Businesses Are Finding Ways: Cash Management Services for the ‘New Norm’
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Crisis or not: Cash Management Services help business thrive during Pandemic
Small and medium enterprises (SMEs) serve as the lifeblood of the economy. Thus, support for these enterprises is essential to keep the economy going. But with lockdowns due to enforced community quarantines to curb the spread of the Pandemic, it was an unexpected blow to all sectors of the economy – especially the SMEs.
One of these businesses is that of Alex Ong, who operates Transorient Container Terminal Services (TCTS), a customs bonded warehouse and trucking service. Essentially, TCTS acts as an extension of port storage services outside of the ports themselves.
Knowing how valuable it is to ensure smooth and speedy operations, Alex applied for BDO Unibank’s Cash Management Services’ (CMS) suite of offerings, including SME Business Online Banking. This helped TCTS run smoothly and continue operations despite the disruptions caused by movement restrictions and social distancing regulations, resulting from the pandemic.
Essential business partners
Ong points out that during a crisis, like what happened when the pandemic hit and the government was forced to declare an enhanced community quarantine (ECQ), it is vital for essential businesses to work together. In the case of TCTS, the help it got from BDO allowed the company to continue its operations.
Ong said that he was very concerned about their messengers who still had to go to banks and other premises to collect or deliver checks so he instructed his staff to shift to online transactions.
His next dilemma was how to continue operating as close to normal as possible. According to Ong, BDO’s cash management services allowed him to resolve both the issue of safety and business continuity, as his company was able to make payments to shipping lines, port management companies, suppliers, and other billers using BDO’s e-payment facility.
“ICTSI made it mandatory for clients to pay online. So it’s good that we already have the SME Business Online Banking facility of BDO,” Ong explained. Soon, he hopes to activate the online collection facility so that TCTS would be able to collect payments online as well, from their consignees.
Relying on CMS
Cash Management Services involves managing the flow of funds in an organization or business. Every business has collection and payment needs which if not managed, may cause funds to be misplaced, lost, or untracked.
A CMS provider becomes a key partner in terms of assistance in the management, tracking, and reporting of funds so he can focus on running the business.
In the case of Alex Ong, it was easier for them to adapt to BDO’s cash management services because they were already transacting online with the port management companies. TCTS is a good example of how openness to change, new technologies, and new processes can benefit a business. It also shows that having the right bank partner helped them thrive during a crisis.
For more information on BDO’s Cash Management System, call (632) 88407500; email cms-sme@bdo.com.ph; or visit www.bdo.com.ph
