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ipaymy helps Singapore’s restaurants during COVID-19 circuit breaker

ipaymy, Singapore, payments, FinTechSingapore-based ipaymy, a payment optimisation platform for small businesses, has announced the launch of a new product to help restaurants establish online card acceptance capabilities quickly in times where there is a government-mandated closure of on-site dining at food establishments islandwide due to the outbreak of Coronavirus (COVID-19).

The platform has developed a new restaurant focused card acceptance product which enables any restaurant operator to start accepting card payments online within a few minutes. Built around a custom payment request workflow, it features flexible payment request options like instant SMS payment, and secure payment links for WhatsApp, email, and other communication platforms. The dashboard also provides tools such as the ability to check the payment status and refund all or parts of an order.

Ethan Dobson, CEO, ipaymy elucidated, “While our platform is built to help all small businesses manage cash flow and digitalise their incoming and outgoing payment operations, it’s important to recognise that the challenges faced by each segment are highly nuanced. We want to support local restaurants by making the answer to the question ‘how can I be paid’ as simple as possible.”

Restaurant operators in Singapore are said to have been scrambling to get food delivery operations up and running since the start of Singapore’s circuit breaker last month. ipaymy mentioned that a recent survey suggests 42 per cent of restaurants are now offering delivery for the first time, and while most have a physical POS (Point of Sale) terminal at their locations, more than half are not equipped to take credit and debit card payments online. As restaurants have now shifted all of their business to delivery and contactless takeaway, a key challenge faced is the collection of payments from customers without being able to physically swipe or tap cards.

The company is dedicated to helping small businesses optimise cash flow and its new product ensures that restaurants get their money quickly. Payments processed are deposited directly into the restaurant’s bank account in 2 business days. ipaymy will be offering the service for an industry-low flat fee per payment and without any subscription or other monthly fees. In light of the recent controversy around the egregious fees charged by popular food delivery platforms, ipaymy’s competitive pricing and short settlement time make shifting delivery operations in-house an attractive option for many restaurants.

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