Beyond payments: PayMongo offers Accelerator Program for SMEs

Monique Tolentino

PayMongo, one of the country's fastest-growing online payments platforms, is thrilled to launch its Accelerator Program designed to help entrepreneurs build their businesses and make them flourish in the increasingly competitive online business ecosystem.

The PayMongo Accelerator Program offers micro, small, and medium enterprises two months of zero transaction fees across all payment channels and participation in free business, finance, and tech webinars.

“We’re very excited to launch the Accelerator Program because it brings us back to the heart of our purpose, why we do what we do. Through this program, we’re confident that we will be able to help a lot of small businesses grow and be competitive in emerging markets like the Philippines,” said Luis Sia, PayMongo Chief Growth Officer.

The Accelerator Program is the support that PayMongo gives to entrepreneurs aside from being a payments gateway that helped businesses of all sizes make the necessary shift online when the pandemic hit last year, allowing them to make digital transactions on a user-friendly and secure platform.

"We created this program holistically based on what we think might help more and more of these SMEs and micro-entrepreneurs to finally go online," Luis said at a PayMongo online press conference last July 30.

While the founders were building PayMongo in 2019 as a B2B payments facilitator, they realized from a macroeconomic standpoint that they were in a unique position to help entrepreneurs get started and take part in the bullish internet economy of the Philippines, the fastest growing in Southeast Asia.

“We realized later on, starting from that simple (payments) pain point what we wanted to solve, that the goal of our company or the heart of PayMongo really is to help entrepreneurs succeed online. More than the payment products that we build, we really want to build more products, services, and avenues that will help entrepreneurs succeed because there’s so much opportunity,” Luis said.

The Accelerator Program is open only to Philippines businesses that are either not yet activated PayMongo merchants or existing activated PayMongo merchants. Participants must sign-up before August 31, 2021, and must pass the application and screening processes. Accepted applicants will be entitled to a 2-month fee waiver across all payment channels, marketing support and features across all of PayMongo’s social media platforms, and invites to exclusive webinars and content.

“What's exciting is that we are creating programs or webinars exclusive to our merchants that will actually teach them how to do business online. This will teach them what the best practices are, and things that we as founders wish we had known when we were starting our businesses back in the day,” Luis said.

PayMongo itself has benefited from an exchange and transfer of knowledge with its investors and partners. PayMongo wants to replicate this with the SMEs that will participate in the Accelerator Program. As Esquire Magazine put it, PayMongo is paying it forward.

Businesses who will join the Accelerator Program will gain access to PayMongo partners and in-house experts to help with all aspects of online businesses - from financial discipline to software development and e-commerce fulfillment.

Among the businesses that have been featured in PayMongo's media platforms are Iskaparate, an avenue for entrepreneurial mothers to showcase their products online from their home-based businesses; drybrush Gallery, a digital platform that helps Filipino artists survive and continue their passion during the pandemic; and Blanket Hugs, a thriving business owned by a young couple who proceeded to launch their business just as the pandemic was starting to shut everything down.

“We power their payments but we also make sure that their platforms are heard and are spread through our different channels,” Luis said.

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Published date:
August 4, 2021
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