BPI BizKo—a simple, affordable, and convenient subscription-based digital banking platform innovated by the Bank of the Philippine Islands—now enables micro, small and medium enterprises to manage their business finances and provides an integrated online system for invoicing and collection.
BPI head of banking Eric Luchangco said the bank is aware that most MSMEs have only one person authorizing all payment transactions.
“Our app recognizes that and it’s designed for that. It simplifies doing business for our customers. We’re simplifying their lives and simplifying the way that they work. The simplicity of BPI Bizko will allow our MSME customers to focus on what they want to focus on – serving their customers, growing their businesses. We’re taking an administrative task that otherwise could be a cause of headaches for them,” he said.
BPI Bizko is an integrated platform with an extensive line of services that cater to the specific needs and requirement of MSMEs. No submission of documents, no waiting time. Enrollment is similar to any online app in the market wherein after encoding the mandatory information and user credential, a user can already log-in and transact using BizKo.
The app was designed in way that users can easily relate, thus allowing them to navigate and explore the app on their own without needing further assistance.
A platform that is immediately accessible and very easy to use, BizKo allows MSMEs to be more efficient at the onset, resulting in increased productivity even when mobility maybe hampered with COVID mobility restrictions.
The all-in-one online platform available via app and web offers MSMEs immediate access to their account information—to view balances, deposits, and payables, regularly pay employees, suppliers, utilities, and government dues, create digital invoices under their business name, get invoice number reminders to avoid duplication, and receive and monitor payments through its intuitive invoicing system.
With the BPI Online Banking Account linked to BizKo, entrepreneurs can skip the hassle of submitting multiple requirements for onboarding, and instead easily enroll and transact via BPI BizKo anytime, anywhere.
“The pandemic made running a business even more challenging for Filipino MSMEs. Aside from decreased profitability, entrepreneurs need to contend with heightened complexity, as issues like illnesses and lockdowns limited their mobility, made operations more expensive, and caused significant delays that bloated their overhead expenses,” Luchangco said.
“We launched BPI BizKo to make business transactions more seamless and efficient for MSMEs, enabling them to save both time and money, even amid the uncertainties today,” he said.
With BPI BizKo, MSMEs can handle everyday financial and accounting processes without the need to move funds to another e-wallet or bank account, or physically go to the branch. This helps in streamlining the cash flow to and from their partners and customers for more accurate and hassle-free monitoring.
BPI also made BizKo affordable by MSME standards. An emerging business with less capital shouldn’t be burdened with the additional costs that may only add fiscal constraints to a business. Hence, BizKo was made more affordable, made accessible by subscribing to a monthly or annual plan much similar to Netflix and Spotify.
In a financial world outside Bizko, a typical requirement for a complete suite of financial services that includes both collections and payment solutions require a certain ADB (average daily balance) level to be met.
With BizKo, MSMEs can enroll and use the app by just paying subscription and transaction fees without any ADB requirement. MSMEs can have access to financial services without tying up for cash with the bank.
BPI BizKo allows them to access these services through flexible and friendly subscription plans available in monthly and annual terms that start at P50 and P100 per month for basic and premium plans respectively, without the need for an average daily balance.
“With BizKo, we aim to provide individuals and businesses an efficient, inclusive, safe, and secure digital payments ecosystem to reinforce our commitment to be the MSMEs’ partner-of-choice,” said BPI head of transaction services Ana Sison.
“BPI BizKo aims to address the pain points and ease the challenges of MSMEs in cash and liquidity management so they can focus on keeping their businesses afloat, finding opportunities to boost profitability, and supporting their employees, partners, customers, and their own families and communities,” she said.