June 23, 2018, 2:33 am
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1 Philippine Peso = 0.06897 UAE Dirham
1 Philippine Peso = 2.04526 Albanian Lek
1 Philippine Peso = 0.03404 Neth Antilles Guilder
1 Philippine Peso = 0.52113 Argentine Peso
1 Philippine Peso = 0.02544 Australian Dollar
1 Philippine Peso = 0.03343 Aruba Florin
1 Philippine Peso = 0.03756 Barbados Dollar
1 Philippine Peso = 1.57728 Bangladesh Taka
1 Philippine Peso = 0.03184 Bulgarian Lev
1 Philippine Peso = 0.00709 Bahraini Dinar
1 Philippine Peso = 32.88225 Burundi Franc
1 Philippine Peso = 0.01878 Bermuda Dollar
1 Philippine Peso = 0.02522 Brunei Dollar
1 Philippine Peso = 0.12883 Bolivian Boliviano
1 Philippine Peso = 0.07009 Brazilian Real
1 Philippine Peso = 0.01878 Bahamian Dollar
1 Philippine Peso = 1.277 Bhutan Ngultrum
1 Philippine Peso = 0.19573 Botswana Pula
1 Philippine Peso = 375.96244 Belarus Ruble
1 Philippine Peso = 0.03752 Belize Dollar
1 Philippine Peso = 0.02494 Canadian Dollar
1 Philippine Peso = 0.01868 Swiss Franc
1 Philippine Peso = 12.01146 Chilean Peso
1 Philippine Peso = 0.12169 Chinese Yuan
1 Philippine Peso = 54.86948 Colombian Peso
1 Philippine Peso = 10.59718 Costa Rica Colon
1 Philippine Peso = 0.01878 Cuban Peso
1 Philippine Peso = 1.78854 Cape Verde Escudo
1 Philippine Peso = 0.41869 Czech Koruna
1 Philippine Peso = 3.33333 Djibouti Franc
1 Philippine Peso = 0.12088 Danish Krone
1 Philippine Peso = 0.93052 Dominican Peso
1 Philippine Peso = 2.20053 Algerian Dinar
1 Philippine Peso = 0.25367 Estonian Kroon
1 Philippine Peso = 0.33502 Egyptian Pound
1 Philippine Peso = 0.51117 Ethiopian Birr
1 Philippine Peso = 0.01621 Euro
1 Philippine Peso = 0.03897 Fiji Dollar
1 Philippine Peso = 0.01426 Falkland Islands Pound
1 Philippine Peso = 0.01425 British Pound
1 Philippine Peso = 0.08833 Ghanaian Cedi
1 Philippine Peso = 0.87962 Gambian Dalasi
1 Philippine Peso = 169.05164 Guinea Franc
1 Philippine Peso = 0.14052 Guatemala Quetzal
1 Philippine Peso = 3.88526 Guyana Dollar
1 Philippine Peso = 0.14739 Hong Kong Dollar
1 Philippine Peso = 0.44866 Honduras Lempira
1 Philippine Peso = 0.1197 Croatian Kuna
1 Philippine Peso = 1.23812 Haiti Gourde
1 Philippine Peso = 5.22103 Hungarian Forint
1 Philippine Peso = 261.46479 Indonesian Rupiah
1 Philippine Peso = 0.06819 Israeli Shekel
1 Philippine Peso = 1.27817 Indian Rupee
1 Philippine Peso = 22.23474 Iraqi Dinar
1 Philippine Peso = 796.99531 Iran Rial
1 Philippine Peso = 2.05333 Iceland Krona
1 Philippine Peso = 2.4507 Jamaican Dollar
1 Philippine Peso = 0.01331 Jordanian Dinar
1 Philippine Peso = 2.06607 Japanese Yen
1 Philippine Peso = 1.89577 Kenyan Shilling
1 Philippine Peso = 1.28255 Kyrgyzstan Som
1 Philippine Peso = 75.84601 Cambodia Riel
1 Philippine Peso = 7.92488 Comoros Franc
1 Philippine Peso = 16.90141 North Korean Won
1 Philippine Peso = 20.8492 Korean Won
1 Philippine Peso = 0.00568 Kuwaiti Dinar
1 Philippine Peso = 0.0154 Cayman Islands Dollar
1 Philippine Peso = 6.40488 Kazakhstan Tenge
1 Philippine Peso = 157.33333 Lao Kip
1 Philippine Peso = 28.26291 Lebanese Pound
1 Philippine Peso = 3.00282 Sri Lanka Rupee
1 Philippine Peso = 2.66254 Liberian Dollar
1 Philippine Peso = 0.2584 Lesotho Loti
1 Philippine Peso = 0.05725 Lithuanian Lita
1 Philippine Peso = 0.01165 Latvian Lat
1 Philippine Peso = 0.02546 Libyan Dinar
1 Philippine Peso = 0.17921 Moroccan Dirham
1 Philippine Peso = 0.31576 Moldovan Leu
1 Philippine Peso = 0.99324 Macedonian Denar
1 Philippine Peso = 25.69014 Myanmar Kyat
1 Philippine Peso = 45.33333 Mongolian Tugrik
1 Philippine Peso = 0.15181 Macau Pataca
1 Philippine Peso = 6.66667 Mauritania Ougulya
1 Philippine Peso = 0.65765 Mauritius Rupee
1 Philippine Peso = 0.29239 Maldives Rufiyaa
1 Philippine Peso = 13.39812 Malawi Kwacha
1 Philippine Peso = 0.3853 Mexican Peso
1 Philippine Peso = 0.07515 Malaysian Ringgit
1 Philippine Peso = 0.25797 Namibian Dollar
1 Philippine Peso = 6.74178 Nigerian Naira
1 Philippine Peso = 0.59151 Nicaragua Cordoba
1 Philippine Peso = 0.15379 Norwegian Krone
1 Philippine Peso = 2.0385 Nepalese Rupee
1 Philippine Peso = 0.0272 New Zealand Dollar
1 Philippine Peso = 0.00723 Omani Rial
1 Philippine Peso = 0.01878 Panama Balboa
1 Philippine Peso = 0.06164 Peruvian Nuevo Sol
1 Philippine Peso = 0.06142 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.28545 Pakistani Rupee
1 Philippine Peso = 0.06993 Polish Zloty
1 Philippine Peso = 106.70047 Paraguayan Guarani
1 Philippine Peso = 0.06835 Qatar Rial
1 Philippine Peso = 0.07565 Romanian New Leu
1 Philippine Peso = 1.1966 Russian Rouble
1 Philippine Peso = 15.95174 Rwanda Franc
1 Philippine Peso = 0.07042 Saudi Arabian Riyal
1 Philippine Peso = 0.14841 Solomon Islands Dollar
1 Philippine Peso = 0.25277 Seychelles Rupee
1 Philippine Peso = 0.33719 Sudanese Pound
1 Philippine Peso = 0.16718 Swedish Krona
1 Philippine Peso = 0.02548 Singapore Dollar
1 Philippine Peso = 0.01426 St Helena Pound
1 Philippine Peso = 0.41701 Slovak Koruna
1 Philippine Peso = 149.29577 Sierra Leone Leone
1 Philippine Peso = 10.57277 Somali Shilling
1 Philippine Peso = 397.4216 Sao Tome Dobra
1 Philippine Peso = 0.16432 El Salvador Colon
1 Philippine Peso = 9.67099 Syrian Pound
1 Philippine Peso = 0.25817 Swaziland Lilageni
1 Philippine Peso = 0.61446 Thai Baht
1 Philippine Peso = 0.04845 Tunisian Dinar
1 Philippine Peso = 0.04326 Tongan paʻanga
1 Philippine Peso = 0.08905 Turkish Lira
1 Philippine Peso = 0.12487 Trinidad Tobago Dollar
1 Philippine Peso = 0.56648 Taiwan Dollar
1 Philippine Peso = 42.59155 Tanzanian Shilling
1 Philippine Peso = 0.49596 Ukraine Hryvnia
1 Philippine Peso = 72.33803 Ugandan Shilling
1 Philippine Peso = 0.01878 United States Dollar
1 Philippine Peso = 0.59211 Uruguayan New Peso
1 Philippine Peso = 147.69953 Uzbekistan Sum
1 Philippine Peso = 1498.59155 Venezuelan Bolivar
1 Philippine Peso = 429.12676 Vietnam Dong
1 Philippine Peso = 2.02911 Vanuatu Vatu
1 Philippine Peso = 0.04869 Samoa Tala
1 Philippine Peso = 10.62592 CFA Franc (BEAC)
1 Philippine Peso = 0.0507 East Caribbean Dollar
1 Philippine Peso = 10.62592 CFA Franc (BCEAO)
1 Philippine Peso = 1.92432 Pacific Franc
1 Philippine Peso = 4.69202 Yemen Riyal
1 Philippine Peso = 0.25823 South African Rand
1 Philippine Peso = 97.4554 Zambian Kwacha
1 Philippine Peso = 6.79624 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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