[vc_row][vc_column][pofo_section_heading pofo_heading_type=”heading-style2″ heading_preview_image=”heading-style2″ pofo_heading=”Freelancing in emerging markets would be dificult, but payments startup Qwikwire is a help” class=”texto-h2″][vc_column_text][perfectpullquote align=”right” bordertop=”false” cite=”Qwikwire” link=”https://www.qwikwire.com/” color=”#ff214f” class=”” size=”18px”]
Qwikwire co-founder Ray Refundo understands the frustrations of being a freelancer in the Philippines, especially when using US-based services like Freelancer and oDesk.
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While working on a project using one of those platforms, he realized that since he did not possess a bank account and a credit card, he could not open a PayPal account to receive payments.
Shaking up online payments
The money would then be transferred to the freelancer’s bank account, if he or she has one.
Otherwise, an on-location pickup option will be made available, bypassing the need for a bank account, although users would need to present their identification documents and a transaction code generated by Qwikwire, in accordance with money laundering regulations in the Philippines.
Nonetheless, Ray says that they already have arrangements in place with BDO, a major full-service bank with 760 branches in the Philippines, as well as two underwriting banks in the United States.
This means that Qwikwire can accept payments via electronic checking capability in the US, and bank transfers for those who possess a US routing number.
And due to the underwriting banks’ involvement with credit card associations, Qwikwire works with buyers worldwide that use Visa and MasterCard.
On the seller’s side, since legal compliance and bank partnerships take months to sort out, the startup is only offering its service to freelancers in the Philippines for now.
Also not arriving so soon is integration with popular online freelancing platforms, as that will require Qwikwire to gain traction amongst buyers and sellers first before it has the heft to make a case for itself.
An international startup
Ray’s experience starting MoneyTran, an online money transfer service for Filipino workers to send cash home using credit and debit cards, certainly helped.
However, Ray says that “money transfer is an entirely different ballgame” from building a payment gateway.[/vc_column_text][/vc_column][/vc_row]