VeritasPay and Security Bank Offer New POS Solutions for MSMEs

Security Bank Corp has teamed up with VeritasPay Philippines Inc to broaden digital payment methods for micro, small, and medium-sized enterprise (MSME) customers.

The initiative is part of the lender’s Beyond Banking Partnership programme, which is designed to provide businesses with support outside of standard financing.

Through a referral scheme, the bank’s MSME clients can acquire VeritasPay point-of-sale (POS) terminals at preferential rates.

John David Yap, Senior Vice-President and Business Banking Head at Security Bank, noted that the collaboration helps clients integrate modern payment tools to “serve customers better and operate more efficiently” as consumer behaviour continues to shift.

The POS platform features a merchant dashboard intended to simplify daily payment reconciliation and offer real-time transaction visibility.

Security Bank First Vice President Leo Xerxes C. Cimagala highlighted that connecting clients to these systems helps businesses “streamline collections, improve cash flow visibility, and operate more efficiently”.

Additionally, BusinessPlus account holders receive specific discounts on the POS devices. These perks include a 5% reduction on outright purchases and a 10% discount for monthly leasing options

VeritasPay Chief Executive Officer Christopher James Payne indicated that this agreement marks the beginning of a long-term collaboration.

Moving forward, the two companies aim to supply merchants with significantly improved payment services.

Security Bank is pursuing this operational expansion on the heels of its latest financial disclosure. For the previous year, the lender reported its net income rose by 3% to hit PHP 11.63 billion.

Featured image: Edited by Fintech News Philippines based on an image by myasiavision via Freepik.

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