The new normal is continuously affecting customers' needs and demands, causing waves of changes across industries.
What does this mean for businesses?
Business owners are placed in a situation where they need to be resilient and adaptive, in order to remain afloat during these turbulent times.
The Department of Trade and Industry reported that at least 90,000 businesses in the Philippines remain closed months after quarantine has been imposed – that is 6 percent of the 1.4 million micro, small, and medium enterprises (MSMEs) in the country. These businesses, no matter how big or small, are affecting countless lives, as seen in the increased unemployment rates this year.
Though the numbers appear grim, more and more financial institutions and organizations are stepping up and people are finding ways to keep moving, while entrepreneurs are pivoting their business and flourishing.
If you wish to also find ways to thrive in the new normal, here are some financial solutions that agile businesses today have maximized to survive and thrive.
A cash card functions like a prepaid, reloadable, multi-purpose card that you can use to store your money or make a debit purchase online or in-store.
This is a versatile tool that business owners can utilize to send wages to their employees who can then use it to withdraw money or pay for any transaction without the need for a deposit account.
BDO has a cash card that allows the cardholder to store up to P100,000, receive salary or money transfers in the card, and withdraw from any ATM including over 4,000+ BDO ATMs and 8,000+ Cash Agad partners nationwide — all without having to open a BDO Savings Account. This product enabled third-generation business owner Denise Alelis of Pampanga's Best to send salary payments and additional help to her staff.
Many businesses in the Philippines fall under the Small and Medium-sized Enterprises (SME) category, and with the changing times, they will need all the help they can get to pivot their business successfully.
This is where banks and financial institutions come in. Many are offering adjustable loans and cash advance options to help shoulder costs, credit card extensions, and timely insurance products to help protect the business.
Answering the call for help, BDO offered SME Loan. It has funding options tailored to support businesses to keep them moving even as the world remains at a standstill. BDO client Maylin Natan was able to rely on these services as recommended by her branch manager and account officers.
To get a quick computation on how much you can borrow, you can try this loan calculator.
Send and Receive Money Online
Now, availability, access, and convenience are important as the majority of the population choose to conduct business or banking transactions in the safety of their homes.
Sending and receiving money online through digital banking has never been more accepted than it is today. Both ends of the spectrum are rushing to make this service more available and convenient.
Business owners will find this useful for their business transactions – either by accepting payment from customers or sending payment to suppliers all without leaving their homes.
Through its Digital Banking, BDO has the Cash Pick-Up Anywhere feature where the recipient can get the money at Cash Agad partner agent stores such as Palawan Pawnshop, Villarica Pawnshop, BDO Network Bank, Cebuana Lhuillier, and M. Lhuillier Kwarta Padala.
Cash Agad Service
Underserved communities without quick access to ATMs and banks are finding it a challenge to get cash when they need it.
Businesses know that especially in times of emergency, a flexible solution is needed. Enter Cash Agad. This service aims to provide cash withdrawals to those in rural or far-flung areas, even without going to a bank or ATM. People only need to show their Philippine-issued ATM card to any of the 8,000+ authorized Cash Agad partner agents to get their much-needed cash.
Cash Agad also becomes an additional income source for sari-sari stores, mini-marts, or other small businesses that become a Cash Agad partner agent and provide this cash withdrawal service to their community.
As consumers welcome cashless and digital transactions, businesses will also need to be able to cater to payment aggregators and other modes of e-commerce payments.
Apart from this, they can also look into third-party payment providers to help process online transactions that their clients may prefer.
As one of the largest and leading banking companies in the Philippines, BDO aims to help people when life got challenging with its reliable and continuously innovating products and services. BDO Branches remained operational even during the Enhanced Community Quarantine in Luzon.
With all these solutions, BDO promises to support its client's business operations, their household's financial errands, and their company's specialized financial needs. It is constantly improving and upgrading its services to better serve the Filipino people.
Even in times of uncertainty and challenges, having a reliable financial institution or banking partner to lean on, is a big help in weathering through whatever disruptions the new normal may bring.
To know more about BDO and its services, visit its website. You can also follow its official Facebook page and YouTube channel.
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