International Journal of Research Studies in Management
CollabWritive Special Issue
2023 Volume 11 Issue 10
Available Online: 25 August 2023
Rey Hipolito, Jhun Michael A.*
Divine Word College of San Jose, Philippines (email@example.com)
Limos-Galay, Jenny A.
Divine Word College of San Jose, Philippines (firstname.lastname@example.org)
This study aimed to analyze and evaluate the impact of online payment on business performance in San Jose, Occidental Mindoro (SJOM), by examining its present situation, the challenges, and the prospective advantages it might provide for nearby companies and clients. In recent years, online payments have grown in popularity. Local businesses and communities must embrace the introduction of new digital payment methods as the usage of the Internet for shopping continues to grow around the globe. In SJOM, there are now just a few options available for making payments online; nonetheless, the majority of transactions still utilize traditional techniques, including the use of cash. It was found that the main obstacles to its widespread adoption were a lack of understanding and familiarity with online payment methods, as well as a lack of affordable access to dependable Internet infrastructure. It provides a quick and secure replacement for cash transactions, enabling companies to grow their customer bases outside of conventional retail spaces. Consumers can now buy goods and services over the Internet without leaving the comfort of their own homes, thanks to the growth of online payment methods. The adoption of online payments is being hampered in SJOM, by several issues, including concerns about data security, a lack of confidence in online platforms, and the need for better internet connectivity. If one were to fulfill the objectives of ensuring secure transactions and increasing internet accessibility, cooperation between local businesses, governmental bodies, and companies offering telecommunications services would be necessary. Making payments online is nevertheless advised despite these difficulties because there are numerous important advantages to doing so. Local businesses can increase their client base, lower operational costs related to processing cash, and improve their overall level of efficiency by automating payment operations. Additionally, customers can benefit from the ease of cashless transactions, which boosts their purchasing power and encourages financial inclusion.
Keywords: online payment, business performance, cash transactions, business owners, Occidental Mindoro
Cite this article:
Rey Hipolito, J. M. A., & Limos-Galay, J. A. (2023). Analyzing the impact of online payments on business performance in San Jose, Occidental Mindoro. International Journal of Research Studies in Management, 11(10), 39-45. https://doi.org/10.5861/ijrsm.2023.1111
* Corresponding Author