ipaymy Launches New Product to Help Singapore’s Restaurants Accept Online Credit Card Payments During COVID-19 Circuit Breaker
ipaymy, the Singapore based payment optimisation platform for small businesses, has announced the launch of a new product to help Singapore’s restaurants quickly establish online card acceptance capabilities in the midst of the government mandated closure of on-site dining at food establishments islandwide.
Restaurant operators in Singapore have been scrambling to get food delivery operations up and running since the start of Singapore’s circuit breaker last month. In fact, a recent survey suggests 42% 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 Singapore’s restaurants have now shifted all of their business to delivery and contactless takeaway, one key challenge faced is how to collect payments from customers without being able to physically swipe or tap their card.
Hearing about these challenges first-hand from their customers, ipaymy developed a new restaurant focused card acceptance product in what ipaymy’s CEO, Ethan Dobson, called “an all-hands effort to support the restaurants in our community”. The product enables any restaurant operator to start accepting card payments online in just 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 the tools restaurants need most, like the ability to check payment status, and refund all or part of an order.
“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.”, said Dobson.