. 

  • Offer installments with a Buy Now Pay Later (BNPL) option

Buy Now Pay Later or BNPL has been growing to be an in-demand financing option that’s appealing to consumers that don’t have the money on hand or credit cards to make a certain purchase right now. Buy Now Pay Later (BNPL) offers consumers installment payments wherein the total is split into chunks and can be paid periodically, usually with interest. According to Research and Markets via PR Newswire, the Buy Now Pay Later (BNPL) global market is expected to grow to US$24.48 billion by 2028. It will make up a percentage of ecommerce transactions as the online market is growing at a rapid rate year on year. 

  • Provide over-the-counter options for cash payments

Most payments in the Philippines are still heavily reliant on cash, even with the rise of digital payments, especially with the likes of GCash and other e-wallets. Having an over-the-counter option, which allows customers to pay by visiting a physical location such as convenience stores, malls and remittance centers is a good option to offer especially in a culture that heavily uses cash. This also benefits customers who live in far-flung areas with weak connectivity or banking access. 

All of these are available via BUx, the Philippines’ leading payment solution developed by UBX: the fintech arm of UnionBank. Aside from over-the-counter, e-wallets and online banking, BUx Business clients can accept debit and credit card payments powered by Visa and Mastercard and offer installments with Buy Now Pay Later (BNPL) powered by Billease. BUx also has over 50,000 over-the-counter locations thanks to its wide range of payment partners nationwide.

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Anti-Fraud and Anti-Scam Reminder

BUx is a payments collection solution that caters to small businesses to large enterprises. Should you come across fraudulent attempts using the BUx brand, please inform us immediately at support@bux.ph