PayMongo, Robinsons Bank partner for SMEs' digital payments

Paymongo has partnered with another JG Summit Holdings’ banking unit, Robinsons Bank Corp. (RBank), in support of the digitalization of small and medium enterprises’ (SMEs) payments and transactions.

Last Nov. 25, Paymongo also announced that it has teamed up with the Gokongwei’s digital bank, GoTyme Bank, for flexbile SME financing.

In a statement, PayMongo said the collaboration will help SMEs “by providing simplified and innovative solutions for their digital payment needs.”

"Our goal is to empower SMEs in their digital transition. Partnering with RBank as an acquirer solidifies our dedication to providing seamless support for SMEs as they navigate the online landscape,” said Jojo Malolos, CEO of PayMongo.

For his part, RBank CEO Elfren Sarte said the partnership with PayMongo aligns with the bank’s digital program for SMEs. “We will offer a robust suite of digital payment solutions, empowering businesses to thrive in the digital economy," he said.

Both companies said the alliance should “revolutionize the way SMEs engage in digital commerce by offering straightforward and efficient online transaction solutions.”

“By combining PayMongo's advanced technology with RBank's financial expertise, this collaboration seeks to bridge the existing gaps in digitizing businesses, providing comprehensive solutions tailored to the evolving demands of SMEs,” according to the statement.

“This partnership will leverage PayMongo's intuitive platform, enabling SMEs to seamlessly accept online payments in a secure environment. Furthermore, RBank's extensive financial services and industry experience will augment the accessibility and reliability of digital payments for SMEs, fostering opportunities for growth and expansion,” it added.

As for the previous GoTyme deal, PayMongo and the digital bank agreed to work together to expand SME financing via business loans of up to P500,000 under PayMongo’s merchant ecosystem.

The agreement effectively streamlined the loan application process by providing a seamless, two-minute, two-screen journey. The first screen prompts users to input the desired amount and tenor, while the second screen requires confirmation and verification, said GoTyme earlier.

PayMongo merchants can also have seamless disbursement and receive the loaned amount in one banking day, depending on the receiving bank’s processing.

Other notable features include: flexible term of the loan and transparent pricing; and flexible pay schedule based on your daily sales and unfixed monthly amount.