eCommerce is steadily growing in Asia and China, India, Singapore and Indonesia are some of the leading countries in this front. When it comes to accepting payments online, businesses in Asia are working with both local and international payment gateway providers. Realizing the potential of the expanding market in the Singapore, a number of payment gateways allow businesses in the country to receive credit card payments online. In this article, we explore the payment gateway options available for startups and eCommerce businesses in Singapore.
Singapore startups and ecommerce businesses like Amber Avenue , Task Amigo, Hungry Go Where and others choose to work with international payment processors like PayPal although they serve the local market. However, more established companies choose to work with Asian payment gateways that offer local support and currency tracking.
Below are some of the leading Asian payment gateways that Singapore start-ups and eCommerce businesses can use:
World Pay Singapore
WorldPay is an international payment gateway that offers a range of online payment services including a merchant account, credit and debit card processing and risk management. The company has its Asian offices in Singapore and offers a range of payment solutions for small, medium-sized and corporate businesses.
The payment gateway allows merchants to accept payment online through credit cards, phone and mail orders. The company has a Business Gateway package that allows small businesses to set up subscription payments, accept PayPal and other forms of payments, and accept multiple currencies.
Fees for the service start at £19.95 per month with 350 free transactions. Merchants must have an internet merchant account to apply for Business Gateway. World Pay offers fraud protection for all its merchants.
PaymentExpress is a payment gateway by DPS that enables businesses to accept credit card payments online. The gateway has partnered with Merchant Solutions, Diners Club and American Express to provide its services. Singapore businesses that wish to sell online have to sign up with any of the partners for them to accept Visa and MasterCard payments through their websites.
The payment gateways started operating in Singapore in 2012 and as yet does not offer more payment solution features as merchants may require. For example, merchants cannot transfer funds to most local banks.
For requirements on opening a Singapore merchant account, check the PaymentExpress website.
PayFlow Payment Gateway is a service provided by PayPal. PayPal is one of the leaders in payment service and is a trusted partner by many companies. Although there are horror stories around PayPal, it is worth to have a look as they are still the leaders in the payment space. The biggest problem with PayPal is they don’t support Credit Card Portability.
Some of the benefits include:
- No Set-up or Monthly fees.
- Works with any merchant account, processors and shopping carts
- PCI Compliant
- Bill Me Later facility at no extra cost.
MasterCard Internet Gateway Service (MiGS)
MiGS is a turnkey integrated service provided by MasterCard. Although it is not a native service from Singapore, many merchants use the service to receive online payments.
We talked about MiGS in our last blog post, Payment Gateway Integration options for startups in Malaysia.
eNets is a payment gateway based in Singapore that specifically targets the Asian market. The payment gateway offers a range of online payment services including debit and credit card processing. The company also enables consumers to purchase items online through its range of NETS cards.
With eNets, merchants enjoy the following services:
- Accept all the major credit cards online
- Loyalty solutions for business
- Integrated terminal solution that supports multiple payment options
- Gift cards and prepaid cards to build brand awareness
- Cashback services
- Fraud protections and high level transactions security
eNets offers a robust reporting system for merchants with daily transaction updates and historical sales records.
Asia Pay is one of the largest online payment processors in Asia. The company is a one-stop electronic payment service provider for businesses in Singapore, Thailand, China, India, Vietnam, Philippines, Taiwan and Hong Kong & Macau.
Asia Pay offers a number of online payment solutions including mobile payments, evouchers, recurring payments, virtual terminals (MOTO), pre-payment, game payment, retail payment, batch processing and others.
With the payment gateways, merchants can accept all the major credit cards and non-credit card payments including PayPal, 99Bill, AliPay, China UnionPay, Tenpay and PPS. The setup process of the payment gateway takes about 2 – 3 weeks.
Check here for all features of Asia Pay.
Global Trading Pay (GTPay) is a Singapore-based ecommerce payment solution provider that mainly serves merchants in Singapore and China. Merchants can accept major credit cards like MasterCard, Visa, AMEX and JCB as well as payments from AliPay and Union Pay.
Some of the features of GTPay online payments include:
- Free signup for both merchants and customers and no set up fees
- Supports recurring billing
- Withdraw funds to bank, cheque or telegraphic transfers
- Payments transfers to local banks
- No fees for sending or receiving payments for GTPay members
- Transaction fees range from 0.5%-2.5% depending on the source of funds
- Lower transaction rates for businesses that process over USD10,000 per month
- Accept payments in USD, SGD or CNY
GTPay is a payment processor and merchants do not need a merchant bank account to receive payments. Moreover, its fees are comparably cheaper than those of other payment gateways serving Singapore merchants.
Merchant Solutions offers a convenient and secure e-commerce solution. Businesses can integrate the online payment gateway on their websites to accept credit card payments. No extra software is required to start selling online with Merchant Solutions.
Some of the features of Merchant Solutions include:
- Ability to customize their payment pages
- Fraud protection tools and comprehensive risk management
- Accept all major credit and debit cards
- Easy integration with the most accounting software, order management and ecommerce systems
- Offers Visa and MasterCard secure seals at no additional costs
- Transfer funds to Singapore Standard Chartered Bank
Merchant Solution is an initiative by Standard Chartered Bank and First Data to enable merchants in Singapore accept online payments.
DBS Merchant Payment Services
DBS is one of the largest banks in Singapore and has merchant payment services for internet businesses. The bank works with reputable gateways to offer online payments, mail order telephone order (MOTO) and batch processing services.
The features of the merchant payment services include:
- Accept multiple credit cards and currencies
- Funds are settled in local currency
- Real time processing and validation of transactions
- Transaction reports
- Partnership with a certified payment service provider
DBS offers custom rates to fit the requirements of various businesses.
Wirecard AG is a service offered by Telemoney Electronic Payments. The company offers a range of payment solutions including mobile, POS, and online payments. Businesses can accept credit cards and set up recurring payments with Wirecard AG.
Some of the features of the payment solution include:
- Accept payment from all major credit cards
- Transfer funds to Singapore banks
- Accept payment from most Asian payment gateways including Union Pay
- Perfect for ecommerce, mobile commerce, bill payments, remittance, taxi payments, toll payments, etc.
- Fraud protection, 3D secure encryption and PCI compliant
Wirecard Group operates in Singapore and Indonesia.
Choosing a Merchant Account Provider
The above list is by no way exhaustive of the payment service providers available for startups in Singapore. There are other providers that may work best for your business than the above. However, when choosing a payment gateway, make sure the merchant has your business’ best interest.
Consider the support that you will get, fees, requirements for operations, and reputation of a provider. Sometimes, you may find that a merchant that is not well known may be the best for your business. It is up to you to research and compare to determine which payment solution will be right for you.
Which payment gateway are you using at your website or ecommerce store? Why do you prefer it over other gateways? Post your comments below.