PaySoon by Pay Solutions Co., Ltd, Thailand’s first online payment service provider, launched “PaySoon” financial technology solution to boost liquidity for Thai business operators as it aims to help drive economic recovery and enhance innovation development among digital-driven businesses in Thailand. Pay Solutions also partnered with VISA, the world's leader in digital payments, and Bangkok Bank Public Company Limited to create an integrated digital payment ecosystem for seamless business operations and online business-to-business payment transactions between merchants or vendors and corporate customers. The digital transactions will be made through corporate credit cards, in which corporate customers can enjoy a range of privileges, including payment due date extension, faster credit card settlement processing in order to boost liquidity for business operations, reducing operating costs, and waivers of the first-time membership and monthly fees. Cardmembers are only subject to just the transaction fees.
Mr. Pawoot Pongvitayapanu, Chief Executive Officer of Pay Solutions Co., Ltd, said that running the business amid the changing business development landscape and the COVID-19 pandemic resulted in a sluggish Thai economy over the past 2 years. The economy might be recovering at a slower pace than expected due to the impact of the Russia-Ukraine conflict. It has led to businesses having to adjust themselves to deal with the challenges. One of the most notable changes in the business landscape is the growing presence of online transactions as cost management is strategically of paramount importance. Therefore, the company developed a smart solution and service to help corporations and entrepreneurs seamlessly continue their business operations. Pay Solutions launched PaySoon financial service platform to boost liquidity and enhance financial management efficiency for corporate customers. PaySoon serves as a central payment gateway to facilitate transactions between buyers and sellers with all payments to be made online through corporate credit cards. Cardholders are exempt from the first-time membership and monthly fees. Specifically, there is no interest payment and there is only a transaction fee incurred from payments for products and services. More importantly, PaySoon is also a right solution for buyers who want to extend payment due date and responds to sellers or merchants who need faster credit card settlement processing in order to receive the money via PaySoon system after completing their sales process. Sellers do not need to shoulder the risk in offering credit terms to customers and partners.
PaySoon is an online payment service platform to provide corporations with greater convenience in business-to-business transactions. It gets support from strategic partners to develop and optimize digital payment efficiency. They are VISA, the world-class leader in digital payments and Bangkok Bank Public Company Limited, which is a financial institution that is committed to leveraging financial innovations for a better engagement in corporate cards and business-to-business (B2B) payment as the bank continues to introduce new financial products and services so that its corporate customers will have more payment options.
Chavi Jafa, Head of Business Solutions, Asia Pacific, Visa, said, “We are excited to work with PaySolution and Bangkok Bank to introduce PaySoon to help businesses make and accept payments seamlessly and securely. There is tremendous opportunity in the business-to-business (B2B) payment space to convert cash to digital payments. With PaySoon, a business credit card can also double up as a planning and budgeting tool, helping businesses to optimise their working capital and potentially reduce their operating costs, which is crucial in the current business climate. Our goal at Visa is to work continuously with the industry to introduce innovative payment solutions that can better support B2B transactions.”
According to the 6th edition of Visa’s Global Back to Business study[1], more than seven in ten (73%) small businesses surveyed said accepting new forms of digital payments is fundamental to growth in 2022. In addition, nearly six in ten (59%) small businesses surveyed said they already are, or plan to, use only digital payments within the next two years.
PaySoon is a legal entity established to serve as a central digital payment platform to settle business-to-business payment transactions for corporate customers. PaySoon is developed to optimize digital transaction and financial management efficiency of corporations with the real-time back-office management system provided for users to monitor and verify all transactions in real-time by 24 hours. Users can personalize the system and customize permissions for account users to access data, features, menus and transaction reports for the best benefits of both buyers and sellers.
1. Benefits for buyers, buyers can easily apply for the online payment service with only a few documentation submissions. It is fast and convenient. When a user login process is completed, a user can make payments using a credit card that was linked and bundled with the PaySoon platform in order to complete a transaction for a registered seller with an interest-free period over up to 45 days provided.
2. Benefits for sellers, PaySoon can greatly increase liquidity as sellers and merchants can get faster credit card settlement after wrapping up the sales processes. It helps reduce financial burden associated with offering credit terms for customers, lessen the problems related to long-term debtors as well as reducing the credit-loss ratio. Importantly, it is easy to apply for with only a few documentation submissions and there are no service charges and additional expenses. Sellers can track, monitor, and verify all transactions by 24 hours. The launch of this flexible online payment option for sellers can help increase sales opportunities as small businesses and SMEs can take advantage of the working capital at disposal to further drive business development.
Pay Solutions sets a goal to have no less than 720 million baht worth of combined transactions for the first year of operations. At present, multiple businesses across segments started using the PaySoon payment service platform. They included Seabra Trans International Co., Ltd, a regional logistics solutions provider, Little Munchy Co., Ltd, a manufacturer of Happy Munchy meals for kids, BUILKONE Group Co., Ltd, a developer of software for the construction industry, where there are more than 18,000 SMEs in 5 countries in Southeast Asia, and Charming World International Co., Ltd, operator of the CHAME health and beauty brand.
“Regarding the marketing and communications strategy for the PaySoon platform, the company focuses on doing marketing content and communicating with target customers via online media platforms so that they can understand the advantages and functionality of PaySoon. The company also gives priority to creating advertising campaigns and collaborating with partners, financial institutions, credit card companies, and technology service providers in order to reach out to target customers and clearly communicate about the benefits and advantages of PaySoon. This year, PaySoon also sets a target to help businesses improve their liquidity and working capital, including buyers, payers, sellers and merchants, so that they can further build multi-dimensional growth in their businesses through the use of our financial innovations,” added Pawoot.
For more information, visit www.paysoon.net or contact Facebook: www.facebook.com/Paysoon.net or call 02-821-6163.
[1] The Visa Back to Business Study was conducted by Wakefield Research in December 2021 and surveyed 2,250 small business owners with 100 employees or fewer in Brazil, Canada, Germany, Hong Kong, Ireland, Russia, Singapore, United Arab Emirates and United States. The consumer section surveyed 1,000 adults ages 18+ in the United States, and 500 adults ages 18+ in Brazil, Canada, Germany, Hong Kong, Ireland, Russia, Singapore and United Arab Emirates.