Online payment service provider PayU GPO has launched a self-onboarding tool to support Peruvian small and medium enterprises (SMEs). This move comes alongside the launch of a new suite of payment solutions and integrations, including Yape, Pago Effectivo QR, and Shopify, aiming to enhance payment options for merchants in Peru.

According to the official press release, small and medium enterprises (SMEs) in Peru encounter various obstacles hindering their growth, such as limited access to affordable financing, complex bureaucratic processes, and a high inflationary market. In response, ecommerce has emerged as a crucial avenue for businesses seeking to boost sales and maintain competitiveness, offering a shift from traditional sales models to efficient digital platforms. How does the self-onboarding tool work? PayU GPO’s self-onboarding tool aims to expedite SMEs' access to over 50 high-growth markets across Latin America and beyond.

In essence, the solution aims to simplify processes, support growth, and eliminate financial barriers for newly established businesses by providing essential digital tools. The streamlined self-onboarding process enables merchants to swiftly create accounts and commence accepting payments, thereby opening new sales channels on a global scale for Peru's sizable SME sector, which comprises more than 850,000 businesses. In the official press release, representatives from PayU GPO emphasised the company's dedication to empowering entrepreneurs and small businesses, underscoring the significance of this update in Peru as a testament to their commitment to driving local progress and inclusion in the digital economy.

In addition to self-onboarding, PayU GPO has introduced Yape and Pago Efectivo QR as payment methods created specifically for the Peruvian market. By offering localised payment options, conversion rates are expected to improve, aligning with Peru's ongoing digital transformation efforts. Furthermore, PayU GPO has partnered with commerce platform Shopify to improve the online shopping experience of Latin America.

This collaboration could potentially benefit more than 2,000 businesses by providing ecommerce solutions through a single, easily manageable integration. Through this partnership, businesses can conduct payment tests, reduce abandonment rates, and seamlessly manage refunds. Representatives from PayU Peru talked about the company's strategic role in driving regional growth through these new payment solutions and ecommerce integrations.

By facilitating inclusion in the digital economy and offering consultancy and support, PayU GPO wants to provide Latin American merchants with the necessary tools and knowledge to navigate economic challenges and capitalise on new opportunities. .