13th January 2023 - 3 min read
Boost has launched its new Merchant B2B Wallet, which is aimed at offering business owners improved convenience in their efforts to digitalise their businesses. The new offering – which is integrated into the existing Boost Biz app with a QR code payment functionality – will provide business owners with a wallet limit of up to RM500,000, among other things.
In a statement, Boost explained that there will be two types of Merchant B2B Wallet, catering to the different needs of individual and direct merchants. Individual merchants – described as those who register with Boost using their MyKad – will be given access to a Merchant B2B Wallet with a wallet size of RM30,000. Meanwhile, direct merchants who register using their business registration number can tap into a Merchant B2B Wallet with a size limit of RM500,000.
Aside from featuring an increased wallet size, Boost said that the new merchant wallet also equips the Boost Biz app with a new instant settlement and payment feature, which enables merchants to gain immediate access to cash upon receiving payments from their customers. This is in comparison to the previous procedure, where payments are only cleared on the next working day.
The launch of the Merchant B2B Wallet also enables merchants to make instant payments for their business expenses – such as utility bills and supplier invoices – within the Boost Biz app itself once they’ve received their customers’ payments. Alternatively, they can request to withdraw their money into their current bank accounts, to be reflected as soon as the next business day.
With these updates, Boost hopes that it can better facilitate merchants in making larger volume transactions conveniently, as well as simplify transactions between business retailers, agents, and distributors within the wholesale supply chain ecosystem.
Group chief executive officer of Boost, Sheyantha Abeykoon echoes the sentiment, adding that Boost will continue its efforts to digitally empower businesses via innovative fintech solutions, especially amongst the underserved community. “We hope that this will also positively contribute to the national economy by championing a digitally driven society and drive digital transformation for businesses of all sizes to be unstoppable,” he said.
Meanwhile, the chief executive officer of Boost Biz, Eric Chong highlighted the new instant settlement and payment feature in particular, calling it one of the “cutting-edge solutions” provided within the Boost Biz app. “Moving forward, our merchants can spend less time on making various business-related bill payments via multiple platforms and spend more time focusing on building their business operations,” he commented.
Interested merchants can register for the Boost Biz app and the Merchant B2B Wallet here.
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