The community quarantine prompted many employees to bring their work home, and one of the problems SMEs (small and mid-size enterprises) are currently facing is figuring out how they can send the salary of their employees who do not have bank accounts and were often paid through cash envelopes.
If you're an employer who is faced with the same problem, worry not for help is at hand through the Makati-based financial technology firm, Bloom Solutions.
The firm has been working with prominent remittance companies like Palawan Pawnshop and Cebuana Lhuiller even before the COVID-19 hit, and these partnerships will prove convenient at times like these. Through their infographic below, you can already have a clue on how you can use Bloom to give your workers their compensation without you leaving your home.
Here's the general procedure:
1. Bloom will ask you to submit a spreadsheet with the relevant employees' data, including the peso amounts you wish to remit, of course.
2. Bloom gives you a quote and then waits for your deposit before they process the remittance.
3. Bloom sends you its UnionBank account details and the exact amount you'll need to send inclusive of the remittance amount and Bloom's fees.
4. Make the online bank transfer to Bloom's UnionBank account. (Cut-off time is 1PM)
5. Bloom instructs its relevant and appropriate remittance partner (e.g., Palawan, Lhuillier, etc.) to pull the trigger on the remittances.
6. Your recipients will get SMS alerts with instructions on how to pick up their cash within the day.
To get started, visit Bloom Solutions' website or reach out to them by emailing firstname.lastname@example.org.
Homestream image by Dimitri Karastelev on Unsplash.