Here’s what you need to enable Maya Credit as a payment option for your customers
MAYA CREDIT – The article will teach you about what you need to enable it as a payment option for your customers.
A Maya Credit is a virtual credit line that lets your customers borrow up to PHP 15,000 within the app. With this, your customers can use this credit line to pay their bills or buy something they want.
This virtual credit line can be accessed for eligible users.
What are the benefits of this credit line for your store?
This virtual credit line encourages your customers to shop more using their Maya Credit balance. With this, it allows you to increase your transaction rate and conversion rate, acquire a new fund source with no additional costs, and provide more payment options to your customers aside from digital wallets.
But what do you need to enable it as a payment option for your own customers?
If you are an existing Maya merchant, Maya will activate it to all existing merchants like you in phases. But if you are a new Maya merchant, it’s automatically activated when you get Pay with Maya as a payment solution.
Are there merchant fees for every Maya Credit transaction?
If you are a new Maya merchant, the default standard Merchant Discount Rate of 2% for online payments and 1.5% for in-store payments will apply. But if you are an existing Maya merchant, the agreed standard MDR for Maya will also apply for this credit line.
What is MDR or Merchant Discount Rate?
It is a fee charged by an online and in-store payment processing service to merchants for accepting electronic payments. In addition, it is typically expressed as a percentage of the transaction amount and is also deducted by a service provider for facilitating the payment.
With the fintech company’s online and in-store payment solutions, the Merchant Discount Rate s may differ depending on the payment type being facilitated by a given payment acceptance product.
You may also visit: Maya Credit — Steps On How To Activate It