GoTyme Bank and PayMongo Philippines, Inc. have joined forces to usher in a new era of financial accessibility for Small and Medium Enterprises (SMEs). This strategic partnership aims to empower thousands of businesses within PayMongo’s merchant ecosystem by providing swift access to business loans through GoTyme’s innovative banking services, reaching up to PHP500,000.
The focal point of this partnership is the launch of a fully digital financial program, PayMongo Capital, powered by GoTyme Bank. This marks the initial product offering in the expansion endeavors of both companies, promising a revolutionary approach to business financing. The alliance streamlines the loan application process, discarding the cumbersome paperwork associated with traditional financial services, and offers a seamless, two-minute, two-screen journey.
“As GoTyme Bank expands to offer more banking products to our customers, we also continue to build meaningful relationships and foster financial inclusion. Through PayMongo Capital powered by GoTyme Bank, we hope to make loans and banking in general more accessible to SMEs and give them the preferred banking experience they deserve,” according to Nate Clarke, CEO of GoTyme Bank during an event in BGC, Taguig last 23 November 2023.
Under the PayMongo Capital program, eligible merchants benefit from a hassle-free disbursement process, with the loaned amount reaching their accounts within one (01) banking day, subject to the processing time of the receiving bank. Instant approval, cash advance offers, and flexible repayment options, all without the need for collateral, make this financial solution a game-changer for SMEs.
Key features of PayMongo Capital powered by GoTyme Bank include a flexible loan term that tailors financing options to the unique preferences of businesses. Unlike traditional loans burdened with hidden fees and penalties, this program boasts transparent pricing, requiring businesses to pay only a competitive flat fee. The elimination of hidden costs simplifies the financial landscape for borrowers, fostering trust and clarity.
In addition, the program introduces a novel approach to repayment schedules, allowing merchants to align payments with their daily sales. Through PayMongo’s user-friendly repayment channel, businesses can easily manage repayments, automatically deducting a portion from their sales. This flexibility ensures that merchants can focus on their operations without the constant worry of rigid repayment structures.
“At PayMongo, our unwavering commitment to support the growth of small and medium-sized businesses takes a groundbreaking leap with our partnership with GoTyme Bank. This collaboration is a game-changer for PayMongo merchants, unlocking additional capital to propel their online enterprises toward unparalleled success,” said Jojo Malolos, CEO of PayMongo.
The PayMongo merchant dashboard provides a transparent view of loan transactions, allowing businesses to track payments seamlessly. This commitment to transparency and flexibility marks a significant step towards empowering SMEs and fostering financial inclusivity in the rapidly evolving business landscape.
With GoTyme Bank and PayMongo Philippines, Inc. at the forefront of this financial revolution, SMEs can now navigate the challenges of securing timely and flexible financing with unprecedented ease. As digital solutions continue to reshape the financial sector, this collaboration stands as a testament to the commitment of both entities to drive positive change in SME financing.