There has never been a better time to start a business, and in the Philippines, this is a well-known fact. Through the years, we’ve seen how the country has enjoyed a rapidly growing economy of new entrepreneurs.
In fact, just a couple years ago in 2021, it was recorded that 99% of all Philippine businesses are micro, small, or medium in size.
What this tells us? The Philippine economy thrives on supporting small businesses.
Especially with the growth of ecommerce and the gig economy, it seems that the Philippines is set to see more and more Filipinos start their own businesses, either as their main source of income or as a side hustle.
The need for reliable payment tools for Philippine online businesses
Of course, despite having an economy built on micro, small, and medium businesses, every entrepreneur in the Philippines faces their own set of unique challenges.
One big challenge comes in the form of needing a dependable payment tool that safely lets customers pay through their preferred payment methods.
More than being more convenient for customers, Filipino businesses also need their payment system to be free from issues—which could mean anything from having a good reputation, less downtimes, lower transaction fees, and more.
Fortunately, online payment tools like PayPal exist exactly for these businesses to not only know they’re getting paid securely for their goods and services.
No matter where a Philippine-owned business conducts its operations, PayPal lets any entrepreneur accept and make payments locally or internationally.
Businesses can enjoy a wide range of features like invoicing, integrations with popular ecommerce platforms like Cococart, and mass payments. PayPal has easily become one of the preferred payment solutions for many online entrepreneurs in the Philippines and around the world.
In this blog post, we want to show you why your business in the Philippines ought to consider using PayPal to accept—and even send—payments for your online store.
What is PayPal? Introduction to PayPal Business
You’ll be hard pressed to meet any entrepreneur that hasn’t heard of PayPal.
The company had its humble beginnings way back in 1998, when a group of tech-savvy entrepreneurs decided there had to be a better way to do online payments.
At the time, sending money online was a major headache—slow, expensive, and, truthfully, kind of shady. (Remember the early days of the internet with scammers galore, anyone?)
PayPal's founders saw an opportunity to make things better, and they acted on it. They worked on a new way to send money online that was fast, secure, and most important of all, easy to use.
Their first several customers and users loved the app—and before long, PayPal was the go-to payment method for millions of people all over the world.
Over the years, PayPal grew its main offering from being a way to send payments to creating invoices, currency calculators, and more.
They've added new features, expanded into new markets, and even changed their logo a few times. But one thing that's never changed is their commitment to making online payments as simple and painless as possible.
With this powerful payments tool for businesses in the Philippines, PayPal comes full of valuable features and tools to make managing your finances a breeze, from invoicing, recurring billing, and payment tracking.
Let's explore some of the features to see why this tool is a must-have in your online toolstack.
Why should you use PayPal for your online business in the Philippines?
Accept local and international payments with ease
Whether you’re selling locally in the Philippines or to a global audience, PayPal has the features to support you.
PayPal offers a range of payment options for customers, including credit cards, debit cards, and bank transfers, giving them the flexibility to choose a payment method that best suits their needs.
Having this kind of flexibility for payment methods is especially important for Philippine business owners who have customers from different parts of the world, like entrepreneurs and creators selling digital products.
With PayPal, your business in the Philippines can make and receive payments in over 200 markets worldwide, which is extremely helpful if you are trying to expand to new shores.
Because of PayPal's global presence, it’s possible to receive payments in different currencies from customers around the world then convert them to your local currency in Philippine peso (PHP).
And a huge benefit of this is being able to reduce the complexity and cost of cross-border transactions—making it easier and more affordable for businesses to engage in global commerce.
Managing payouts is easier on PayPal
While PayPal is an excellent choice for businesses in the Philippines looking to accept payments from local and international customers, the platform also provides a secure and reliable way for independent business owners to make their payouts while being protected from fraud and other security threats.
Businesses can send money to suppliers and partners in over 200 markets worldwide, allowing them to expand their reach and tap into new markets for supplies.
Paying out merchants and suppliers through PayPal also comes with some security features to set your mind at ease, such as real-time payment tracking, automatic reconciliation, and reporting.
PayPal supports risk prevention
For any business using PayPal, they get to access a comprehensive set of tools to help them manage their transactions and mitigate risks.
These risk management tools include risk transaction monitoring, risk assessment, and reporting. Their buyer and seller protection programs help to build trust and reduce the risk of disputes, meaning anyone can dispute payments they believe are fraudulent.
They also assist businesses with compliance support for local and international regulations, including anti-money laundering (AML) and Know Your Customer (KYC) requirements.
Streamline business operations digitally
The unique thing PayPal does is offer small business owners a full suite of tools to help them effectively streamline their operations. It starts from being able to accept and receive payments from anywhere in the world, but PayPal can quickly become so much more.
With PayPal, even businesses in the Philippines can stay competitive in the global market. By being able to do digital payments that cross borders, even an independent Filipino business can find itself going global.
With tools like real-time reporting and analytics to closely monitor cash flow, as well as being a centralized platform for managing customer information, PayPal helps businesses just starting out to operate like a truly global brand.
If you’re a business owner in the Philippines wondering if you should use PayPal, let this post give you the answer.
PayPal is an all-in-one payments platform for your business in the Philippines: accept and send payments, mitigate risk, and streamline your operations and customer management.
Ready to start selling online and accepting payments securely? Sign up for Cococart and integrate PayPal as your payment gateway today!