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May 22, 2020

ipaymy enables Singapore restaurants to accept online credit card payments

Singapore-based payment optimisation platform ipaymy has launched a new product to help restaurants accept online card payments amidst the Covid-19 circuit breaker.

The move comes after the government-mandated closure of on-site dining at restaurants in the country due to the ongoing pandemic.

Singapore’s restaurants have shifted all their businesses to online delivery and contactless takeaway.

In this case, the major hurdle for the restaurants is to collect payments from customers without physically swiping or tapping the card.

The challenge led to ipaymy’s development of a new restaurant focused card acceptance product, which is developed around a custom payment request workflow.

It supports instant SMS payment, and secure payment links for WhatsApp, email, and other communication platforms.

The dashboard also provides the tools required to check payment status, and issue full or partial refunds on an order.

ipaymy CEO Ethan Dobson said: “While our platform is built to help all small businesses manage cash flow and digitalise their incoming and outgoing payment operations, it’s important to recognise that the challenges faced by each segment are highly nuanced.

“We want to support local restaurants by making the answer to the question ‘how can I be paid’ as simple as possible.”

The payments processed through ipaymy’s new product are deposited directly into the restaurant’s bank account within two business days.

The offering is said to be available at an industry-low flat fee per payment and will have no subscription or other monthly fees.

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