PayMaya X Paypal Unite for Freelancers

What is one thing that freelancers struggle with, you ask?

 

You’ll be surprised that a good number find it hard to apply for their very own credit card. I’m all for maintaining financial health, meaning not spending more than you earn, but there are times when having a credit card comes in handy. Case in point – booking for flights online, hotel reservations, hospital bills and even your monthly groceries. This post will offer a solution or alternative to this common freelancer problem.

 

I was fortunate to get my own Visa when I started working for a bank many years ago. My next set of cards came in easy because once you have one, banks literally hand them to you at the mall or in your mail. If you’re locally employed, you can secure one fast. Here is a sample requirement from BDO:

 

  • For Employed: Government issued ID, Photocopy of latest BIR Form 2316 and COE OR latest full month payslip.
  • For Self-employed: Government issued ID, Photocopy of Registration of Business Name, Photocopy of latest ITR and W4 with BIR/Bank Stamp and Audited Financial Statements for the last 2 years OR Bank Statements for the last 3 months.

Source: Imoney.ph

 

But what to do if you’ve been working online for a few years now and have none of the requirements listed above? This was my thought bubble when I get to learn about PayMaya’s Virtual Card. Could this be the answer?

 

PayMaya Card

 

For the past few weeks, I was able to test how PayMaya works. By the way, thanks PayMaya for partnering with us in the recent Freelancer Forum PH! Full disclosure, I was one of the lucky ones who were chosen to test drive the card, the app and their latest PayPal integration.

Benefits for Freelancers

PayMaya, the country’s leading digital financial services provider and PayPal, a global leader in digital payments, recently announced that freelancers can now withdraw their available PayPal funds more quickly and more conveniently by simply linking their PayPal accounts directly to their PayMaya accounts.

Two things which I think will greatly impact freelancers are:

  • With PayMaya, securing a Visa card has never been easier. All you have to do is:
  1. Download the PayMaya App for Free (iOS and Android)
  2. Load up your Virtual Card in any load up centers.
  3. Shop online!

Now, we have the power to shop online and in stores anytime we want. To top it off, you can also withdraw your earnings through Bancnet ATMs for only P15. I loaded up my PayMaya account through BDO only. It took less that a minute to do this.

  • You can also withdraw your earnings from PayPal direct to your PayMaya account.

It requires a some setup but once it’s done, you’ll receive your payment in 1-2 days. You can also take advantage of PayMaya’s promo where you can enjoy 80% off PayPal’s withdrawal fee using PayMaya until Dec 21, 2016!

Paypal PayMaya Rebate Promo

 Other Paypal-related benefits are:

  • Freelancers also enjoy the ease of withdrawals without the need of credit card verification.
  • Helps freelancers embrace a future that is mobile
    • PayPal Mobile Checkout allows customers to maximize their sales opportunities through its mobile-optimized solution, bringing their business everywhere.
  • Makes it easier for freelancers to share their invoices
    • PayPal’s Invoicing tool allows freelancers and micro businesses to create and email professional invoices easily.
  • Provides freelancers with a customized payment link
    • With Me for Business, freelancers can create a customized payment link for receiving international commercial payments with their existing PayPal account. Payees can access the link to complete the payment, and the funds will be transferred to the receiver’s account usually within seconds.

My PayMaya x Paypal Experience

 

  1. Getting PayMaya and PayMaya Card

As mentioned above, creating a PayMaya account is as easy as 1-2-3. Download PayMaya from the Google Play or App Store and register with any Philippine mobile number. With your PayMaya Virtual card, you can start shopping or paying bills online.

To get the physical PayMaya card, you can buy this for P150.00 at the official PayMaya Store and link it to your PayMaya app. We were fortunate that all Freelancer Forum PH attendees, went home with a free card! By the way, Don’t panic if your virtual and physical card’s numbers don’t match. You will still be able to link them up.

To withdraw money from any Bancnet ATMs, you’ll need to upgrade your PayMaya account via the app or simply send a request to @PayMayaOfficial on Facebook. This is a built in feature therefore, absolutely free.

paymaya-card paypal

 

  1. Linking PayMaya and PayPal

Simply follow the steps below. It requires a few minutes of your time:

  • Login to PayPal and go to Balance
  • From the dropdown, click “Add a Card”
  • Fill up the form with the EXACT ADDRESS you have provided in your PayMaya Virtual Account when activating
    • Make sure to enter the exact address you used in your PayMaya Account, otherwise you’ll get the following error message.“The bank that issued your card didn’t approve this transaction. Please contact the card issuer’s customer service department if you have any questions. Or you can add a different card now to continue.”
  • Once “Add Card” is clicked, a $1 (P50) authentication fee will be charged (this amount will be reimbursed back to you)
  • You will need to load at least P100 into your PayMaya account to link to PayPal to facilitate an authorization request.

     

     

  1. Transferring your funds
  • Click withdraw funds in Paypal’s sidebar and select your PayMaya Visa Card. The minimum withdrawal from your PayPal account is P500.
  • You’ll receive your funds within 2-4 business days. In my experience, I withdrew funds on a Saturday and received it the next day! Of course this can vary per user.
  • Now about the rebate. A withdrawal fee of PHP 250 will be charged initially.
    • Luckily, PayMaya accounts get 80% off so you save P200. I received my rebate after 3 business days.
    • This special deal is only available until December 21, 2016. 

 

What else can you do with PayMaya?

 

Aside from being able to withdraw PayPal funds from any Bancnet ATM, users can also use your PayMaya:

  • To shop at any physical or online store here and abroad that accepts Visa
  • Send money to any PayMaya user
  • Pay for Uber rides
  • Buy airtime load
  • Pay bills

ATM Withdrawal fees apply:

  • Landbank ATMs only charge P5 for every withdrawal
  • Other bank ATMs charge the standard P15 fee

 

The best part is you’ll receive real-time text notifications on every transaction. This is to safe guard you from potential security issues. Transaction history can also be viewed on the PayMaya app.

 

For more details about the promo and for the step-by-step guide on how to make PayPal-to-PayMaya fund transfers, visit: paymaya.com/paypal-for-freelancers

Verdict

I would recommend freelancers to try and use PayMaya for the following reasons:

Advantages:

  • PayMaya enables freelancers to get their very own Visa card
  • Being prepaid in nature gives you the ability to control your spending wisely
  • Real-time text notification helps add security for every transaction
  • Withdrawing funds is quick and can be used in various ways

Setbacks:

  • Initial account set-up is needed. May require 30mins or less from initial setup to Paypal integration. Upgrades might take an additional day.
  • Initial load up is required to link your Paypal account
  • Rebate promo is good until Dec 21, 2016. Let’s clamor for an extension! 🙂

Whew! This concludes my very first tech review. Hope you found it helpful! Looking forward to the next one. 🙂

 

Have you tried using PayMaya? How’s your experience? Share it with the community!

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