June 19, 2018, 6:27 am
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1 Philippine Peso = 0.06887 UAE Dirham
1 Philippine Peso = 2.01763 Albanian Lek
1 Philippine Peso = 0.03375 Neth Antilles Guilder
1 Philippine Peso = 0.52595 Argentine Peso
1 Philippine Peso = 0.02519 Australian Dollar
1 Philippine Peso = 0.03338 Aruba Florin
1 Philippine Peso = 0.0375 Barbados Dollar
1 Philippine Peso = 1.56891 Bangladesh Taka
1 Philippine Peso = 0.03163 Bulgarian Lev
1 Philippine Peso = 0.00708 Bahraini Dinar
1 Philippine Peso = 32.83293 Burundi Franc
1 Philippine Peso = 0.01875 Bermuda Dollar
1 Philippine Peso = 0.02508 Brunei Dollar
1 Philippine Peso = 0.12845 Bolivian Boliviano
1 Philippine Peso = 0.06994 Brazilian Real
1 Philippine Peso = 0.01875 Bahamian Dollar
1 Philippine Peso = 1.26852 Bhutan Ngultrum
1 Philippine Peso = 0.19282 Botswana Pula
1 Philippine Peso = 375.39846 Belarus Ruble
1 Philippine Peso = 0.03746 Belize Dollar
1 Philippine Peso = 0.02475 Canadian Dollar
1 Philippine Peso = 0.0187 Swiss Franc
1 Philippine Peso = 11.85955 Chilean Peso
1 Philippine Peso = 0.12072 Chinese Yuan
1 Philippine Peso = 54.23964 Colombian Peso
1 Philippine Peso = 10.57585 Costa Rica Colon
1 Philippine Peso = 0.01875 Cuban Peso
1 Philippine Peso = 1.78136 Cape Verde Escudo
1 Philippine Peso = 0.41526 Czech Koruna
1 Philippine Peso = 3.32833 Djibouti Franc
1 Philippine Peso = 0.1203 Danish Krone
1 Philippine Peso = 0.92481 Dominican Peso
1 Philippine Peso = 2.19301 Algerian Dinar
1 Philippine Peso = 0.25282 Estonian Kroon
1 Philippine Peso = 0.33377 Egyptian Pound
1 Philippine Peso = 0.51078 Ethiopian Birr
1 Philippine Peso = 0.01616 Euro
1 Philippine Peso = 0.03862 Fiji Dollar
1 Philippine Peso = 0.01411 Falkland Islands Pound
1 Philippine Peso = 0.01411 British Pound
1 Philippine Peso = 0.08774 Ghanaian Cedi
1 Philippine Peso = 0.8783 Gambian Dalasi
1 Philippine Peso = 168.7418 Guinea Franc
1 Philippine Peso = 0.13756 Guatemala Quetzal
1 Philippine Peso = 3.86799 Guyana Dollar
1 Philippine Peso = 0.14715 Hong Kong Dollar
1 Philippine Peso = 0.44823 Honduras Lempira
1 Philippine Peso = 0.11904 Croatian Kuna
1 Philippine Peso = 1.22745 Haiti Gourde
1 Philippine Peso = 5.20533 Hungarian Forint
1 Philippine Peso = 261.11007 Indonesian Rupiah
1 Philippine Peso = 0.06788 Israeli Shekel
1 Philippine Peso = 1.27862 Indian Rupee
1 Philippine Peso = 22.20139 Iraqi Dinar
1 Philippine Peso = 793.5496 Iran Rial
1 Philippine Peso = 2.01763 Iceland Krona
1 Philippine Peso = 2.42115 Jamaican Dollar
1 Philippine Peso = 0.01329 Jordanian Dinar
1 Philippine Peso = 2.07454 Japanese Yen
1 Philippine Peso = 1.89293 Kenyan Shilling
1 Philippine Peso = 1.28161 Kyrgyzstan Som
1 Philippine Peso = 75.86537 Cambodia Riel
1 Philippine Peso = 7.83274 Comoros Franc
1 Philippine Peso = 16.87605 North Korean Won
1 Philippine Peso = 20.66229 Korean Won
1 Philippine Peso = 0.00567 Kuwaiti Dinar
1 Philippine Peso = 0.01538 Cayman Islands Dollar
1 Philippine Peso = 6.31164 Kazakhstan Tenge
1 Philippine Peso = 157.15357 Lao Kip
1 Philippine Peso = 28.23364 Lebanese Pound
1 Philippine Peso = 2.99081 Sri Lanka Rupee
1 Philippine Peso = 2.62835 Liberian Dollar
1 Philippine Peso = 0.2522 Lesotho Loti
1 Philippine Peso = 0.05717 Lithuanian Lita
1 Philippine Peso = 0.01164 Latvian Lat
1 Philippine Peso = 0.02542 Libyan Dinar
1 Philippine Peso = 0.17853 Moroccan Dirham
1 Philippine Peso = 0.31382 Moldovan Leu
1 Philippine Peso = 0.9715 Macedonian Denar
1 Philippine Peso = 25.27658 Myanmar Kyat
1 Philippine Peso = 45.11532 Mongolian Tugrik
1 Philippine Peso = 0.15157 Macau Pataca
1 Philippine Peso = 6.65667 Mauritania Ougulya
1 Philippine Peso = 0.65479 Mauritius Rupee
1 Philippine Peso = 0.29196 Maldives Rufiyaa
1 Philippine Peso = 13.37802 Malawi Kwacha
1 Philippine Peso = 0.38672 Mexican Peso
1 Philippine Peso = 0.0747 Malaysian Ringgit
1 Philippine Peso = 0.2516 Namibian Dollar
1 Philippine Peso = 6.71292 Nigerian Naira
1 Philippine Peso = 0.58522 Nicaragua Cordoba
1 Philippine Peso = 0.15276 Norwegian Krone
1 Philippine Peso = 2.03846 Nepalese Rupee
1 Philippine Peso = 0.02698 New Zealand Dollar
1 Philippine Peso = 0.00722 Omani Rial
1 Philippine Peso = 0.01875 Panama Balboa
1 Philippine Peso = 0.06144 Peruvian Nuevo Sol
1 Philippine Peso = 0.05887 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.23233 Pakistani Rupee
1 Philippine Peso = 0.06922 Polish Zloty
1 Philippine Peso = 105.94412 Paraguayan Guarani
1 Philippine Peso = 0.06825 Qatar Rial
1 Philippine Peso = 0.07529 Romanian New Leu
1 Philippine Peso = 1.18378 Russian Rouble
1 Philippine Peso = 15.92781 Rwanda Franc
1 Philippine Peso = 0.07032 Saudi Arabian Riyal
1 Philippine Peso = 0.1483 Solomon Islands Dollar
1 Philippine Peso = 0.25162 Seychelles Rupee
1 Philippine Peso = 0.33668 Sudanese Pound
1 Philippine Peso = 0.16475 Swedish Krona
1 Philippine Peso = 0.02532 Singapore Dollar
1 Philippine Peso = 0.01412 St Helena Pound
1 Philippine Peso = 0.41639 Slovak Koruna
1 Philippine Peso = 148.88431 Sierra Leone Leone
1 Philippine Peso = 10.53816 Somali Shilling
1 Philippine Peso = 395.79974 Sao Tome Dobra
1 Philippine Peso = 0.16407 El Salvador Colon
1 Philippine Peso = 9.65648 Syrian Pound
1 Philippine Peso = 0.25162 Swaziland Lilageni
1 Philippine Peso = 0.61204 Thai Baht
1 Philippine Peso = 0.04892 Tunisian Dinar
1 Philippine Peso = 0.04288 Tongan paʻanga
1 Philippine Peso = 0.08861 Turkish Lira
1 Philippine Peso = 0.12572 Trinidad Tobago Dollar
1 Philippine Peso = 0.56497 Taiwan Dollar
1 Philippine Peso = 42.52766 Tanzanian Shilling
1 Philippine Peso = 0.49372 Ukraine Hryvnia
1 Philippine Peso = 71.94825 Ugandan Shilling
1 Philippine Peso = 0.01875 United States Dollar
1 Philippine Peso = 0.59066 Uruguayan New Peso
1 Philippine Peso = 148.13426 Uzbekistan Sum
1 Philippine Peso = 1496.34352 Venezuelan Bolivar
1 Philippine Peso = 427.78924 Vietnam Dong
1 Philippine Peso = 2.02025 Vanuatu Vatu
1 Philippine Peso = 0.04811 Samoa Tala
1 Philippine Peso = 10.58541 CFA Franc (BEAC)
1 Philippine Peso = 0.05063 East Caribbean Dollar
1 Philippine Peso = 10.58541 CFA Franc (BCEAO)
1 Philippine Peso = 1.91656 Pacific Franc
1 Philippine Peso = 4.68498 Yemen Riyal
1 Philippine Peso = 0.25181 South African Rand
1 Philippine Peso = 97.30921 Zambian Kwacha
1 Philippine Peso = 6.78605 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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