ipaymy launches new product to help Singapore's restaurants accept online credit card payments during COVID-19 circuit breaker
SINGAPORE, May 22, 2020 /PRNewswire/ -- ipaymy, the Singapore based payment optimisation platform for small businesses, has announced the launch of a new product to help Singapore's restaurants quickly establish online card acceptance capabilities in the midst of the government mandated closure of on-site dining at food establishments islandwide.
Restaurant operators in Singapore have been scrambling to get food delivery operations up and running since the start of Singapore's circuit breaker last month. In fact, a recent survey suggests 42% of restaurants are now offering delivery for the first time, and while most have a physical POS (Point of Sale) terminal at their locations, more than half are not equipped to take credit and debit card payments online. As Singapore's restaurants have now shifted all of their business to delivery and contactless takeaway, one key challenge faced is how to collect payments from customers without being able to physically swipe or tap their card.
Hearing about these challenges first-hand from their customers, ipaymy developed a new restaurant focused card acceptance product in what ipaymy's CEO, Ethan Dobson, called "an all-hands effort to support the restaurants in our community". The product enables any restaurant operator to start accepting card payments online in just a few minutes. Built around a custom payment request workflow, it features flexible payment request options like instant SMS payment, and secure payment links for WhatsApp, email, and other communication platforms. The dashboard also provides the tools restaurants need most, like the ability to check payment status, and refund all or part of an order.
"While our platform is built to help all small businesses manage cash flow and digitalise their incoming and outgoing payment operations, it's important to recognise that the challenges faced by each segment are highly nuanced. We want to support local restaurants by making the answer to the question 'how can I be paid' as simple as possible.", said Dobson.
As a company dedicated to helping small businesses optimise cash flow, ipaymy's new product also ensures that restaurants get their money quickly. Payments processed through ipaymy are deposited directly into the restaurant's bank account within two business days. This is a stark contrast to other online card acceptance platforms that offer weekly deposits. ipaymy will also be offering the service for an industry-low flat fee per payment and without any subscription or other monthly fees. In light of the recent controversy around the egregious fees charged by popular food delivery platforms, ipaymy's competitive pricing and short settlement time makes shifting delivery operations in-house an attractive option for many restaurants.
"One day we woke up and the world changed. We had to figure out how to quickly shift to being 100% delivery and takeaway business. For us, paying high fees to delivery services would have been a necessary evil. But with ipaymy we've been able to more easily make the transition while keeping costs under control. It's really a great tool that has made these tough times more manageable.", said ipaymy customer, Julian Serna of Panamericana Restaurant on Sentosa.
Restaurants operators can sign up to accept their first payment today Here
ipaymy is a payment optimisation platform focused on helping small businesses improve cash flow by enabling them to easily accept credit card payments from customers, and use their own cards to pay business expenses such as invoices, rent, tax, and more. ipaymy's Pay, Be Paid, and Pay Abroad products are available in Singapore, Hong Kong, and Malaysia. To learn more visit www.ipaymy.com
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