RCBC launches online payment gateway for businesses

RIZAL COMMERCIAL Banking Corp. (RCBC) has launched an online platform to help businesses process electronic payments, it said in a statement late Tuesday.

The bank has rolled out RCBC PayPortal, which will help firms collect sales settled via e-commerce payments, even those without online stores.

This will allow businesses to “reduce the complexities of having to deal with several payment channels for their business payment solutions,” RCBC Senior Vice-President Enrique C. Buenaflor said.

“A major impact of the pandemic on business is the growing need for digital payments and collections. Health, security, and safety protocols, and the resulting logistical restrictions, have forced individuals and businesses to shift away from traditional methods of settling business transactions in favor of online payments. This has resulted in the accelerated adoption of new payment technologies,” RCBC noted.

For merchants with online stores, the bank said its online payment platform will connect to this via an application programming interface, a software development kit for mobile apps, and plug-ins for e-commerce sites.

Businesses will be able to collect payments from individual customers from different methods, such as credit cards, direct debit through bank accounts, online banking, electronic wallets, and via over-the-counter transactions, the bank said.

“This eliminates the need for the merchant to deal with different branches of payment and collection or enter into multiple service level agreements with service providers, which can be quite tedious,” RCBC said.

Meanwhile, for firms without online stores, they can generate payment links for their customers via their web portal or through a mobile-responsive online portal. RCBC PayPortal will allow them to view the real-time status of transactions and generate reports via an online dashboard and payment page.

RCBC said its payment gateway has “stringent” fraud management features, uses 3D Secure protocols, and is Level 1 certified under the Payment Card Industry Data Security Standard.

Shares in RCBC closed unchanged at P17.30 apiece on Wednesday.