First Global Bank (FGB) has been pushing out a suite of bundled e-commerce services for small and medium-sized enterprises (SMEs) to help them pivot to the digital platform in the current COVID-19 business environment.

FGB Vice-President for Personal and Business Banking Arlene Williams, who made the announcement at last week’s Jamaica Observer Business Forum, disclosed that the bundled services began rolling out in October this year, but the take-up has been very slow. However, the prospects for the coming days and weeks look very bright judging from the fact that FGB has been flooded with enquiries and requests for point of sale (POS) machines and mobile point of sale (MPOS) instruments.

FGB Vice-President for E-Payments Ricardo Ebanks, who also spoke at the Observer Business Forum, explained that MPOS is a small hand-held device that can fit in a pocket, which when attached to a cellphone, allows an individual to receive electronic payment for goods and services rendered. This devise was specifically created for micro-operators such as hairdressers, barbers and other tradesmen and women.

Williams said that the bundled e-commerce services was specifically designed to help SMEs in their businesses given the slow-down caused by the pandemic and the fact that many individuals are now using the digital space for transactions for their business, as well as buying goods and services. In explaining how it works, the FGB VP for Personal and Business Banking said when an SME comes into the bank to open a business account, that business is offered bundled e-commerce services, which would transition the business onto the digital platform with much ease.

TRANSITIONING TO THE DIGITAL SPACE FOR BUSINESS, PAYMENTS

The SME would be provided, if needed, with POS and MPOS to execute their businesses and payments in the digital space. According to Williams, no longer would an SME have to order different e-commerce services but they are now being provided by FGB in bundled packages which are easy, convenient and affordable.

She pointed out that this features exists for all new SMEs customers, noting that the bank has been reaching out to existing customers offering them discounts for signing onto the bundled e-commerce packages. The seasoned banker told the Business Observer that many SMEs, particularly those in the distributive trade, have already made the transition onto the digital space and are carrying out more e-commerce transactions and receiving payments electronically.

PROMOTIONS FOR BUNDLED SERVICES TO INCREASE

In addition, these SMEs are also using the e-commerce platform to promote and market their goods and services. Williams also disclosed that FGB will be ramping up the promotions for the bundled e-commerce services in the coming days, particularly during the holiday season.

She posited an explanation for the slow take-up so far being that SMEs are trying to understand the electronic platform and educating themselves about it. Turning to FGB loan products for SMEs, Williams made the point that all SMEs fall in different sectors and as such, a one-loan-suits-all approach runs counter to FGB’s beliefs.

She stated that sectors, such as agriculture, are given special attention, noting that chicken farmers is a major grouping in the agriculture sector, and so chicken farmers can get a moratorium given the impact of COVID-19. However, Williams was quick to point out that given the increased demand for chicken meat many chicken farmers would not need this extended moratorium, which is on a case-by-case basis.

OVER $250 MILLION IN RECEIVABLES FINANCING SINCE COVID-19

Assistant Vice-President for Adjudication and Credit Risk Management Dr Vinette Notice, who also spoke at the Observer Business Forum, disclosed that FGB has given out over $250 million in receivables financing since COVID-19. “We have seen a great take-up since October in receivables financing by SMEs. Short-term financing of 90 days,” Dr Notice stated.