Security Bank has launched Security Bank Collect, a new digital payment channel empowering micro, small, and medium enterprises (MSMEs) and corporate clients to seamlessly accept a wide range of online payments, including major credit and debit cards, along with popular e-wallets.
Powered by Magpie.IM, Inc., a leading digital payment service provider, Security Bank Collect centralizes sales invoicing and payment collections, simplifying the process for businesses.
“This platform not only broadens the spectrum of payment options available to merchants but also streamlines the
entire payment process. By enabling real-time monitoring and reconciliation of payments, Security Bank Collect removes many of the traditional barriers faced by MSMEs, allowing them to focus on growth and innovation,” said Security Bank senior vice president and business banking head John David Yap.
This solution was developed to address common challenges faced by MSMEs, such as limited payment options, manual reconciliation, and high transaction fees.
Security Bank Collect offers two main features: LinkCollect and WebCollect. LinkCollect enables merchants to generate secure payment links that can be shared with customers via social media and messaging apps, while WebCollect allows businesses to integrate payment collection directly into their websites.
Magpie CEO Dominick Danao expressed confidence in the market’s need for such a platform, aligning with the Bangko Sentral ng Pilipinas’ (BSP) push for digital payment initiatives and contributing to a more inclusive and efficient financial ecosystem.
In the future, Security Bank Collect plans to expand its supported payment options to include QR PH, InstaPay, HelloMoney, ShopeePay, and HomeCredit, further enhancing its convenience and accessibility for businesses and customers alike.
