Impacted by the Pandemic, Payfazz Makes Business Efficiency

One by one, companies must adapt as the pandemic continues. This time it happened at startup fintech Payfazz. This startup reduces expenses both in terms of the number of workers, IT costs, and others in order to continue to operate and keep making profits.

In an official statement, CEO of Payfazz Hendra Kwik said the company did not escape the impact of the global economic downturn, which ultimately required companies to adapt, including efficiency. Various ways have been carried out by the company in its current condition, but according to him, this is not enough to support the company's performance to remain sustainable.

Therefore the company must take the last option to allocate the allocation of funds and resources in the sector that sustainable, as well as related to the company's vision that focuses on small business, financial servicesand digital banking.

"This has been a difficult decision for senior management during Payfazz's establishment since 2016. This tough decision must be taken in order to maintain the company's sustainability in the future," he said, Thursday (18/6).

Separately, when asked more deeply by DailySocial, Hendra explained that the company's revenue increase is done by optimizing sales by adjusting service prices and service costs, as well as company cost efficiency.

“As a result, it looks bigprofit The company shows positive numbers and continues to increase from time to time," he said.

Regarding the 10% reduction in the workforce, Hendra said that the company made a decision to reorganize and refocus so that there needs to be a reduction in professional workforce so that the company remains a sustainable business. Prior to efficiency, the number of employees in Payfazz reached 600 people.

However, he did not specify which parts of the team were affected by efficiency. He said the reduction was made for non-core businesses and businesses that have a lot of physical contact with users, making it impossible to maintain physical distance.

"We are trying our best to continue to support our affected employees by providing their rights in accordance with applicable government regulations."

The benefits provided include full salary for the month of June 2020; severance packages, reward packages according to years of service, leave compensation packages, and health insurance until October 2020. In addition, the company provides assistance for career services for affected employees.

Hendra hopes that this tough decision will be the last. He didn't want this to happen in the future. Currently, the company remains focused on increasing revenue, so that the company's profit remains stable even in the midst of a crisis. It is hoped that the company can continue to be sustainable in the long term.

"In the future, Payfazz will carry out a process of improving governance and the company can continue to run on an ongoing basis," he concluded.

In its journey, Payfazz carried out various business expansions so as to form a business group called Fazz Financial. Underneath it are Post, Sellfazz POS, Fazzcard, Billfazz, and Canfazz. All of these products target various consumer segments.

One of them is Fazzcard which is an application for submitting cash receipts to finance daily needs, credit, data packages, basic necessities, gasoline, without having to have a bank account. In addition, consumers get cashback when shopping through Fazzcard's e-commerce partner.