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Curlec Partners With HelloGold On New SmartSaver™ Programme.

Kuala Lumpur, April 23rd, 2019 – Curlec is pleased to announce its partnership with HelloGold to help Malaysians save regularly and invest in gold through a Shariah compliant mobile application that helps investors buy, sell, send and redeem physical gold daily.


As part of its new SmartSaver™ program, HelloGold has integrated Curlec’s Direct Debit solution to automate their customers’ monthly investments, where in addition to increasing investment efficiency, customers get to set their desired savings goal to generate longer-term returns.

“The partnership with HelloGold is an affirmation of our ongoing commitment to revolutionise the way businesses and consumers approach financial services. The importance of having sufficient savings within a tough economic environment is a key driver as to why HelloGold with Curlec’s Direct Debit payment solution will help Malaysians to easily save gold via a secure and disciplined manner,” said Zac Liew, Co-founder and CEO of Curlec.

Within today’s challenging economic environment, Malaysians face rising prices in everyday essentials such as food, energy as well as healthcare. According to studies, 42 percent of Malaysian household savings is held in cash.

“With this new digital infrastructure, HelloGold will not only improve our savings product to customers, the partnership will also streamline payment processes with the direct connection into Curlec, allowing customers to easily set up and manage their direct debit payment amounts on the system,” explained Ridwan Abdullah, Co-founder of HelloGold.

To encourage more Malaysians to save in an inflation proof asset, the HelloGold mobile app lets customers buy physical gold from as little as RM1. This makes gold savings accessible and affordable to everyone anytime, anywhere.


For more information on the story, read the media coverage of Curlec and HelloGold in Fintech News Malaysia and Focus Malaysia.

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Tips

8 Important Questions To Ask When Choosing A Payments Solution

According to the 2018 Global Payments Insight Survey, businesses are now advised to further invest in their payment capacities due to intensifying competition and mounting customer expectations.


For business owners such as yourselves, the decision of whom to entrust with the sensitive payment processing information of your company is a tough one. And many still opt for the easiest route by relying on their respective banks for solutions, despite not having the most appropriate or cost effective option to handle your payment needs.


To ensure that you get the best deal in the market, we have highlighted 8 important questions to get you started on picking the best payment solutions provider for your business.

1. Does the payment provider support your type of business?

Each industry will have different standards in payment terms, frequency and value. If the payment provider has experience serving merchants in the same industry as your business, they will be in a better position to offer you a perfectly tailored solution.

2. What are the key payment methods you should be processing?

Alternative payment methods represent approximately 50% of online business transactions, plus, cash-on-delivery and credit/debit cards are not the only payment methods made available in today’s society.


More and more customers are now opting to use new payment methods such as Direct Debit due to its convenient one-time authorisation for recurring payments.

3. Will the payment system be easy to implement?

Let’s be honest, implementing a fully fledged payment system can be expensive and timely undertaking, so you would want to know if the system is easy to implement.


Make sure the system is easy for you to use as well as making the customer sign up process as smooth as possible.

4. What is the cost?

Whether you will be charged a flat fee, % of transaction value, tiered pricing or a monthly fee, your choice will depend on your budget and how you expect your business to perform.


Additionally, you should always consider time saved on administrative tasks and the increased productivity of your employees as the key benefits of a payment solution.

5. Does the payment provider integrate with your accounting software?

If you have established your own system, you probably would not want to change your existing software and would like to ask the provider to integrate the new system with your existing platform.


While some providers are easier to integrate than others, most providers will provide you with their APIs to integrate their system onto your website, app or social media page.

6. Does the payment solution provide ways to keep track of successful and unsuccessful collections?

Being able to monitor successful collections in real time will help your business tremendously in focussing its collection efforts. And in the event of unsuccessful collections, certain payment methods such as Direct Debit can be programmed to reattempt collection without human intervention.

7. How secure is the payment process?

Dabbling with business payments mean you will need to choose the right provider that could safeguard your customers payments and offer secure data processing. The payment method should also provide fraud prevention tools to protect both the merchant and customer.


Indirect settlements whereby the customer’s payment is routed through a third party acquirer before being settled into your account can also jeopardise the reliability of getting paid on time.

8. Are you tied into a lengthy contract?

Since your business will continue to evolve with time, you should always factor in your long-term needs, but also have flexible options to ensure that you and your payment solutions provider can keep pace with the changing technologies.

 

Curlec: A Smarter Way to Collect Recurring Payments.

As the only payment solutions provider that utilises online Direct Debit in Malaysia, Curlec creates a seamless payment experience that enables you to get paid on time, every time via Direct Debit and Instant Pay (FPX) based on 5 key attributes.


Simple, low pricing: We charge 1% per transaction, capped at RM10. Given that we utilise PayNet’s bank-to-bank network, our Direct Debit payments are routed outside expensive credit card networks such as Visa and MasterCard, hence reducing the processing costs for you.


Flexibility: Once your customer has authorised payments with you, you can control how much to “pull” directly from your customer’s bank account as long as it has been previously communicated and the amount is below the maximum amount. With a click of a button, you can easily customise the day, date, frequency and duration of payments accordingly.


Less admin work: Not only would you save cost utilizing Curlec’s payment method, it would also save you time and manual administrative work, allowing you to focus on growing your business. Curlec’s simplicity is a powerful platform for businesses of all shapes and sizes.


Lower rejection rates: There would be lower rates of attrition and higher retention rates as bank account details do not change as often as credit or debit card numbers. Additionally, Curlec is also compatible with both Credit and Debit Cards issued by a Malaysian bank.


Improved cash flow: Using Curlec would immensely help your cash flow as Direct Debit provides same-day and direct settlements into your bank account. This means that you can get paid faster each time.


Want to talk to us about swapping your current payment solution provider to Curlec? Contact us below and we will get in touch soon!

Categories
Tips

Malaysian Consumers Love Instalment Plans. Can Business Owners Too?

With the retail environment becoming increasingly competitive, businesses are struggling to stand out – or make ends meet for that matter. When faced with the question of “How can we improve sales?”, it’s safe to say that the majority of business owners in Malaysia will look towards their sales & marketing team for answers.

But how many think towards changing their payment method instead? We’ll answer that for you – not many.

Despite instalments having been proven to be a competitive differentiator for businesses and having a direct impact on whether a business makes a sale or not, opting for flexible payment methods don’t come to mind for many. In other words, we as business owners have to know how to look at our services/products from the customer’s point of view.


Instalments to combat every customer.

At Curlec, we’ve seen firsthand what implementing instalment plans using Direct Debit can do for businesses. Sales conversions prove significantly easier when you offer “on-the-fence” prospects the option of splitting up seemingly huge figures into monthly payments. Especially if it’s an automated option and they don’t have to get their hands dirty!


But wait… Are instalments the same as Direct Debit?

In short, no. An instalment plan is a series of invoices over a period of time in which the customer honours an obligation to pay back the merchant for a good or service. The way Direct Debit fits into the equation is by being the payment method in which these obligations are fulfilled. Other methods include cash, cheque or bank transfer but are less convenient for merchants to receive.

 

A look at how the “BNPL” scene ties in.

“BNPL” stands for “Buy Now, Pay Later”, a term for flexible payment methods where consumers can choose to pay for products or services via in-store credit first. A whole slew of companies are already hopping onto this scene!

“Buy Now, Pay Later” in Malaysia bridges the gap between consumers who are unable to pay for a product/service yet, and merchants who desperately want to make that sale. Malaysian consumers – younger ones who are more prone to impulse-buying in particular, will be able to pay for larger-ticket purchases even without a credit card! This includes the unbanked, who in 2017 made up for 8% of the population.


As we begin to see this rapidly growing movement reach the shores of Malaysia, we can be sure of one thing – The arrival of a time of big spending.

Going deeper into the picture, Malaysian businesses can expect an increase in overall sales not just due to an increase in the purchasing power of Malaysian citizens, but also because being able to buy now and pay later allows them to smoothen their costs and reduce the immediate financial burden.

Remembering too, that the average Malaysian salary this year has been increasing at 3% compared to the previous year. Compounded, this will eventually result in the future burden of consumption from today gradually declining to negligible amounts.


“A rich country is one where its people have high purchasing power, not just high salary rate or wage.” – Former Prime Minister, Tun Dr Mahathir Mohamad.


The key takeaways from this? Malaysian consumers are going to be spending more and spending big. As a business, providing the option for consumers to pay via instalments means you can leverage on this wave of big spenders. Because ultimately, we’re still the typical thrifty Malaysian. Being more inclined to make larger-ticket purchases doesn’t necessarily mean we want to pay for it all at once.


Direct Debit deals with the difficulties.

The sad truth is that even for businesses who are already offering instalment plans for their customers, results are not always guaranteed. There are two main reasons as to why this could be happening.

1. Most instalment plans only cater to credit card holders

Consumer attitudes towards cashless payment methods are telling – they would much rather use their debit card or bank accounts for instalments here in Malaysia. The problem here? Most instalment plans require a credit card, an item only around 20% of the population have. That’s quite a hefty number of potential customers a business could lose out on!

How Direct Debit helps:

Don’t get confused! Direct Debit = A method of collecting recurring payments automatically from a bank account, not credit/debit card.

But…why collect payments from bank accounts instead? To oversimplify it – lower transaction fees, lower failure rates and less admin work required. Our article here does a full-on comparison!

So that 80% of the population left with no credit card? Direct Debit for instalments makes sure you’re not leaving them out of the equation. No credit card? No problem.

2. Manually tracking each customer wastes time and resources

For most SMEs, enabling traditional instalment plans isn’t the most feasible. It’s fine when your customer base is still small, but once you hit the thousands or even just the hundreds, keeping track of them is next to impossible. Whose payments are overdue, whose payments failed… whether or not you’ll even be able to contact them is a whole other matter.

How Direct Debit helps:

Direct Debit for instalments automates the process and reporting of collection for merchants. This is done during the initial sign-up, when the merchant and customer will agree on the amount, date and frequency of the payment. (Yes, it’s completely customizable!)

After that, payments are automatically pulled into the merchant’s account. So instead of having to chase after customers with outstanding dues every single month, merchants can rest at ease knowing that the payments will already be in their bank account the next time they check it.


Curlec Boosting Businesses

So if by now, you still haven’t jumped on the instalment bandwagon – Get in touch with us here! We’ll help you find out how your business can incorporate, or improve upon your current instalment plans with Direct Debit!

Keen on reading more about consumer financing in Malaysia? Check this out!