How to start a GCash Business and be a GCash Merchant

Achieving business success extends beyond a robust business plan, top-tier products, and a skilled team; it hinges on a well-crafted business strategy. Amidst these considerations, the choice of customer payment methods emerges as a pivotal aspect. The selection of optimal payment methods isn’t just a mere detail; it wields significant influence on the overall success and growth trajectory of a business. Making informed decisions about customer payment methods holds paramount importance because it:

1. Directly impacts how customers perceive your business;
2. Will expand your customer base;
3. Will reduce abandonment rates;
4. Facilitates faster transactions;
5. Makes your business accessible across borders and countries;
6. Fosters trust and credibility among customers; and
7. Keeps you updated with industry trends.

One industry trend growing exponentially is digital payments.

The Rise of Digital Payments

Among Southeast Asian nations, the Philippines stands proudly as a frontrunner in harnessing the power of digital payments to fuel its economic dynamism. The 2022 Status of Digital Payments report unveiled by the Bangko Sentral ng Pilipinas (BSP) states digital payments have asserted their dominance – now commanding an impressive 42% share of the retail payments landscape. This meteoric rise from a mere 14% in 2019 underscores a robust shift toward digital financial avenues. Person-to-business (P2B) merchant payments have now surged to seize an imposing 73% slice of the expansive digital transaction pie, a statistic that resonates powerfully across the spectrum of over two million digital exchanges.

GCash Pioneering a Digital Revolution

GCash is at the forefront of the digital payment frontier in the Philippines. With an impressive user base exceeding 66 million registered individuals and over 5 million merchants and social sellers as of June 2022, GCash has seamlessly woven itself into the financial fabric of the nation. The vigor of its influence is evident as 29 million users actively engage with the platform daily, propelling transactions to an astounding gross transaction value (GTV) of Php 3 trillion in the initial half of 2022 alone.

Also Read: The Future of eCommerce & Digital Payments in Asia

The architect behind this monumental success story is Mynt, a remarkable joint venture forged by the dynamic partnership of Ant Group, Ayala Corporation, and Globe Group. Mynt’s ascent to the prestigious “double unicorn” status in November 2021 marks a significant milestone. The first feather in their cap comes from propelling from a startup with a value below $1 billion, while the second, an impressive $300-million equity deal, solidifies their position as a true powerhouse in the financial technology domain.

Why Choose GCash for Your Business

GCash emerged as an industry trailblazer by introducing its pioneering mobile app back in 2012. This pivotal move marked a seismic shift, heralding an era of unparalleled convenience for users navigating financial transactions. Gone were the days of grappling with labyrinthine codes and typing out cumbersome keywords. With the advent of the GCash app, users wielded the power of seamless transactions at their fingertips. From bill payments to fund transfers and account reloads, these pivotal actions metamorphosed into effortless taps on a smartphone screen.

GCash’s ingenuity surged even further with the introduction of its QR code-based payment service. This innovative feature seamlessly integrated into the app elevated the user experience to new heights. By harnessing the power of QR codes, GCash ushered in a realm of frictionless transactions, transcending the boundaries of traditional payment methods.

With 5 million merchant partners, the virtuosity of GCash’s reach isn’t confined to a single industry but dances dynamically across sectors. From the bustling aisles of retail havens to the bustling kitchens of gastronomic delights, GCash’s reach extends its transformative touch to supermarket chains, food establishments, and pharmacies alike. The allure of convenience transcends even into transportation, entertainment, and the medical sphere.

Becoming a GCash merchant partner is a gateway to a dynamic ecosystem of transformative commerce. Seamlessly integrating GCash into your business amplifies reach, enhances customer experiences, and positions you at the forefront of innovation. Beyond transactions, this partnership unlocks a realm where adaptability meets advancement, propelling your business into a new era of growth and seamless transactions.

Becoming a GCash Merchant: How It Works

GCash Merchant is tailored for business owners. This ingenious service enables all GCash users to breeze through payments using their e-wallet balance by scanning the merchant’s QR code. The QR function of GCash lets merchants keep tabs on sales effortlessly. Plus, it brings automatic payment transfers to their bank accounts, streamlining their financial flow. GCash Merchant is not just about payments; it’s about making life smoother for businesses and customers.

Take these steps to be a GCash Merchant:

For Individual or Sole Proprietorship

Submit:

• Fully-accomplished GCash Application Form
• Completion of the Scan-to-Pay application form
• Proof of Banking (e.g., passbook or bank statements)
• Branch Enrollment Form (BEF)
• Implementing Agreement
• Signed GCash KYC Form
• Photocopies of:
• Non-expired government-issued ID with specimen signature
• DTI Business Name Registration
• BIR Certificate of Registration (form 2303)
• Mayor’s Permit, Brgy. Clearance

For Partnership and Corporation

Submit:

• Fully-accomplished GCash Application Form

• Bank Account Documentation (such as a passbook or bank statements

• Branch Enrollment Form (BEF)

• Agreement on Implementation

• Signed GCash KYC Form

• Photocopies of:

  • SEC Certificate of Partnership/Incorporation
  • Articles of Partnership/Incorporation
  • Corporate By-Laws
  • Latest GIS document with Beneficial Owners Declaration (Corporation only)
  • BIR Certificate of Registration
  • Notarized Secretary’s Certificate/Partnership’s Certificate
  • Non-expired government-issued ID of the corporate secretary and authorized signatories

The application process takes between 7 to 14 business days.

• Day 1 Complete document submission, including signed MOA
• Day 2 Review of application
• Day 3 QR wallet creation
• Day 4 QR production and kitting
• Day 7-11 Delivery (NCR area)
• Day 7-14 Delivery (Provincial area)

Unleashing the Benefits: What GCash Merchants Gain

As an entrepreneur, your core mission revolves around delivering value to your customers. Enabling them to shop and transact effortlessly provides you with a strategic edge. By streamlining the shopping and payment process, you’re empowered to concentrate your energies on amplifying the quality of the products and services you provide. This dynamic synergy ensures that your business’s offerings remain at the forefront of excellence while customer interactions flourish with seamless convenience.

As a GCash Merchant, sole proprietors get these advantages:

1. Harness a distinct QR code seamlessly connected to your personal GCash wallet, ensuring secure transactions devoid of sharing your registered phone number.
2. Unlock a wallet capped at Php 100,000, with the potential for an increase to Php 500,000 by linking a bank account.

GCash Merchant partnerships and corporations will enjoy these benefits:

1. Enjoy detailed transaction reports,
2. Experience lightning-fast payment transfers to your bank account by the next business day
3. Receive a QR kit brimming with promotional materials.
4. Embrace unparalleled flexibility with no monthly transaction limits.

Integrating GCash and Payment Gateways

As a GCash merchant, the synergy between your services and payment gateways is paramount. Incorporate GCash as a payment option on your website or mobile app, using Brankas' Open Finance technology to simplify the purchasing journey for your valued customers. Harnessing the power of the Open Finance technology not only streamlines payment processes but also opens up a world of financial possibilities for your business.

While the integration process may require a touch of technical finesse, the dividends of a frictionless payment experience are immeasurable. Here’s where Brankas steps in as your ally. With Brankas by your side, navigating the technical intricacies becomes a breeze. Our expertise in Open Finance technology ensures that your GCash integration is executed seamlessly, catapulting your business toward enhanced customer satisfaction and operational efficiency. Plus, with our innovative product, Direct Payments API platforms can effortlessly integrate GCash, further simplifying the process and unlocking even more possibilities for your business.