The Boost Merchant B2B Wallet: Simplifying Processes, Elevating Businesses Towards Higher Growth
By Digital News Asia April 27, 2023
- By empowering MSMEs, fintechs are redefining way businesses operate in digital realm
- Access to cash is a crucial factor that can either hinder or enable growth of MSMEs
In today’s digital-first world, it’s no secret that merchants who don't keep up with technology are at risk of falling behind the digitalisation bandwagon. However, there are still many micro, small, and medium enterprises (MSMEs) who struggle to modernise their operations.
This is due to a host of familiar challenges such as lack of financing, outdated operational processes, and unfamiliar digital transformation journeys, leaving them unable to fully leverage on the benefits of digitalisation.
To unlock the full potential, businesses require easy-to-use, simplified solutions that can effectively address these obstacles and help their businesses to thrive.
Fortunately, leading fintech companies are aware of the difficulties that businesses face and have responded by creating digital wallets specifically tailored to their needs. These wallets are designed to alleviate common business challenges and facilitate their digitalisation journey, providing state-of-the-art technology and convenient features to simplify daily operations, offering access to immediate cash, and, improve profitability.
By empowering MSMEs with such innovative solutions, fintech players are redefining the way businesses operate in the digital realm and ensuring that even the smallest and most traditional companies can reap the rewards of a modernised business approach.
Simplifying access to cash for MSMEs
For Malaysia's MSMEs, access to cash is a crucial factor that can either hinder or enable growth. Insufficient funds can impede a merchant's ability to invest in their business at critical moments, stalling progress and success.
Fortunately, merchant wallets with higher limits offer a transformative solution to this challenge, providing MSMEs with direct access to increased cash and alleviating daily financial pain points. By unlocking these resources, MSMEs can pave the way for digitalisation and make progress in their journey towards embracing new digital technologies, positioning for future success.
At the heart of the Malaysian economy lies a critical cohort of over 1.2 million MSMEs, representing an overwhelming 97.4% of all businesses in the country. Recognising the immense value of this sector, Boost, the fintech arm of Axiata, has introduced a revolutionary offering in the market that directly caters to the unique requirements of MSMEs: the Merchant B2B Wallet that gives business owners access to a significantly enhanced wallet limit of up to RM500,000.
This pioneering digital wallet is seamlessly integrated into the existing Boost Biz app, which offers a comprehensive QR code payment system that streamlines processes, thus paving the way for merchants to fully embrace digitalisation.
Overcoming financial obstacles with digital wallets
The digital wallet landscape in Malaysia is experiencing an explosive growth trajectory, with over 50 eWallets currently available, catering to the unique needs of both users and merchants alike. For businesses, particularly MSMEs, whose financial viability hinges on a steady stream of daily earnings, waiting several business days for funds to become accessible can be a significant obstacle.
However, innovative digital wallets like the Boost Merchant B2B Wallet represent a transformative solution that streamlines daily operations, enhances access to immediate cash upon receipt, and offers a timely and efficient platform for merchants to pay their business expenses with ease.
This unparalleled flexibility allows merchants to leverage their funds for a range of essential needs, including paying utility bills, staff salaries, suppliers, purchasing equipment, and investing in business campaigns. With access to immediate cash, businesses can nimbly capitalise on emerging opportunities and remain competitive in a rapidly evolving market.
In today's fast-paced business environment, time is a valuable and limited resource, especially for merchants. Juggling multiple payment platforms can be a frustrating and time-consuming process, draining precious energy that could be better spent by building and growing their business. Through consolidating all transactions into one platform, merchants can streamline their operations and free up valuable time and effort that can be focused on core business activities.
This approach empowers merchants to effectively manage their cash flow, monitor expenses, and make data-driven decisions about their business, which is particularly crucial for MSMEs and other businesses with limited resources. By maintaining tighter control over their finances, merchants can optimise their operations, minimise risk, and set themselves up for long-term success.
The Boost Merchant B2B Wallet also offers merchants a seamless cash withdrawal experience with funds being withdrawn into their current bank accounts with just a few taps. Typically reflected the next business day, this allows merchants to quickly access and reinvest their funds in the business.
Importance of prioritising security for MSMEs
As businesses increasingly embrace digital technology to simplify operations and break down barriers, cybercriminals and hackers are also going digital, but with malicious intent. The proliferation of cyber-attacks and other online threats underscores the importance of robust security protocols for MSMEs to protect against unauthorised access and fraudulent transactions.
In recognition of this pressing need, Boost's Merchant B2B Wallet is specifically designed to prioritise security, offering a comprehensive suite of features that comply fully with the latest regulations and standards. With these advanced security measures in place, merchants can navigate their digital journeys with confidence, knowing that their sensitive data and financial transactions are protected against potential threats.
The wholesale supply chain ecosystem is crucial to the Malaysian economy, and the use of digital wallets can unlock new opportunities for growth and efficiency. The Boost Merchant B2B Wallet provides a seamless platform for transactions between retailers, agents, and distributors, with state-of-the-art technology and innovative solutions that address critical pain points.
By streamlining payment management and providing real-time access to funds, Boost enables MSMEs to focus on building their business operations and pursuing new opportunities. As MSMEs continue to embrace a digital future, Boost's Merchant B2B Wallet enables them to reach new heights of growth and profitability, positioning them to be unstoppable in a rapidly evolving landscape.