Top 5 Payment Gateways for Your e-Commerce Business in Singapore

Singapore Company Formation

Part 1: 

https://bbcincorp.blogspot.com/2022/04/top-5-payment-gateways-for-your-e.html

3. What should you look for in one?

choosing

When choosing a payment gateway, you’ll need to consider a number of factors, including security, service agreement and fees, ease of navigation, merchant account, and integration.

It’s also important to choose a gateway that is mobile-optimized, as an increasing number of customers are using their smartphones and tablets to make purchases online.

3.1. Security

Security is of paramount importance when it comes to online payments. The gateway you choose should have a robust security system in place to protect your customers’ information.

3.2. Service agreement & fees

Service agreement & fees can be a major considerations when choosing a payment gateway. Some gateways have complex service agreements and charge high fees, while others are more affordable and easy to use. It’s important to compare the different options and choose the one that best suits your needs.

3.3. Ease-of-navigation

Ease-of-navigation is another important factor to consider. The gateway should be easy to use for both you and your customers. It should be easy to navigate and have a simple checkout process.

3.4. Merchant account

Merchant account is another important consideration. Not all payment gateways offer merchant accounts, so you’ll need to check before you choose one. Merchant accounts allow you to accept payments from a variety of sources, including credit cards, debit cards, and PayPal.

3.5. Easy integration

Easy integration is another key factor to consider. The gateway should be easy to integrate into your website, so there is minimal disruption to your business. It should also be easy to use, so you don’t have to spend hours trying to figure it out.

3.6. Mobile optimization

It’s also important to choose a gateway that is mobile-optimized, as an increasing number of customers are using their smartphones and tablets to make purchases online.

4. Top 5 payment gateways in Singapore

The following is our list of the most popular payment gateways in Singapore for you to try out. Let’s explore what each has to offer for your business!

4.1. PayPal

Merchants that use PayPal are typically small businesses or individuals who are selling items or services online. PayPal is a convenient way for these merchants to receive payments from buyers because it is a fast, secure, and easy-to-use payment system.

In addition, PayPal off buyers in more than 190 countries and in 24 currencies. PayPal also offers a variety of payment options, including credit cards, debit cards, and bank transfers. Additionally, PayPal provides merchants with a variety of tools and resources to help them grow their businesses.

Pros:

  • Highly secured
  • Large merchant base
  • Easy to use
  • No fees for transactions made to friends and family

Cons:

  • High transaction fee for each purchase
  • Lack compatibility with some e-Commerce platforms
  • Aggressive account freezes

4.2. Stripe

Stripe is for online merchants who want to start and run their business without the hassle of learning about or dealing with payments processing. Stripe makes it easy to accept payments from customers all over the world. With Stripe, you can focus on your business instead of payments.

Stripe also has a wide variety of features that can help you run your business. For example, you can create recurring payments, set up subscriptions, and accept donations.

You can also use Stripe to accept payments in over 130 currencies. Plus, Stripe is always updating its features to make it even easier for online merchants to run.

Pros:

  • Low transaction fee
  • Easy to integrate with most e-Commerce platforms
  • Frequent feature updates

Cons:

  • Less optimized for in-person retail businesses
  • High technical skill requirement for API tools

4.3. DBS PayLaH

DBS PayLah is an e-wallet service that allows users to make payments and transfers easily and securely. It is perfect for merchants who want to increase their sales by accepting payments from customers through their smartphones.

With DBS PayLah, merchants can enjoy the convenience and security of online payments, without having to worry about handling credit card information or payment processing.

Pros:

  • High number of participating websites
  • Integrated bills and top-ups payment
  • Plenty of discounts and rewards

Cons:

  • Small pool of affiliated merchant banks

4.4. Airwallex

Businesses that need to perform transactions quickly and simply should look into signing up for an Airwallex account. The Airwallex platform makes it simple for companies to handle international transactions, and the company’s quick payment times allow businesses to get paid fast.

In addition, Airwallex offers low transaction costs, making it a cost-effective choice for firms.

Pros: 

  • Low transaction fees
  • Fast and easy transaction
  • Excellent customer service

Cons:

  • Limited currencies pool
  • No physical branches

4.5. Paymate

Since Paymate is geared towards online merchants, it’s perfect for businesses that sell products or services online. It’s also a great choice for merchants who want to accept payments from customers all over the world. With Paymate, you can process payments in over 150 currencies, so you can easily accommodate customers from around the globe.

Pros:

  • Suitable for small businesses with fewer resources and time
  • Wide range of peripheral services ( online payments, invoicing, recurring payments, etc.)
  • Supported local and international payments

Cons:

  • Unresponsive customer service
  • Limited currency options

5. Conclusion

So there you have it – our top six picks for payment gateways in Singapore. We hope this article has helped to make your decision a little bit easier.