June 24, 2018, 4:31 pm
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1 Philippine Peso = 0.06901 UAE Dirham
1 Philippine Peso = 2.02912 Albanian Lek
1 Philippine Peso = 0.03401 Neth Antilles Guilder
1 Philippine Peso = 0.5072 Argentine Peso
1 Philippine Peso = 0.02524 Australian Dollar
1 Philippine Peso = 0.03345 Aruba Florin
1 Philippine Peso = 0.03758 Barbados Dollar
1 Philippine Peso = 1.57159 Bangladesh Taka
1 Philippine Peso = 0.03155 Bulgarian Lev
1 Philippine Peso = 0.00712 Bahraini Dinar
1 Philippine Peso = 32.90079 Burundi Franc
1 Philippine Peso = 0.01879 Bermuda Dollar
1 Philippine Peso = 0.02526 Brunei Dollar
1 Philippine Peso = 0.1289 Bolivian Boliviano
1 Philippine Peso = 0.07111 Brazilian Real
1 Philippine Peso = 0.01879 Bahamian Dollar
1 Philippine Peso = 1.28053 Bhutan Ngultrum
1 Philippine Peso = 0.19402 Botswana Pula
1 Philippine Peso = 376.17437 Belarus Ruble
1 Philippine Peso = 0.03754 Belize Dollar
1 Philippine Peso = 0.02493 Canadian Dollar
1 Philippine Peso = 0.01856 Swiss Franc
1 Philippine Peso = 11.99061 Chilean Peso
1 Philippine Peso = 0.12218 Chinese Yuan
1 Philippine Peso = 54.75385 Colombian Peso
1 Philippine Peso = 10.57591 Costa Rica Colon
1 Philippine Peso = 0.01879 Cuban Peso
1 Philippine Peso = 1.77772 Cape Verde Escudo
1 Philippine Peso = 0.41526 Czech Koruna
1 Philippine Peso = 3.33615 Djibouti Franc
1 Philippine Peso = 0.12016 Danish Krone
1 Philippine Peso = 0.92728 Dominican Peso
1 Philippine Peso = 2.1963 Algerian Dinar
1 Philippine Peso = 0.25225 Estonian Kroon
1 Philippine Peso = 0.33484 Egyptian Pound
1 Philippine Peso = 0.51146 Ethiopian Birr
1 Philippine Peso = 0.01612 Euro
1 Philippine Peso = 0.03918 Fiji Dollar
1 Philippine Peso = 0.01416 Falkland Islands Pound
1 Philippine Peso = 0.01417 British Pound
1 Philippine Peso = 0.08979 Ghanaian Cedi
1 Philippine Peso = 0.87956 Gambian Dalasi
1 Philippine Peso = 169.07178 Guinea Franc
1 Philippine Peso = 0.14072 Guatemala Quetzal
1 Philippine Peso = 3.87599 Guyana Dollar
1 Philippine Peso = 0.14741 Hong Kong Dollar
1 Philippine Peso = 0.44878 Honduras Lempira
1 Philippine Peso = 0.11882 Croatian Kuna
1 Philippine Peso = 1.24803 Haiti Gourde
1 Philippine Peso = 5.23224 Hungarian Forint
1 Philippine Peso = 264.43067 Indonesian Rupiah
1 Philippine Peso = 0.06764 Israeli Shekel
1 Philippine Peso = 1.27568 Indian Rupee
1 Philippine Peso = 22.24728 Iraqi Dinar
1 Philippine Peso = 798.38407 Iran Rial
1 Philippine Peso = 2.03119 Iceland Krona
1 Philippine Peso = 2.45509 Jamaican Dollar
1 Philippine Peso = 0.01333 Jordanian Dinar
1 Philippine Peso = 2.06417 Japanese Yen
1 Philippine Peso = 1.89121 Kenyan Shilling
1 Philippine Peso = 1.28183 Kyrgyzstan Som
1 Philippine Peso = 76.00526 Cambodia Riel
1 Philippine Peso = 7.92522 Comoros Franc
1 Philippine Peso = 16.91094 North Korean Won
1 Philippine Peso = 20.86622 Korean Won
1 Philippine Peso = 0.00568 Kuwaiti Dinar
1 Philippine Peso = 0.01541 Cayman Islands Dollar
1 Philippine Peso = 6.38595 Kazakhstan Tenge
1 Philippine Peso = 158.00451 Lao Kip
1 Philippine Peso = 28.292 Lebanese Pound
1 Philippine Peso = 2.98572 Sri Lanka Rupee
1 Philippine Peso = 2.74709 Liberian Dollar
1 Philippine Peso = 0.25254 Lesotho Loti
1 Philippine Peso = 0.05728 Lithuanian Lita
1 Philippine Peso = 0.01166 Latvian Lat
1 Philippine Peso = 0.02548 Libyan Dinar
1 Philippine Peso = 0.1786 Moroccan Dirham
1 Philippine Peso = 0.3177 Moldovan Leu
1 Philippine Peso = 0.98891 Macedonian Denar
1 Philippine Peso = 25.98647 Myanmar Kyat
1 Philippine Peso = 45.97896 Mongolian Tugrik
1 Philippine Peso = 0.15183 Macau Pataca
1 Philippine Peso = 6.67042 Mauritania Ougulya
1 Philippine Peso = 0.65295 Mauritius Rupee
1 Philippine Peso = 0.29256 Maldives Rufiyaa
1 Philippine Peso = 13.4053 Malawi Kwacha
1 Philippine Peso = 0.37584 Mexican Peso
1 Philippine Peso = 0.07518 Malaysian Ringgit
1 Philippine Peso = 0.25239 Namibian Dollar
1 Philippine Peso = 6.72679 Nigerian Naira
1 Philippine Peso = 0.59207 Nicaragua Cordoba
1 Philippine Peso = 0.15205 Norwegian Krone
1 Philippine Peso = 2.03401 Nepalese Rupee
1 Philippine Peso = 0.02719 New Zealand Dollar
1 Philippine Peso = 0.00723 Omani Rial
1 Philippine Peso = 0.01879 Panama Balboa
1 Philippine Peso = 0.06134 Peruvian Nuevo Sol
1 Philippine Peso = 0.0609 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.28222 Pakistani Rupee
1 Philippine Peso = 0.06966 Polish Zloty
1 Philippine Peso = 106.55769 Paraguayan Guarani
1 Philippine Peso = 0.06839 Qatar Rial
1 Philippine Peso = 0.07509 Romanian New Leu
1 Philippine Peso = 1.18236 Russian Rouble
1 Philippine Peso = 15.96073 Rwanda Franc
1 Philippine Peso = 0.07046 Saudi Arabian Riyal
1 Philippine Peso = 0.1479 Solomon Islands Dollar
1 Philippine Peso = 0.25235 Seychelles Rupee
1 Philippine Peso = 0.33738 Sudanese Pound
1 Philippine Peso = 0.16635 Swedish Krona
1 Philippine Peso = 0.02551 Singapore Dollar
1 Philippine Peso = 0.01417 St Helena Pound
1 Philippine Peso = 0.41725 Slovak Koruna
1 Philippine Peso = 149.94363 Sierra Leone Leone
1 Philippine Peso = 10.72905 Somali Shilling
1 Philippine Peso = 394.98309 Sao Tome Dobra
1 Philippine Peso = 0.16441 El Salvador Colon
1 Philippine Peso = 9.67644 Syrian Pound
1 Philippine Peso = 0.25202 Swaziland Lilageni
1 Philippine Peso = 0.61856 Thai Baht
1 Philippine Peso = 0.04882 Tunisian Dinar
1 Philippine Peso = 0.04333 Tongan paʻanga
1 Philippine Peso = 0.08786 Turkish Lira
1 Philippine Peso = 0.12682 Trinidad Tobago Dollar
1 Philippine Peso = 0.56924 Taiwan Dollar
1 Philippine Peso = 42.63435 Tanzanian Shilling
1 Philippine Peso = 0.49267 Ukraine Hryvnia
1 Philippine Peso = 72.51597 Ugandan Shilling
1 Philippine Peso = 0.01879 United States Dollar
1 Philippine Peso = 0.59451 Uruguayan New Peso
1 Philippine Peso = 147.50094 Uzbekistan Sum
1 Philippine Peso = 1499.4363 Venezuelan Bolivar
1 Philippine Peso = 430.10147 Vietnam Dong
1 Philippine Peso = 2.07159 Vanuatu Vatu
1 Philippine Peso = 0.0488 Samoa Tala
1 Philippine Peso = 10.56614 CFA Franc (BEAC)
1 Philippine Peso = 0.05073 East Caribbean Dollar
1 Philippine Peso = 10.56614 CFA Franc (BCEAO)
1 Philippine Peso = 1.92165 Pacific Franc
1 Philippine Peso = 4.69466 Yemen Riyal
1 Philippine Peso = 0.25241 South African Rand
1 Philippine Peso = 97.51033 Zambian Kwacha
1 Philippine Peso = 6.80008 Zimbabwe dollar

Payo simplifies COD transaction for the ecommerce industry in PH

BY LOURDES C. ESCOLANO

E-COMMERCE may have brought conveniences to the consumer market, but in the back end the pains it caused to couriers and merchants are many. 

Cash-on-delivery (COD) transactions are not backed by a debit or credit facility provides its own Ranging from slow remittances that may take up to 10 days for merchants to collect from couriers, to managing order cancellations, the actual exchange of money in the e-commerce lifecycle is currently the biggest issue slowing down its progress.

To solve this problem requires closing the payment gap by simplifying processes. 

Payo does exactly this. It is a gateway that manages and simplifies COD transactions to improve the processes and increase productivity of online businesses and enable them to fully take advantage of the e-commerce platform. 

In an intimate briefing with the media, Ofri Kadosh, co-founder and CEO of Payo emphasized how the fulfillment of the sales process is stalled by usually minor glitches in the payment part of the transaction. As a platform from which small and medium enterprise- (SME) sized businesses can take advantage of the full-suite of capabilities to minimize cancellations and increase revenues while allowing merchants to better navigate the process.

“We know the struggle of businesses operating in the e-commerce space and what they have to contend with particularly when it comes to integrating cash-on-delivery in their payment process. One of the main challenges are order cancellations, which happens to about 30 to 35 percent of their transactions. For merchants, this means an automatic loss in revenue,” Kadosh said as he explained how Payo intervenes in the purchasing chain to ensure deals are closed. 

“The Philippines is a strong center for e-commerce in the region, but it also has one of the highest rates of those who are ‘unbanked’ as 72 percent of Filipinos do not have bank accounts, ” Kadosh noted. He also stressed that local merchants need to integrate COD in their business model given that 93 percent of the Filipinos prefer paying cash when buying online. Only eight percent of the population carry and use a credit card. 

Payo helps e-commerce businesses in three ways. First, It works as an interface that can be added to the merchant’s shopping carts. Second, it provides important data analysis from the time customers pick and place orders in the shopping cart. Once the consumers start placing their orders, a pool of data scientists will then process every sale, as well as to record and analyze the clients order history. What’s more, the data insights collected from all the deliveries drawn from Payo can be utilized as well to ensure early and immediate remittance to help merchants manage cash flow and scale up their business. Third, it even pays merchants in advance for successful transactions then collect from the courier 7 to 14 days later. This buffer allows small merchants to have a working capital needed to produce and sell more.

Payo’s consumer data analysis that builds credit history for COD consumers and employs fraud detection to identify potentially problematic accounts minimizing the incidence of cancellations even before the parcel leaves the merchants’ warehouse.

Working with any courier, Payo also integrates courier optimization algorithms to choose the most convenient and practical type of courier to use. Currently its trusted courier partners include LBC, 2GO, Black Arrow Express, Ninja Van, Honest Bee, Zoom, Lalamove and Dalasia.  

While the product is moving from the merchant’s warehouse to the customer, Payo’s solutions can also be used to streamline the process of tracking the orders and communicating with the customers for updates of their order. Once the delivery is successful, Payo can also monitor money collection and remit the earnings to the merchant. 

As part of its commitment, Payo only charges when the delivery is successful assuring the merchants of good service. The company is set to release a mobile application later this year to make it easier for consumers to track their orders. With this app, the consumer will be updated on the whereabouts of their orders allowing them to manage their own orders. 

Payo recently partnered with Paynamics and Ipay88, two of some of the biggest gateways in the Philippines and Southeast Asia. These will be fully integrated to Payo’s platform during the first quarter of 2018.

First launched in December 2016, Payo was developed for HLM, an ecommerce platform and a leading call center business founded by Kadosh and his business partner, Liron Gross, co-founder and COO, to scale up their sales and reduce cancellations. The Philippines was the first country Payo launched in given the growth potential of the e-commerce industry.

The company also recently concluded a business model and contract with TackThis!, an effective e-retail solution with social commerce capabilities that empowers individuals and businesses to sell across the web, social media and through mobile.

At present, Payo continues to get a huge traction in the ecommerce industry as it now handles COD transactions for big brands, such as National Bookstore, Sunnies Specs and Sole Academy, among others.
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