RCBC launches payment portal for businesses
MANILA, Philippines — Yuchengco-led Rizal Commercial Banking Corp. (RCBC) has launched a one-stop shop online payment enabler for businesses amid the growing need for digital payments and collections due to the pandemic.
Eric Buenaflor, senior vice president at RCBC, said the RCBC PayPortal aims to help businesses reduce the complexities of having to deal with several payment channels for their business payment solutions.
“With RCBC PayPortal, just talk to us, and we will give you everything you need to digitalize your business. We have a complete roster of digital solutions for financial management,” Buenaflor said.
The portal will help businesses in the collection of sales settled via e-commerce payments, whether they already have an online store or not.
The RCBC PayPortal connects to a merchant’s web store via an application programming interface (API), a software development kit for mobile apps, and plug-ins for e-commerce sites.
It then enables the business to conveniently collect from individual customers using comprehensive electronic payment rails, such as credit cards, direct debit through bank accounts, online banking, electronic wallets (e-wallets), and even over-the-counter payments.
“This eliminates the need for the merchant to deal with different branches of payment and collection or enter into multiple service level agreements with service providers, which can be quite tedious,” RCBC said.
For businesses without an online store, merchants could generate payment links for their customers via their web portal, or through a mobile-responsive online portal.
As payments are received, the RCBC PayPortal also allows them to view real-time transaction statuses and generate reports thereon using an online dashboard and payment page.
The platform is secured under a Payment Card Industry Data Security Standard Level 1 certification, uses 3-D Secure protocols, and incorporates stringent fraud management features.
Health, security, and safety protocols, and the resulting logistical restrictions, have forced individuals and businesses to shift away from traditional methods of settling business transactions in favor of online payments.