A new digital payment gateway, the GoDigital website, has been created for Jamaican businesses, particularly those in the micro and small enterprises (MSEs), to receive payments digitally.

As a result local MSEs will now find it easier to begin accepting digital payments with the assistance being offered through the website, which is a collaboration involving the Jamaica Technology and Digital Alliance (JTDA), the Development Bank of Jamaica (DBJ), and the SERVE Programme. The website – www.godigitaljm.com – allows local businesses to research, contact and access services through tech firms, including companies that offer digital payment solutions.

Digital payments, which take place electronically without the physical exchange of cash, have become more common and even necessary for businesses during the COVID-19 pandemic. President of the JTDA Stacey Hines is encouraging more businesses to use these digital payment gateways and apps, noting that WiPay Caribbean and Ezee Payments, which are popular digital payment gateways, may, too, be accessed through the GoDigital website.

She pointed out that while many small businesses still use bank transfers by sharing their account information in public spaces, this method is less favourable with the increase in cybersecurity breaches. Hines argued that both methods offer safe and simple methods for businesses, including individuals, to accept digital payments without having to have a website or a card machine.

However, the JTDA president is suggesting another option for businesses, particularly those with website to create their own payment gateway. “You may set up your own gateway by directly working with a bank. You can have a developer code the integration or the connecting of your platform with the bank so that you can accept credit card payments through that medium,” she trumpeted.

Hines pointed out that businesses may find firms with this experience and these skills via the Go-Digital website. Among the firms mentioned by her with experience in this field are DMA, Appfinity and Particular Presence.

While the GoDigital website connects businesses with the right IT service providers, the DBJ has also provided Go-Digital vouchers, which are grants to pay for software and services received through providers listed on the website. The grant will pay for 100 per cent of the cost of the service up to $300,000.

For services exceeding $300,000, there are two loans available under the DBJ SERVE programme, the DBJ MSME Recovery Loan and the DBJ GoDigital Loan, with the latter being geared towards digital transformation.

The DBJ GoDigital Loan offers up to $800,000 at a 2 per cent interest rate and can be used to acquire computer hardware, software and digital transformation services through companies on the GoDigital website.

The DBJ GoDigital loan can be accessed through DBJ’s network of approved financial institutions. The DBJ is a wholly-owned Government institution that provides development financing, capacity building, public private partnership and privatisation solutions in keeping with Government policy.