LBC Unveils “Branch Collect” for Online Sellers with No Bank Accounts

Online shopping is now the trend for people who would rather shop using their smartphones. That’s why LBC has launched their newest services to benefit the e-commerce industry: Cash on Pick-up and Cash on Delivery.

But many aspiring sellers like Liza Chavez don’t have a bank account. “My small online business is such a big help to me and my family. But it would be nice if I can get payments from my buyers without having to meet up with them all the time”. This view is shared by Joseph Quitevis, who just started selling men’s apparel online. He says: “It would be better if there is a place I can go to that would be able to facilitate the payments of our buyers - including those who live in the provinces and far-flung areas”.

In the current COP and COD process, it is a requirement for a Seller to have a bank account because this is where LBC will deposit a Buyer’s payment. But LBC knows that many online sellers like Liza and joseph still don’t have a bank account. That’s why they’re happy to introduce “Branch Collect” which offers them new options so they can collect from their buyers immediately.

With Branch Collect, a seller can simply get payments from an LBC Branch. All a Seller needs is to declare that he or she will utilize Branch Collect. If a collection is below P10,000, a Seller can just go to any LBC branch to get the payment. If it’s more than P10,000, a Seller needs to identify the LBC branch where he/she can pick up the payment. Under Branch Collect, a Seller will also receive a notification from LBC that the money is already available for pick-up.

The benefit of using Branch Collect for current COP and COD users is that merchants with minimum transactions can get their investment immediately so they can use it again as capital.

To know more about Branch Collect, visit an LBC branch near you.