Understanding Over-The-Counter (OTC) Cash Collection Payments

What Is OTC Cash Collections (In Store)

Over-the-counter (OTC) cash collections refer to payments made in cash at a physical location, typically at retail facilities or authorised outlets. This method of payment is prevalent in regions where cash remains a dominant form of monetary transaction, particularly in countries with lower credit or debit card penetration. The Philippines, for instance, sees significant use of OTC cash collections, catering to both unbanked and banked populations who prefer traditional payment methods.

How OTC Cash Collections (In Store) Works

OTC cash collections facilitate transactions by allowing customers to complete purchases by visiting authorised physical outlets. A customer, after selecting this payment option at checkout, receives a payment code or reference number. They then visit a participating store or outlet, present this code, and pay in cash. Upon successful payment, the transaction is confirmed, and the goods or services are dispatched.

This method is beneficial for purchases made online where customers prefer or need to pay with cash. It is particularly useful for eCommerce platforms targeting customers who do not have access to digital payment methods.

Features

• Cash-based transactions: Offers solutions to unbanked customers who rely on cash.
• Physical presence: Utilises a network of authorised retail outlets.
• Payment confirmations: Instant verification upon payment completion at the store.

Benefits

• Access large customer segments: Reach both banked and unbanked communities.
• Trustworthiness: Provides a tangible, face-to-face payment interaction.
• Market penetration: Increase presence in emerging markets with cash-dominant economies.

Why Accept OTC Cash Collections?

Integrating OTC cash collections into your payment strategy can significantly boost your local and international sales by tapping into a vast segment of cash-preferred customers. This payment option overcomes barriers faced by customers wary of digital transactions or those without access to bank accounts or cards, thereby improving checkout conversion.

Here’s How to Get Started:

Contact Rapyd to begin accepting OTC cash collections. Rapyd enables merchants to offer over 900 local and alternative payment methods, aiding in improved cart conversions and a seamless international shopping experience.

Key Details for Accepting OTC Cash Collections (In Store) with Rapyd:

• Countries: Philippines
• Payment Type: Cash
• Currencies: PHP

This Payment Method Is:

• Disputable: Yes

Start Accepting OTC Cash Collections Payments With Rapyd

Rapyd not only supports major card schemes like Visa and Mastercard but also facilitates over-the-counter cash collections and hundreds of other local and alternative payment methods. With Rapyd, your business can accept credit card payments worldwide and provide diverse payment solutions specifically crafted for local markets.

Get Started