A QUICK GUIDE TO USING E-WALLETS FOR YOUR COMPANY PAYMENTS

9th November 2021

Organizations can now use an e-wallet for business purposes thanks to the changing payment industry. Digital wallet solutions are gaining ground over traditional payment methods such as credit and debit cards, because of the pandemic-driven shift from cash to contactless payment methods. E-wallets offer fantastic opportunities for businesses in Malaysia to develop their customer base due to rising consumer demands and the benefits they give.

Unlike a traditional wallet, which may be easily lost or stolen, digital wallets are safe financial services with many securities and anti-fraud safeguards to protect customers' assets. E-wallet services, as a one-stop-shop, allow consumers to manage their finances on a single platform. Customers must first load their digital wallet accounts with a supported payment method before they can begin (such as cards, bank transfers, cryptocurrencies). Consumers can use their balance to send money to other users and pay for goods and services at businesses after funding their accounts. Users can withdraw or deposit funds into and from their accounts using a variety of payment options. Aside from deposit options, certain e-wallet services allow clients to spend or withdraw money using the solution's native prepaid card, which is both cost-effective and easy.

How Can A Digital Wallet Help Grow Your Business?

1. Improve Customer Experience/Utility Through Speed, Convenience, And Safety

Digital payments give modern businesses a competitive advantage by making it easier for customers to pay, collecting more customer data, and utilizing that data to acquire product insights and launch new products. Purchasing is one of the first steps in the consumption chain. You can pay with cash or with a credit card at most retail establishments and internet businesses. This traditional method of purchase is not only inconvenient but also time-consuming. For example, when paying with cash, both the customer and the cashier must have the precise change amount on hand. Customers must remember their card number, CVV, and Visa/Mastercard authentication passwords while using their cards. To make matters worse, each of these payment options has issues with safety and security. Including a digital wallet as part of your payment gateway solves speed, convenience, and risk issues for your customers. Digital wallets are more secure than cards since they are encrypted. Customers will be able to check out more quickly. They will provide you with additional sales because of the added convenience you have provided for them by incorporating digital wallets into your company.

2. Boost Reach Towards A Growing Mobile Market

Millennials have been the quickest to adopt digital wallets, with over 90% of millennials utilising them. Consumers are beginning to treat digital wallets in the same way they treat traditional wallets. As a result, if you want to increase your revenue, the easiest method to do it is to target the quickly rising mobile shopper demographic, particularly millennials. The first step is to ensure that your business has a mobile-friendly website or app, and the second is to accept digital wallets. Due to hefty development expenses and a lack of technical competence, integrating your business into a digital wallet may be difficult at first.

3. Internal Financial Management

More and more, companies are finding it imperative to implement their own efficient systems for better financial management and internal usage. The way we pay employees, handle salaries or issue payroll initiatives each month has quickly begun to show numerous vulnerabilities as the advent of popular tech adoption shows us faster, safer and more powerful solutions for HR and finance-related efforts. Most of these processes used to be strictly traditional in nature – with an administrative department keeping track of invoices, handing out salaries via manual procedures and handling various documentation for financial purposes. These days, digital alternatives exist, and they accelerate the growth of a company by sorting, managing and tracking finances more effectively. The digital wallet can help with a great number of these issues and much more, helping to deliver a better experience for employees while adding simplicity to the regular practices of employers.

4. Long-Term Customer Attraction Add-Ons

You can also work with the digital wallet firms to promote special offers to your consumers, such as coupons, discounts, or complimentary services. Most Americans make most of their payments using digital wallets. If a consumer who has never used your product sees an offer on their digital wallet app, there's a high chance they'll visit your online store and take advantage of it. As a result, a digital wallet can aid in the completion of the transaction and serve as a possible sales and marketing channel for you. You can utilise the digital wallet to service your present clients with loyalty benefits in addition to acquiring new consumers through offers. As a result, digital wallets can assist you in maintaining positive customer relationships.

5. Secure Transactions For A Contactless Future

Covid-19 wreaked havoc on the entire world, destroying a slew of small and medium-sized enterprises in the process. In the aftermath of the epidemic, using digital wallets as a payment option allows clients to avoid any point of contact during transactions and offers them a sense of security. Having digital wallets for your business allows you to serve your clients safely while also instilling a sense of goodwill in them, increasing customer loyalty to your products and services.

How to Accept E-wallet Payments in Your Company

Mobile wallets are the most widely used e-wallet for payments. You may acquire mobile payments for your business or utilise an e-wallet in Malaysia in a variety of methods:

1. NFC Payment

You can get your own POS terminal from a merchant acquirer and start collecting mobile contactless payments from your customers once you've set up NFC payments. If you already have an NFC-capable terminal and wish to add a certain e-wallet to your payment options, simply inform your acquirer and they will enable it for you.

2. QR Code Payments

Sign up for a mobile wallet like Boost to set up QR code payments. Mobile wallets are cost-effective because they only require a QR code and a smartphone, which your acquirer will provide. You can also create your QR code using sites like PayPal, although the transaction fees imposed by these platforms would be rather high.

Win-Win Financial Solutions By EVOLET For Employers And Unbanked Workers

Global e-wallets are used by companies everywhere for good reasons. Employers who pay their employees with cash encounter several difficulties. Their employees face a slew of issues because of their cash-based pay and lack of access to banking services. EVOLET is a global e-wallet that can solve both parties' concerns while also providing extra services to improve lives. EVOLET is a secure digital wallet that provides an alternative to traditional banking as well as a variety of additional services.

EVOLET’s Salary Management System

EVOLET offers easy to use tools to make your salary payment system seamless and efficient. The application's built-in payroll administration system takes care of salary management for employers. Employers benefit from a streamlined process flow that includes quick reconciliation, backup, and record keeping. As a result, the risk of losing payment data is reduced, and errors caused by human computations are avoided. EVOLET's salary management solution makes it safer and faster for all parties involved. It eliminates the need for employers to take money out of the bank, reducing the risk of robbery or theft. This also applies to workers who send money to their families. This task can take up to half a day every month.

EVOLET is well-suited to two types of workers: migrants and low-wage Malaysians. Many migrant workers, whether documented or undocumented, struggle to get a bank account in Malaysia. According to Johnson Yu, the creator of EVOLET, certain nationalities find it difficult to register bank accounts even if they have work licenses and visas since their nations have been red-flagged by Bank Negara. Because they do not speak Malay or English, many migrants suffer a language barrier. For nationalities such as Nepalese, Bangladeshis, Filipinos, and Indonesians, who make up over 60% of Malaysia's foreign workforce, the EVOLET application has been transcribed into 12 different languages.

2. Convenience

While not every business accepts digital payments yet, a huge majority of them do, and more plan to do so in the future. When you pay with your global e-wallet, you may conduct transactions more easily, quickly, and securely.

EVOLET’s E-Remittance

Many migrant laborers are compelled to keep all their earnings in cash. When they share a house with a big number of other workers, however, they frequently have security difficulties. As a result, many wind up sending all their earnings back to their family in their home countries, leaving them with little money to spend in Malaysia on necessities. The EVOLET's e-remittance feature eliminates the need for workers to transfer money via traditional methods and saves them the time they use to travel and wait in lines at financial institutions. Workers can use EVOLET to send money anywhere, at any time, as long as they have access to the internet.

Large costs associated with traditional transfer methods remove a considerable portion of their profits – up to 30% – from their earnings. These workers benefit from exceptionally competitive exchange rates and simply pay a set cost for their remittances when they use EVOLET. It's also a lot safer. When the money reaches the destination, or when they receive a refund if the money does not arrive, the user will receive SMS reminders.

EVOLET is a digital wallet app for migrant workers.

Learn more at https://evolet.io/