Thanks to the BSP's cashless policy, transfer infrastructure such as InstaPay and PESONet and mobile wallets have taken hold quickly, but there remains a substantial segment of consumers who have a bank account but no card, or who are simply reluctant to enter information online. OTC/ATM payment is a channel that lets these customers pay for online orders at the counter or via the bill-payment function of an ATM at major banks such as BPI, BDO, and Metrobank. It acts as a safety net that recovers orders that would otherwise be lost if only wallet and card payments were offered.

For storefronts serving customers nationwide, product categories with a high average order value where consumers pay carefully, or services with a large share of customers in provincial or island areas, pairing the OTC/ATM channel with GCash helps protect order conversion. Since this is a payment-confirmation-based method, be sure to prepare order-hold and expiration handling logic as well.

At checkout, a bank-specific payment number is issued to the consumer, who then either pays in person at a bank counter or deposits the amount using that number through an ATM's bills payment menu. Because the order is completed only after the deposit is confirmed through the bank network, there is a delay before approval. Hecto Financial receives the collected amount in Philippine peso, converts the currency, and settles with the Korean merchant in whichever of USD, KRW, or JPY is set in the contract.

Hecto Financial supports OTC/ATM payments connected to the collection networks of major Philippine banks so that Korean merchants can use them through a single integration. The range of collection channels by bank, fees, and the time needed for payment confirmation vary depending on the contract terms and bank circumstances, so consultation before adoption is needed.

• Country of business registration

  Confirm contract eligibility as a business registered in Korea

• Sales channel

  The integration method differs depending on whether the business is online-only or also includes physical stores in the Philippines

• Product category

  Advance confirmation is needed as to whether the category falls under merchant restrictions set by Over the counter ATM Philippines' operator

• Local regulatory compliance

  Confirmation is needed as to whether the business complies with the Philippines' payment and foreign exchange regulations (see official sources below)

Amounts collected through the OTC/ATM channel are pooled with Hecto Financial entirely in PHP and then converted before being paid to the Korean merchant in whichever of USD, KRW, or JPY is specified in the contract. Note that this is not a structure where settlement is made in the local currency itself. The settlement cycle and fee rate are tied to the contract terms, and refunds for cash-collected transactions are often processed as a refund to the customer's account, so the processing timeline and procedure should be confirmed at the contract stage.

• Bangko Sentral ng Pilipinas (BSP)Official information on the Philippines' payment systems and related regulations. If there is any discrepancy between this page and the actual regulations, the official source takes precedence.