INTERRUPTED cashflow, difficulty accessing lending and financial services, inefficiency in keeping track of the business, staying organised, lack of skilled manpower coupled with slow digital migration are some of the most common pain points micro, small and medium-sized enterprises (MSMEs) constantly face.
Addressing these issues in a sufficiently competent manner requires strategic plans, swift decisions, and efficient action by the business to keep up with current trends and industry regulations for running operations without a hitch.
It may seem like a daunting challenge, but the right solutions can ease MSMEs’ mind and steer them through hardship.
Seeing that MSMEs in Malaysia are still lagging in terms of digital adoption, with about 77% of local MSMEs at the basic digitalisation stage, Boost - the regional full spectrum fintech arm of Axiata – has focused its efforts to close the digitalisation gap.
As Boost charts new frontiers, the company remains relentless in its ambition to break boundaries and empower everyone across the region with accessible and simplified digital financial solutions.
In the Malaysian market, Boost has become one of the only fintech players operating a payment, merchant, and lending business at scale.
The full spectrum of Boost’s solutions is made up of a holistic fintech ecosystem, and one of its key features is its business-to-business (B2B) digital merchant solutions powered by BoostBiz. It is an all-encompassing digital platform for businesses of all sizes to transition from online or offline based on their immediate needs, as well as smoothen their digitalisation journey, all through a single platform that connects them to payments, store listing, credit financing, partner services and more.
Boost’s core focus here is to offer greater convenience for MSMEs to manage their business digitally through the BoostBiz app, and to provide access to cutting-edge technology and innovative financial tools for them to grow, scale, and be part of a community where no one gets left behind. Boost has introduced a number of convenient solutions to alleviate MSME’s stress and help resolve their issues quickly without sacrificing quality or putting customer service at risk.
Introduced in 2020, the Boost Payment Link removes the need for merchants to spend unnecessarily on a payment terminal or to have a designated QR code to track and accept payments – making it a cost effective and easily accessible contactless solution. The payment Link solution works for both online and offline businesses and is especially beneficial for the gig economy & social commerce merchants.
Biz Booster Premium and International QR Payments were subsequently launched in 2022. With Biz Booster Premium, merchants do not need to fuss over keeping records, tracking business performance, sales trends and customer analysis. Biz Booster Premium does all that for them, keeping track of the overall business dating back 18 months.
Meanwhile, International QR Payments enables MSMEs to accept transactions without hassle from international customers and tourists from Singapore, Indonesia and Thailand. All customers have to do is scan the Boost DuitNow QR Code using their home country’s bank app or eWallet to make a purchase.
Cash flow management is a daily concern especially for the MSMEs. It is with this in mind that BoostBiz launched the Biz Merchant wallet which enables instant settlement for each completed sale transaction. This addition frees up cashflow for merchants who would be able to receive payment instantly and settle their bills from suppliers, vendors and utility providers, or to be used as working capital to reinvest in growing the business through their BoostBiz App. Additionally, MSMEs can gain access to a significantly increased wallet limit of up to RM500,000 to support them with their day-to-day operations. The wallet is integrated into the existing BoostBiz app with a QR code payment functionality that will enable seamless transactions.
Boost group chief executive officer Sheyantha Abeykoon said that as a digital company, Boost is in a better position to help these businesses. Merchants who choose Boost does not only get to enjoy opportunities of a reliable partner that has been empowering millions of MSMEs over the past six years, but also leverage on its holistic fintech ecosystem that has enabled the underserved and unserved unlock great value.
“We have a long history of supporting MSMEs. Our initial focus was small merchants, where their primary means of payment acceptance was cash. The first thing we did was to help them go cashless and digital, with the Boost DuitNow QR codes back in 2017,” he said.
Boost’s vision is to pave the way for its merchants to seamlessly transact across the B2B supply chain by simplifying the process and making it as hassle-free as possible for merchants, all while offering greater efficiency and deeper insight into their business with a higher degree of personalisation.
Additionally, businesses are also able to improve a customer’s journey by providing accessibility and convenience through these innovative fintech solutions. Customers can access financial information and transactions in real-time via seamless payment processing and mobile banking. Such is the case with Boost, which provides their merchants with easy access to accept cashless payments via the Boost DuitNow QR code, Boost Business Payment Link and International Cross-Border QR payments. Through this, merchants are not limited to serving local customers in-store. They are also able to expand their reach to customers across the region.
“Overall, fintech solutions have certainly opened up options for merchants to easily embrace digitalisation for business growth and bring themselves into the digital economy. With the help of fintech players such as Boost, businesses are primed for endless growth and opportunities, which will further evolve with the fast-paced advancements of the fintech landscape”, added Abeykoon.
BoostBiz CEO, Eric Chong further highlights that the vast experience of working closely with merchants for many years helped Boost realise that businesses, especially MSMEs, do not have access to a streamlined business process when it comes to managing funds and payments for business operations. As most of Boost’s merchants run cash-based businesses, gaining access to their funds proves to be another pain point, as bank processes can take up to two business days. This inconveniences merchants which requires the funds for the next business day.
MSMEs are able to access their cash and receive instant real-time settlement through Boost’s merchant wallet.
“Merchants can immediately use the money received to make bill payments or scan and pay their suppliers or vendors. Everything is tracked in a simple-to-read daily settlement report on a business dashboard.”
Pointing out that Boost’s service revenue streams forge a network for MSMEs to leverage on partners for marketing assistance, promotions and deals, Chong said Boost’s agent for third party services such as Kongsi Klub also works as a referral programme to entice MSMEs to become a Boost merchant or to apply for micro-financing.
“Under our financial services, we help connect business to micro-financing support such as Capital by Boost Credit. Merchants are offered instant micro-financing solutions of up to RM200,000. Applications can be done digitally within five minutes, and disbursement made within 48 hours upon approval.”
Furthermore, Boost’s operational services help MSMEs to increase digital adoption through carefully crafted features including digital onboarding, outlet management, as well as AI and data analytics based on their value chain.
“The most frequent positive feedback merchants give us is regarding our settlement report. They like how easy it is to read and understand the flow as it saves time and effort when analysing the transactions,” says Chong.
In a nutshell, Boost helps merchants achieve a convenient and rewarding business journey that can future-proof and simplify business operations through the BoostBiz app. Hence, the strong and growing following of over 600,000 merchants and over 10.5 million users in Malaysia and Indonesia. More importantly, this further encourages financial inclusion and empowerment so that MSMEs are inspired to be unstoppable.
Happy customers
CzipLee, a stationary shop in Bangsar, Kuala Lumpur, became a Boost merchant in 2019 before the pandemic hit to enable cashless payments.
CzipLee director Jason Chen says going cashless with Boost made transactions smoother, faster and convenient for both themselves and customers.
“30% of our customers use Boost for all their transactions with us. Throughout the pandemic, we were able to provide peace of mind to our customers by giving them an optimal and easy payment experience, and Boost solutions enabled us to scale, be more productive and discover untapped market potential.”
Family-owned business Fook An Medical Hall, founded 30 years ago, has been on the digital business journey with Boost for almost four years now.
Chia Kean, the second generation to manage the shop, shares that 60% of his total transactions are cashless, with QR code-based payments making up the majority of their business.
“It is very convenient to display a single QR code from Boost that accepts payments from other wallets and mobile banking apps. It helps us keep in tune with how customers make payment.”
By going cashless via Boost, non-halal meat supplier Long Farm Meat was able to see their sales volume increase.
Long Farm Meat also noticed that customers experienced a more pleasant purchasing process with speedier payment being made as Boost accepted payments from all participating banks through the Boost DuitNow QR.
As a fintech leader, Boost continues to be a pioneer in the fintech space by reimagining technology to simplify the lives of both its users and merchants and bringing them into the digital economy. This is through ensuring Boost’s offerings solves pain points, especially for businesses through merchant solutions and digital financial tools.
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