Embracing the preferences of your customers holds the key to unlocking new growth opportunities. In the Philippines 49% of the population exhibits a strong affinity for cash, which is higher than the regional average. In fact, Filipinos are the most likely to continue using cash even after the pandemic. Because of the familiarity, perceived security, and the sense of financial control that cash provides, catering to this cash-driven mindset is important. In this era of digital transformation, you need to understand the importance of providing seamless payment experiences to your diverse customer base, regardless of how they choose to pay. With the flexibility of Over the Counter or OTC payments, more businesses are finding reasons to activate OTC payment channels.
Cash on Delivery (COD) and Over the Counter (OTC) are two popular methods for online businesses to accept cash payments. Unlike COD, which is restricted to physical goods transactions, OTC opens up a broader range of use cases even for non-physical goods, allowing businesses to tap into the immense potential of cash payments in various industries and service offerings, including loan repayment, installment and balance top up.
In this article, we present a comprehensive guide filled with tips and tricks to effectively activate Xendit’s Over the Counter (OTC) payments. Discover how Xendit’s OTC solutions offer a versatile, efficient, and secure way to accept cash payments, enabling you to stay ahead of the competition and propel your business towards success.
5 Reasons to Activate OTC Payment Channels Now with Xendit
Xendit can help power your OTC payment channels so that you can cater to more customers who may be unbanked, who prefer cash payments, or both! Here are 5 reasons to activate OTC payment channels for your business:
1. Expand payment reach with our extensive network of OTC partners
To effectively grow your business, it is crucial to accommodate the payment preferences of your customers, regardless of their location. By embracing Over the Counter payment solutions, you can expand your reach and cater to customers in rural areas, urban centers, and suburban communities across the Philippines. Xendit offers 11 OTC payment channels with more than 25,000 stores to help you process OTC transactions across the archipelago, making your payment options more inclusive and more relevant to more customers. Here are some of the OTC payment channels that Xendit offers:
2. Provide seamless payment experience with Xendit’s Checkout UI
We understand the importance of a smooth and seamless checkout experience for your customers. Business continues to grow when we keep on satisfying our customers, that’s why we take care of building a user-friendly and intuitive checkout user interface for your business.
When you integrate with our OTC Payment Channels, your customers will only need to go through a simple 4-steps process:
- Customer selects their most favored channel under Retail Outlets options at Checkout page
- Customer receives payment code
- Customer goes to OTC partner branch, presents payment code and pays with cash
- Customer receives notification that payment is completed
3. Personalize your OTC Payment Solution according to demand
Xendit OTC payment solutions offer versatility beyond traditional cash-on-delivery (COD) transactions. You can leverage OTC payments for various purposes, such as loan repayments, installment payments, insurance premium collections, and school fee collections, catering to a wide range of industries and businesses.
4. Maximize cost-efficiency with our quick settlement and competitive pricing
When it comes to your funds, Xendit makes sure you are able to access it when you need it so you can manage it better. Our fast settlement process ensures that you receive your money in as little as 2 days, allowing you to maintain a healthy cash flow and accelerate your business growth. If you’re curious about our pricing structure and want to explore the details further, check our pricing page here.
5. Enjoy real-time transaction monitoring with Xendit’s comprehensive dashboard
Managing your transactions becomes incredibly efficient when you have access to a unified dashboard that consolidates all payment methods in one place. Whether it’s online payments via e-wallets, credit cards, bank transfers, or even cash payments through OTC channels, you can easily monitor and control every transaction seamlessly from a single, user-friendly dashboard. Empowering you to monitor and track payment statuses, generate reports, and reconcile transactions efficiently keeps you on top of your business, anytime and anywhere.
Activate your OTC Channels now
If you’re aiming to connect with the 49% of Filipinos who still prefer cash transactions, utilizing Over the Counter (OTC) payments presents an ideal solution to meet their needs effectively. Here are 5 reasons to start activating OTC with Xendit.
- Expand payment reach with our extensive network of OTC partners
- Provide seamless payment experience with Xendit’s Checkout UI
- Personalize your OTC Payment Solution according to demand
- Maximize cost-efficiency with our quick settlement and competitive pricing
- Enjoy real-time transaction monitoring with Xendit’s comprehensive dashboard
Ready to unlock new possibilities with OTC Payment Channels? Click on the button below and let us know, our customer success team will be glad to assist you!
