Building a Remote Business: Modern Payment Solutions For Filipino Entrepreneurs
Can you operate a successful business while traveling? Not too long ago, before the dawn of the internet age, the answer may have been a resounding no. These days, however, traveling while working is quite the norm for many people. Utilizing technological innovations, people are no longer confined to their offices or places of business. They can be free to take months-long working holidays at a tropical beach or a mountain getaway while they run their businesses remotely.
With an expanding digital economy, innovations like modern payment solutions are making it possible for Filipino entrepreneurs to combine their passion for travel with the demands of their businesses. What are these payment solutions, and how can they aid business operations remotely? Let’s find out in this article.
Different Modern Payment Solutions
During the COVID-19 pandemic, there was a need to prevent the spread of infection via traditional cash transactions. This catalyzed the rapid adoption of contactless and cashless payment solutions. Even after the threat of the virus diminished, these payment systems remained widely in use. According to the Bangko Sentral ng Pilipinas, the digital payments’ share of the total retail transactions rose to 40.1 percent in 2022 from just 26.8 percent in 2020.
Today, there are countless apps and internet payment solutions that allow you to make and receive payments while on the go.
Digital Wallets
Digital wallets have revolutionized the way people make and receive payments. With enterprise wallet apps and associated services like QR payment acceptance, you can carry an entire payment ecosystem right in your pocket. These digital wallets offer security and convenience, which makes them an indispensable tool for entrepreneur-travelers like you. You’ll be able to receive settlements, monitor the movement of your funds, and transfer funds to any InstaPay and PESONet-participating financial institution for free.
Payment Links
Payment links have emerged as a versatile tool for accepting payments from clients or customers even without a website. They allow you to send a secure URL link over various messaging apps that direct the payees to a payment module where they can complete the transactions. Whether you’re on a beach in Bali or a cafe in Paris, payment links are your ticket to receiving payments without borders.
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