Founder Spotlight: Ray Refundo of Qwikwire
Ray Refundo
Founder
Spotlight: Ray Refundo of Qwikwire
The Qwiker Way
By Michaela Villaroman
Proportionally matching its growing diaspora and market, the
remittances sent back to the Philippines continue to flourish over time.
Among the contributors to the money received by the country are overseas
Filipino workers, who send money back home to pay their bills and to
financially support their families, as well as freelancers, who receive their
pay from clients and customers abroad. Consequently, this surge in remittance
is paired with an increasing frequency of use and need for an effective money-wiring
services.
It comes as a surprise then that the methods for transferring funds
and collecting payments remain underdeveloped. Filipinos sending their money
back to the country are met with uncertainty. Just because their funds are
transferred, doesn’t ensure them that the money sent is always received or used
correctly.
Most money-transferring companies only provide a means to send
money to the Philippines. Their services end there, but the people’s needs
don’t. There remains a growing demand to simplify the money-transferring
process; people want a simpler, more direct way to oversee and finish the
process.
Fortunately, Qwikwire offers services that may remedy most of the
people’s money-wiring dilemmas.
The Bigger Picture
Ray Refundo, co-founder of Qwikwire, saw and understood the
money-transferring predicament of the Philippines.
After graduating from California State University with a degree in
Finance and Economics, Ray started his career as a financial analyst in the US.
Eventually, he decided to quit his job and pursue a business of his own.
He started MoneyTran, an online money-remittance service that
catered to the needs of Filipinos overseas. The services provided by the
company focused solely on online money-transferring. Unfortunately, his first
business endeavor turned out to be a failure.
The real demand was for a platform where Filipinos abroad may opt
to pay their bills directly as they send their money home. It was yet to be
created. Fortunately, Ray and his friends caught on the idea and decided to finally
bring the concept to reality.
The business idea Ray and his friends originally came up with was a
payroll system for freelancers. They changed their plans and target market when
they began to see the bigger picture. With their initial business plan not
doing so well, they were set to shift to a new strategy.
Instead of exclusively targeting freelancers, they transitioned to
catering for the needs of Filipinos abroad in general. They focused their efforts
on designing a service that would not only enable people to transmit their
funds to the Philippines but also let them pay their bills directly through an
online platform.
Creating a Quiker Way
Qwikwire provides a cross-border billing and invoicing platform
that aims to “empower travelers, expats, and immigrants to securely pay their
real estate and other bills through multiple online channels.” Through their
platform, paying bills now only requires a few simple clicks.
Also without compromising the security and effectiveness of its
services, Qwikwire guarantees to treat “personal and financial information very
seriously.” Their website assures its clients that its encryption is to
industry standard.
As taken from their website, Qwikwire goes “beyond basic remittance
and provides recurring billing, invoicing, customer dashboards, and direct
client website payments via API.”
But the need for a more direct and efficient money-transferring
system doesn’t only end with the Philippines. Qwikwire also hopes to resolve
not only the country’s problem with money-wiring but other nations’ as well. As
prevalent as the issue is in the Philippines, other countries with a
significant portion of their population working abroad also experience the same
difficulties and thus, require the same kind of service.
Qwikwire aims to expand in the near future and become an instrument
to solve the problem in emerging markets.
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