Adopting digital payment solutions can enable the country’s real estate industry to collect payments faster, and even in real time, according to the Bangko Sentral ng Pilipinas (BSP).
“Compared to check payments, you need not wait for the check to be physically mailed and cleared, which helps in avoiding potential float costs,” said BSP Governor Benjamin E. Diokno during the recent Megaworld International Philippine Property Expo 2021.
According to the Governor, real estate businesses can enjoy easier management of payment collections by reducing the effort required in manual payments as digital payments also allow the easier tracking of payments since all the transactions are already recorded online.
Moreover, the rate of collection is improved by eliminating barriers that may cause customers to make late or missed payments. Customers can make timely payments as they are no longer required to make payments in person and digital payment channels are available 24/7.
The BSP is also noticing an increasing trend for digital payments across the country. The BSP said purchasing decisions, particularly of digitally savvy customers, may also be influenced by the ability of a business to offer digital payment options to complete transactions.
“The real estate industry stands to benefit substantially by adopting digital payments. The industry can also play a significant part in broadening the adoption of digital payments among Filipinos,” Governor Diokno pointed out.