Author: Piccopay

Businesses that fall under the category of ‘high-risk merchant account’ simply mean that your financial institutions/payment processors see your business at a higher risk of fraud or chargebacks. You might want to dive deeper into this article as we will cover what else you need to know about a high-risk merchant account, and why you need to have one.What is a High-Risk Merchant Account?A high-risk merchant account is a payment processing account for businesses that are considered to be of high risk by banks/financial institutions. As high-risk businesses are more prone to chargebacks, they come with the need for paying higher fees for merchant services. If your business comes with a high potential of chargebacks, or the bank found a history of many chargebacks and refunds, the bank may put a rolling reserve on your account. The rolling reserve protects the bank by making sure there is enough money in the merchant account at all times to handle any chargebacks that may occur. This money remains in reserve for the life of the merchant account.Reasons a Merchant may be considered High-RiskThere are many reasons a financial institution/payment processing platform may label your business as ‘high-risk’, while others seem obvious (ex. adult industry, gambling, etc) others are more subtle. Every platform has a different set of criteria to categorize high-risk merchant accounts but, in general, here is what you can expect to be labeled high-risk:1. Accepting International PaymentsIf a merchant sells to customers overseas/ internationally in countries that are listed as high risk of fraud, they may be considered high-risk (any country except the U.S., Canada, Japan, Australia, or the countries in Europe — most countries considered as first-world ).2. High Transaction VolumeMerchants may fall under the category of high-risk if they have a high volume of transactions, or have a high average transaction rate. If a merchant processes over $20,000 in payments per month, or has an average transaction of $500 or more, they may be classified as high-risk.3. High-Risk IndustryWhile a merchant may have a clean and spotless record, they may be labeled high-risk because the industry they are working in is considered to be at a higher risk of fraud, returns, or chargebacks. For example, subscription-based companies are labeled high-risk because many people sign up for a trial and forget to cancel their payments, resulting in disputes leading to chargebacks.Reasons Why You Need A High-Risk Merchant AccountHere are some reasons and advantages you should know for having a High-Risk Merchant Account:No Chargebacks, No ProblemBefore having a High-Risk Merchant Account, your business is seen to have a higher risk of chargebacks or fraud because of the industry you are in, but with a High-Risk Merchant Account, your business can’t be charged back. Why? Because the high-risk merchant account provider that you work with won’t allow customers to make disputes or chargeback requests at all, the only time you’ll ever approve a customer’s refund is if you decide that they are entitled to it.Establishes Legitimacy ImageHaving a High-Risk Merchant Account will establish your business as a genuine and secure one in the eyes of your customers. Image and trust building are very important, especially nowadays cybercrime is rampant. Also, it is very important to give your customers a sense of financial protection, just in case.Account ManagementWhen you have a High-Risk Merchant Account, it will be a lot easier for you to manage your business’s finances. Also, whenever you have any concerns you can always contact or reach your high-risk merchant account provider for your queries.More OpportunitiesHaving a High-Risk Merchant Account can significantly boost your business’s profitability. Just because you are only able to access a high-risk account does not mean that you aren’t going to be able to grow. Expanding your business internationally means that there will be much greater fees and cost that will be a bummer, but if you can market your business better internationally, your business can still make a considerable profit, thus more opportunities for growth.—Additionally, when you apply for a merchant account, you’ll be required to provide some important documents such as business and tax documents. After your application has been processed, your payment provider/payment processor will thoroughly assess whether you are a high-risk or low-risk merchant, and adapt their plan accordingly.References:Hoory, Leeron. “High-Risk Merchant Account: What It Is and How It Works.” Forbes, Forbes Magazine, 7 Aug. 2022, https://www.forbes.com/advisor/business/software/what-is-high-risk-merchant-account/#:~:text=Getty,payment%20processor%20is%20taking%20on.Brown, Martin. “Reasons Why You Need a High-Risk Merchant Account.” Jarvee, 16 Sept. 2022, https://jarvee.com/reasons-why-you-need-a-high-risk-merchant-account/.High-Risk Merchant Account: What Is It And Why You Need It? was originally published in Piccopay Pte. Ltd. on Medium, where people are continuing the conversation by highlighting and responding to this story.

Change is constant.It is fascinating how humans are able to change one thing at a time and be able to share new knowledge and experiences.The internet, also created by humans, plays largely the role of changing one’s point of view, and even becoming a mediator for us to acquire new learning. Speaking of new learning, the term “cryptocurrency” is not alien to us, as it has been circulating the world for more than a decade now, but many others are still not familiar with it.Cryptocurrency is defined as digital money that takes in a form of tokens or “coins”. Cryptocurrency is more than just an investment option, it represents a whole new world, in digital, altogether.Here are some of the terms that will surely help beginners to better understand the world of Cryptocurrency:AltcoinAn altcoin is not a Bitcoin. Altcoins can be anything, sometimes an Ethereum or any other coins with minimal value.BitcoinBitcoin is the first and most valuable cryptocurrency. It’s a decentralized digital currency that you can buy, sell and exchange directly without intermediaries.Bitcoin CashPeer-to-Peer electronic cash system that formed from a fork of Bitcoin. It is designed to be better optimized for transactions.BlockMade up of information such as transaction records as users buy or sell coins. Once it reaches its limits, a new block is created to continue the chain.BlockchainA digital form of record keeping, and technology behind cryptocurrency. It is the result of sequential blocks that build after one another, creating a permanent, unchangeable ledger of transactions or data.CoinA representation of digital value that lives on a given blockchain or cryptocurrency network.CoinbasePopular centralized cryptocurrency exchange.Cold wallet / Cold storageA secure way of storing your cryptocurrency offline.CryptocurrencyThe type of currency that is digital and decentralized can be used to buy and sell things or as a long-term store of value.DecentralizationThe transfer or distribution of control and decision-making from a central point.Decentralized Finance (DeFi)Financial activities are conducted without the help of intermediaries such as banks or other financial institutions.EthereumThe second largest cryptocurrency.ExchangeA digital marketplace where you can buy and sell cryptocurrencies.ForkWhen blockchain makes changes to its rules.Hot walletSoftware-based cryptocurrency wallet connected to the internetMiningThe process where new cryptocurrencies are made available and the log of transactions between users is maintained.NodeA computer that connects to a blockchain network.Non-fungible Token (NFT)Units of value which is used to represent the ownership of unique digital items like arts, collectibles, etc.Peer-to-PeerTwo users interact directly without an intermediary involved.Public KeyYour wallet’s address. Similar to a bank account.Private KeyIt is the encrypted code that allows you direct access to your cryptocurrencies. Similar to a bank account password, you can’s share your private key.TokenA unit of value on a blockchain.WalletA place to store your cryptocurrency. It can be hot (online, software-based) or cold (offline, usually on a device)These terms are just the basics you might want to know if you really want to dive deeper into Cryptocurrencies, or the Metaverse.Is it important?Well, we might not know what the future will look like, but it is undeniably impossible to not expect the massive effect of these innovations in our future. Change starts one step at a time, and so do our adaptation.Reference“Crypto Terms You Should Know If You Want to Invest | Nextadvisor with Time.” Time, Time, May 3, 2022, https://time.com/nextadvisor/investing/cryptocurrency/crypto-terms-you-should-know-before-investing/.A Beginners Guide to Cryptocurrency Terms: One step to the future was originally published in Piccopay Pte. Ltd. on Medium, where people are continuing the conversation by highlighting and responding to this story.

“I like your writing style”Last June 20,2022, I received an email from Johnsons Berkshire Solutions Inc. the company I’m currently working for as an intern, informing me that my contract is extended and that I’m tasked as a “content writer” for Piccopay.What was I feeling? I am beyond grateful, I was happy, I cried, and I felt excited and at the same time anxious.Why was I anxious?It is because I am outside of the sphere of technology. I was kind of afraid, what if because of my lack of knowledge regarding the fintech industry, I will not be able to deliver our company’s message to the people. These are all my thoughts after I signed my contract.All the thoughts and anxiousness that I was feeling back then were all washed away when our CEO, Errole Gutierrez, told me these five words, “I like your writing style”. It felt as if a boulder was lifted off of my shoulders. Cringe it may sound but it’s the truth, those mere five words comforted the heck out of me. He told me that my writing doesn’t have to be technical sounding, it doesn’t have to contain that much technical jargon, and that I should focus on telling a story. I was assured, I was comforted, I was motivated, and I became optimistic to write more for Piccopay.There are indeed times that I feel like my writing is lacking because it is only simple and not technical sounding, but what keeps me motivated is that I am writing for the people to understand, not for them to be confused or take time to search up a word or be bored while reading. I should be telling the story of Piccopay not overselling it. It may sound crazy that a fintech company wants its content to be not technical sounding, but relatively simple. That is what makes Piccopay special.Right now, I am really enjoying working with them. Together with our Interim Lead, Kevin Cortes, and our CEO, they made me feel like my writing is enough. I really enjoy it too whenever they gave comments and suggestions on the drafts that I send them.Piccopay really do upholds diversity and inclusion, at the same time “teamwork”, and I’m crazy in love with it.Writing and Optimism: What it’s like working as a Content Writer for Piccopay was originally published in Piccopay Pte. Ltd. on Medium, where people are continuing the conversation by highlighting and responding to this story.

Gig Economy is a market system where independent workers/part-timers work for a platform or service providers.Short term. Quick Jobs. Trend.If you’re in the gig economy, you might want to give your business a safer and convenient payment solution. Come give us a visit at piccopay.sg for more information.Reference:“What Is the Gig Economy?” YouTube, 21 July 2021, https://youtu.be/Tsg5XHz7_ck.“What Is Gig Economy? Definition, Characteristics, Components and Classification.” Business Jargons, 19 Apr. 2021, https://businessjargons.com/gig-economy.html.Gig Economy Explained in 140 Characters was originally published in Piccopay Pte. Ltd. on Medium, where people are continuing the conversation by highlighting and responding to this story.

You don’t need a degree in Computer Science to figure out that fintech is an abbreviation for “Financial Technology”. Although, some people, especially those outside the technology sphere, may still need a little enlightenment. But, what comes after the meaning of the abbreviation, is definitely the definition.What is fintech?Fintech refers to the integration of technology that automates the delivery and use of financial services. It is built to help business owners, companies, consumers, etc. to better manage their payments and other financial activities.Fintech is already changing the world of finance as we know it.The world of finance is now really ripe for innovation. We cannot deny the fact that we are certainly living in the near peak of the digital world. Fintech is shaping the future as we know it. But still, we have many things yet to know more about it.We have here 11 things about fintech that you may not know yet:1. Fintech is a known competitor to traditional banksThe more fintech comes popping up on your news feed, TV, etc, the more the traditional, old-fashioned banks are sweating bullets. Why? because it means that fintech is giving them a real run for their money. They both have different sets of dynamics, it’s true: fintech operates 24/7, banks have working hours, banks are tangible, fintech is digital, and so on.The point is, if we are looking at the time we are living in, people are in it more on the technology side rather than the traditional ones. Time changes and so do society’s preferences, and due to the colossal use of technology, fintech is becoming more and more known, and popular.2. Fintech is much more than just a finance sectorJust because fintech is associated with the banking business, it doesn’t mean that they are only limited to what services the bank does. It is more than that. Why do you think many people choose fintech nowadays? It’s because of its versatility, like different payment methods, the way of remittances, in terms of saving you time, money, or gas for going to the bank, and many more.3. Lots of people invest in fintechNot surprising at all that many people are investing in fintech, because it is downright a promising business. There’s over $300 billion invested in fintech over the last decade, and according to Goldman Sachs, the market worth of all fintech firms globally is worth more than $4.7 trillion.4. Helped millions of people get out of extreme povertyFintech is doing an amazing job of bringing financial services to the people who could not access them before, people who are the so-called, “unbanked”. Some of the unbanked are people with no stable income or permanent address, hence the struggle on accessing financial services. Financial technology solutions, allow them to build income/wealth, to escape the poverty line.One example here is M-Pesa, which is a mobile-based money transfer service that literally means your smartphones can transform into a bank account. It was launched in 2007, and basically raised about 2% of Kenyans (around 200,000 households) out of the poverty line. It also reduced money/cash-related crimes in the country.5. Revolutionizing the Loans MarketAnother thing that fintech does, is that it makes the whole lending process more comfortable and seamless. Why is that? Because of the fact that we can explore or find a wide range of fintech apps and websites that will help us compare the prices of credits and loans, things that were impossible with traditional banking.6. Cybersecurity is still a concernThis is already given in the nature of fintech. They hold enormous amounts of sensitive data, so there’s a high risk of theft. But with more innovation, as time goes by, it is likely to improve more in the future. Just always remember to be careful.7. Can improve your financing/spending decisionsIf you’re one of those people who have a hard time making decisions when it comes to money, fintech can certainly help you.8. The biggest consumer of fintech is AsiaNot just in terms of the number of people using fintech, but also the percentage of the population.9.…But United States of America is the biggest producerNot surprisingly, Silicon Valley is the home of major technology, software, and internet companies.10. Fintech’s work ethic is known to be more relaxed than in traditional banks.Opposite to the traditional banking work ethic, which is seen as stuffy and kind of old-fashioned, fintech’s work environment is believed to be more relaxed and casual.11. Big user of machine learning and artificial intelligence (AI)Fintech uses cutting-edge technology to produce high-quality solutions. One of fintech’s famous uses of AI is in so-called Robo Advisors, which basically do the same job as financial advisors, only at a lower cost.References:“15 Things You Didn’t Know about the Fintech Industry.” Alux.com, 7 Oct. 2020, https://www.alux.com/fintech-industry/.Kovacevic, Marko. “8 Things You Didn’t Know about Fintech.” Wolf & Wolf Technologies, 30 Nov. 2020, https://wolf-wolf.net/blog/8-things-you-didnt-know-about-fintech/.11 Things About Fintech You Probably Didn’t Know was originally published in Piccopay Pte. Ltd. on Medium, where people are continuing the conversation by highlighting and responding to this story.

Financial Services for gig workers | Digital Banker AfricaShort term. Quick Jobs. On-demand.When you dive into the meaning of the gig economy in general, it means that many people work as independent contractors, part-timers, or temporarily for a platform or service provider. By the term “gig” you can easily distinguish it as something that is lighter than entirely regular work. Gig originally is used by jazz musicians a century back, now it is widely used to distinguish what kind of work independent workers do.Workers in the gig economy earn money by doing contractual work or freelancing, but typically most of the gig workers find a client that they can match with and offer their service to complete work or “gig” to earn clients their money. For gig workers, it doesn’t matter how long the work may last, as long as they have another gig waiting for them, to keep their income flow in balance and continuously.It is difficult to distinguish how many adults are participating in the gig economy, but according to The Bureau of Labor Statistics, about 1.6 million workers get their income from doing gigs. Their data also showed that many more are still participating in the gig economy, doing freelance or part-time jobs/side-hustle jobs.What makes the gig economy so enticing to the people that many are jumping in the wagon to participate in it? Aren’t you curious? Well, you should definitely stay in this article to gain a little knowledge about the pros of the gig economy for an adult or aspiring worker like you.Here are 4 reasons why you should invest in the gig economy:There is a massive variety of opportunities for a freelancer like you.1. FlexibilityOne of the reasons why people should invest in the gig economy is that it can guarantee flexibility in terms of working hours. If you’re among the people who love to work while handling their own time and pace, then you should consider hopping into the gig economy. With flexibility in the gig economy, it gives the gig workers, the when and where the privilege of how they should work. Oftentimes, the gig workers, are given a job with a completion date, now it is up to the hustlers how they would finish it, as long as they comply with the given deadline or date.Some workers choose working days like early morning on the weekends, weekdays with a day interval, or even a work-from-home setup. This kind of work nature is appealing to people who love to work around family schedules, or even to people who are still in school. If you are a side hustler wanna-be, then you should definitely exercise that flexibility privilege that the gig economy offers.2. Guarantees IndependenceWe know that every working adult already has the essence of independence, starting from the time they hunted for their jobs. But, what the gig economy is bringing, is the fact that you get to work on your own, sometimes without the aid of other people. Gig workers often work alone, learn alone, and finish their job with very minimal help from others. But, that is the essence of it, it can boost confidence and independence, away from relying upon all the time to feed the need of completing your work. This kind of thing can help people in their early 20s or early graduates to rocket themselves up the working ladder.3. IncomeThe income/salary of gig workers varies from company to company, they aren’t all on the same level. It is a given fact, that in this economy, expect that there are works that pay less, and there are works that pay just fine.For students who are in the gig economy doing side hustles, it is very much fine if you try to pursue higher education while still in the gig, flexibility perk works very much fine in these case scenarios. With a higher degree obtained, this can help you make your CV/resume look good and make your freelancing career boost, to help you earn more money.4. Job choicesIn the gig economy, you can find a wide variety of jobs to choose from. As an independent worker with a flexible work schedule, you can choose and do more than one job. You don’t have to be stuck in a monotonous job if you don’t want to. If you’re in it into exploration and finding your capabilities, creativeness, and craft, then you should hop in and join the gig workers.The gig economy is just right here.Isn’t it cool, how you can manage your own time, schedule, and workload while putting your life first over your job? It is empowering in some ways, indeed. The gig economy is just right here, it stays. You have all the time to explore the gig life, and eventually, when you find what you really want to do, with the right discipline, resilience, and skill, you may be able to land a full-time job in the future. It doesn’t only you who will benefit from it, but, you will also contribute to the economy as it increases labor productivity or participation.As time goes by, jobs in the gig economy will surely continue to rise.As for whether the gig economy is for you or not? Well, it always depends on you. You need to know yourself better. Is it part-time/side hustle you want? Or do you want full-time job experience? You need to analyze critically and carefully the market you are looking for. But, for what is worth, you don’t need to feel pressure. There is no rush in here, the gig economy stays.If you’re in the gig economy and wish to accept online payments: give us a visit at piccopay.sg for more info.References:Western Governors University. “The Pros and Cons of the Gig Economy.” Western Governors University, Western Governors University, 29 Jan. 2021, https://www.wgu.edu/blog/pros-and-cons-gig-economy1808.html#close.André Gonçalves — Editor & Head Of English Market After studying and working in HR, et al. “Would You like to Be a Freelancer or an Independent Worker? Discover the Pros and Cons of the Gig Economy.” Youmatter, 10 Feb. 2020, https://youmatter.world/en/pros-cons-gig-economy-27964/.4 Reasons You Should Invest in Gig Economy was originally published in Piccopay Pte. Ltd. on Medium, where people are continuing the conversation by highlighting and responding to this story.

In today’s time, customers’/consumers expectations for convenient and seamless payment transactions are exceedingly high. With the fast-changing environment of the payment industry, people are becoming more aware of the availability of newer and much more advanced fintech, hence, their expectations of it became unimaginably high compared to the past years.If you’re in the fintech business, you sure know that fintech companies have no problem with creating more modernized and seamless payment solutions. It’s a given fact. But, what you must do first is to analyze the expectations of the consumers/customers; reach that payment audience, and optimize their desired transactional experience.We have here three things your fintech/payment solution should take note of, to ensure you are meeting today’s customers/consumers’ expectations.Things consumers expect from a payment solution:Intuitive Interface / Ease of useToday’s customers would say that their time is essential and that they don’t want to be stuck in a prolonged payment experience. They would want to check their bill, complete payment transactions and etc, with few easy steps as possible. One strategy to completely meet the consumer’s expectations when it comes to this is to provide real-time payment capabilities. By utilizing a single platform that can perform all the necessary payment operations, you can make it easier and seamless for your customers and your own team to manage real-time payments.Variety of payment optionsAs stated above, if you utilize a single platform it has to have all the necessary payment operations, this includes the choice of payment options. You must consider that your consumers come from different demographics, hence, they have different availability to adapt to the latest technology or digital payment options. Some will still stick to interacting with a CSR, so your payment solution must be diverse to support all of these inquiries in a centralized manner.SecurityCustomers/Consumers have all the rights to expect that your payment solution will live up to its promise and do everything in its power to keep safe sensitive financial information. You must give the customers peace of mind away from cyber-attacks and data breaches. By investing enormously in the security of your payment solution, you do not only protect your customer, but also your reputation.With more emerging financial technologies these days, today’s consumers want their payment experience to be fast, easy, and secure, more than ever. By keeping up with what the consumer needs, with the latest technology, your payment solution will start to gain more flexibility, improved satisfaction from the customers, and improved operations, in no time.So, does your payment solution meet the customer expectations?If you are a consumer with these expectations for a payment solution, you might want to check us out at piccopay.sgReferences:O’Brien, Jason. “4 Things Consumers Expect from a Payments System.” SWBC Blogs, https://blog.swbc.com/lenderhub/4-things-consumers-expect-from-a-payments-system.Doxim, Written. “Does Your Payment Solution Meet Customer Expectations?” Doxim, 26 Jan. 2021, https://www.doxim.com/does-your-payment-solution-meet-customer-expectations/.Payment Solution: Does it meet your consumer’s expectations? was originally published in Piccopay Pte. Ltd. on Medium, where people are continuing the conversation by highlighting and responding to this story.

If you’re like most businesses in the past years, you have probably collected payments mainly through cash or checks. Now, in these modern times, you may be looking for a way to offer your customers a safe and easy way to pay online (which is the most convenient in these trying times).All payment solutions/payment processors aren’t created equal, so you might want to stay in this article, and get some idea of the ins and outs of how an online payment system works, from start to finish. I mean, who doesn’t want to avoid pitfalls?Add extra knowledge to you and protect and grow your business.Main players in an online payment:You and your customer are the main members of the cycle. To accept payments from customers online you need two things: an internet/online merchant account and a payment gateway.How it goes:Once you have those things in check. Here’s how it goes.For example, a customer will make a purchase online on your checkout page or online business page, by submitting their payment information. After that, that information is sent to the payment gateway. The gateway then encrypts the payment information and relays it to a series of approved payment processors and networks for approval/authorization, where the payment is either accepted or not accepted. That verdict of information then travels back to your customer.Did you know that all of that processes and series of activities only take up seconds? Amazing isn’t it?The final step occurs after the payment gateway sent the transaction to the payment processors (e.g PayPal) and then the money will be transferred from the customers’ bank account to your account.So now you know that a payment moves through several loops often with varying providers with each transaction. Since things can get really complex and hard for some, many fintech companies offer seamless payment solutions that are all bundled up together. Easier, and secured for the people.It is a fact that there are all kinds of payment solutions out there. But, before you make a decision to choose the best payment solution for your business, make sure that the solution you will be choosing provides undeniably solid answers to the following questions:Is it secure?Is it reliable?Is it easy to use?These questions will help you attain that answer that is needed for both sides of the party (your business and the customers). When making this important decision, it is worth the time to look for a payment solution that offers security, reliability, and ease of use, as it is gonna be working on both sides. In fact, it’s like a give-and-take relationship. A harmonious one, between your business/you and your customer.With these kinds of optimistic things, you can expect to get high marks from your customers as your business dive more, through the world of digital payments. Fascinating isn’t it? You and the digital world.Reference:“Understanding Online Payments.” YouTube, 26 Apr. 2012, https://youtu.be/gG5kLlfZcik.Understanding Online Payments: You vs Digital World was originally published in Piccopay Pte. Ltd. on Medium, where people are continuing the conversation by highlighting and responding to this story.

What does it mean to be unbanked?Last 2017, World Bank disclosed that there are 1.7 billion “unbanked” people worldwide. Although there are still unbanked individuals in developed countries, it is undeniably true that most of the unbanked came from developing countries. There is a belief that there is a strong bond or link between living in poverty and lacking financial inclusion. So, what does it mean to be unbanked?A person is said to be unbanked when he/she does not have a hold of any bank accounts or credit unions. A family household is called unbanked when there are no family members that have accounts like savings, atm, etc.We have here 3 straight facts about the unbanked:1. Women reported being more unbankedIn 2017, 980 million women did not have bank accounts, making up 56% of all unbanked adults globally. According to the World Bank, even in the small countries with a low percentage of unbanked individuals, women still account for the most unbanked.2. Unbanked people have their reasons for being unbankedThe most reason provided for this matter is, of course, having lack of money. But even though, many people with enough income are still bound to their choice of not opening an account. These reasons may vary from, the distance from their household to the bank, documentation requirements, their distrust in the financial system, and some little religious beliefs/concerns or so.3. Technology is seen as a front runnerIt is a given fact that many unbanked people are at the poverty line. It is seen that providing solutions to improve the financial inclusion of the unbanked population, can boost economic growth and lift the impoverished people out of the poverty line. It is said that the more people are banking today, the more they are banking on their futures. With technology, such as new fintech, the unbanked’s financial inclusion is seen as more vivid now. The promotion of digital payment systems, which allow digital or mobile access to financial services must be seen as one of the biggest factors that can affect a change in the unbanked situation.During the time of the Covid-19 pandemic, the Philippines has seen a steady increase in the adoption of financial technologies. With digital finance, the 41 million unbanked filipinos can have access to financial services, making them financially included.In countries worldwide, being unbanked too often leads to being unsafe, unequal, unprepared, and unsuccessful. But, we could undo that. If you think banking isn’t really for you, then you might feel rather comfortable with fintech. With fintech, the unbanked can now join the world of financial inclusion and experience the benefits of its financial services.We at Piccopay, believe that everyone has the right to be financially included. With fintech as our strength, we could be the “Un (doer)” to your “Unbanked”Visit us at piccopay.sg, for more information.ReferencesSaiesha. “5 Facts about the World’s Unbanked Population.” The Borgen Project, Saiesha Https://Borgenproject.org/Wp-Content/Uploads/The_Borgen_Project_Logo_small.Jpg, 1 June 2022, https://borgenproject.org/unbanked-population/#:~:text=In%202017%2C%20the%20World%20Bank,population%20lives%20in%20developing%20countries.Hilario, Edgard. “Number of Unbanked Filipinos Decreases as Digital Finance Supports Daily Needs.” Manila Bulletin, 19 May 2022, https://mb.com.ph/2022/05/19/number-of-unbanked-filipinos-decreases-as-digital-finance-supports-daily-needs/.3 facts about the Unbanked was originally published in Piccopay Pte. Ltd. on Medium, where people are continuing the conversation by highlighting and responding to this story.

It is undeniably true that there are pros/advantages you can find within the gig economy, which will encourage you to invest your time, skill, and effort in it. But, there’s always a list of disadvantages that comes with the advantages, don’t they? There’s always another side to the majority of everything, just like a coin that has two visible sides, so is the gig economy.The gig economy is known for its ecosystem where most of the jobs are done with the use of the internet. Because of this feature, it became more popular among the younger demographic: millennial and Generation Z people are mostly the runners in the gig economy. According to Edison Research, gig workers are more likely to be young , with 38% of 18–34 years old being part of the gig economy.It is no surprise that teenagers starting at 18 are beginning to develop their interest in working and finding their future career path while testing the waters. This age of exploration can help them in so many ways, that’s why this article is here to give a little insight into the disadvantages of the economy they are most likely to get interested in. If you are a starting young adult that wanted to hop into the world of the gig economy, you might wanna read this article to help you get ready for what you will be facing when you become a gig worker.We have here 5 cons/disadvantages in the gig economy:1. Lack of benefitsFreelancers/Independent contractors in the gig economy are not considered “regular” employees, meaning that they are still exempted from the company’s benefits for its regular workers. There are different benefits when it comes to gig workers, but not as many as the ones working full-time. So if you are considering having jobs where there are lots of benefits gained, then you might want to consider bailing out of the gig economy doors. It is not a bad thing to expect more from the company or platform you will be working for, given the fact that you want to offer your full capacity, but you should choose what you want. You hold your decision.2. Gig worker’s expenses/ personal expensesIn the gig economy, gig workers are usually responsible for their personal expenses or out-of-pocket expenses used for working; for example, laptops, phones, internet, phone plan, gas, etc. Gig workers usually cover their own expenses regarding their job/work.3. StressEvery worker is entitled to be stressed at their work/jobs, but it is said that gig workers tend to have more stress because they are working only to find other gigs again to keep their workflow steady. Jumping from one gig to another may be stressful because of the changes that you might undergo. Sometimes, gig workers experience massive and sudden changes in their jobs, such as being dropped out/let go or a decrease in their salary. If you want to join the gig economy, you need to consider the stress it may bring you, as you are not a regular employee.4. Feeling of IsolationIf you are the type of person that finds associating with people comfortable and builds connection easily, you might wanna consider being a gig worker. Unbelievable it may sound but some gig workers find working remotely or from home very bland, as they don’t go to the office to mingle with other workers. Introvert workers may find this appealing but it is certainly not for everyone. Being an independent worker means you get to do the job tasked to you, on your own. For some, this kind of setup is motivational and not cluttered, but for many, it can cause isolation and social anxiety, which can greatly affect the mental health and productivity.5. Unbanked situationSince it’s the gig economy, many workers get paid after they completed their task and all, payments in the mode of cash, bank transfer, etc. But, the point is that many freelancers/independent contractors are still outside of the bank hemisphere. Most of them are not serviceable by bank, specially on the younger demographic (generation z), since they are working as freelancers, chances are most of them are part of the unbanked population. Maximizing the use of bank services can be a great help to you when it comes to your payments, money transfers, and can be handy especially when it comes to jumping from one gig after another. You need to consider these things before you jump into the gig economy, you need to at least find yourself a payment solution that will help you cover bank services, digitally.If you’re already in the gig economy/planning to be in the gig economy, still unbanked, and wishing to accept payments online, Piccopay got you covered;visit us at piccopay.sg for more information.Related readings:4 Reasons You Should Invest In Gig EconomyReferences“Gig Economy.” Corporate Finance Institute, 24 Feb. 2022, https://corporatefinanceinstitute.com/resources/knowledge/other/gig-economy/.Western Governors University. “The Pros and Cons of the Gig Economy.” Western Governors University, Western Governors University, 29 Jan. 2021, https://www.wgu.edu/blog/pros-and-cons-gig-economy1808.html#close.5 Downsides in the Gig Economy was originally published in Piccopay Pte. Ltd. on Medium, where people are continuing the conversation by highlighting and responding to this story.