Southeast Asia is an emerging region that is developing at a rapid pace. The race to develop more quickly than your neighbours can be seen in every country in this region, and the Philippines is not an exception. It is one of the most rapidly growing and important ASEAN countries. Because the Philippines is a developing country, so it's quite obvious that it is moving away from traditional ways and towards modern ones in every sector. Due to this business, market trends have changed in the country, and when market trends change, they impact everybody related to the market. This is why finding a suitable payment gateway has become a difficult task for the country's merchants.
In this article, we try to cover all the aspects related to
the payment gateway Philippines and
try to get the answer to why finding a suitable high-risk payment gateway has
become harder than cracking nuts for high-risk merchants.
How does it
work, and how many types are there? payment gateway
A payment gateway works as a mediator between merchants and
banks or payment processors, whose task is to transfer payment-related
information safely and securely from one place to another. For transferring
important data from point A to point B, it uses encryption. There are two types
of payment gateways: high-risk gateways and low-risk gateways. Although
technically both are the same, there is a divide based on the nature of
business. If a payment gateway is used to get payments for a business that is
listed as high-risk by banks and payment processors, then it is called a
high-risk payment gateway; otherwise, it will be a low-risk gateway.
What does a
high-risk merchant have to consider before selecting a payment gateway
provider?
●
If a high-risk merchant is looking for a
payment gateway, the first thing the merchant has to check is whether the
service provider supports the business type of the merchant or not.
●
The second thing a high-risk merchant has to
check is how many payment methods a particular gateway is providing. If the
gateway covers all the required payment methods, then it is a green flag for
the merchant.
●
If a merchant is dealing with overseas clients,
then it is very important for him to use a payment gateway that supports
multiple currencies. This is the third point: a high-risk merchant dealing with
overseas transactions always has to check the number of currencies that a
payment gateway is providing.
●
Data security is always at the top of
everybody’s list related to the fintech industry. So it is always a good idea
for a merchant to check before choosing a gateway whether it has SSL
certification, PCI DSS compliance, and fraud detection features or not.
●
In the end, a merchant has to check all the
additional features, apart from the basic ones, in a payment gateway, such as
24/7 tech support, live reporting and invoicing, and direct payment links. If a
high-risk payment gateway has these kinds of merchant-friendly features, it is
a good choice as a payment gateway.
What makes
it a difficult task to choose a suitable payment gateway Philippines?
Different
payment methods
(The image is just for the sample)
{Image content
Heading- Filipino buyers’ preferred payment methods in 2021
Data
Method cash
Value 94%
Method mobile wallets
Value 64%
Method online card payments
Value 52%
Method card payments at physical stores
Value 44%
Method QR-based payments
Value 31%}
According to a 2021 study of adult Filipinos in the
Philippines, cash was the most popular form of payment, selected by 94% of
respondents. In contrast, 64 percent of respondents picked cashless channels,
such as mobile wallets, and 52 percent chose online card payments. It’s a
tricky situation for a merchant who is looking for a payment gateway Philippines. Because now that merchant has no idea
of a payment method that can be said to be the unanimous choice of the majority
of buyers. This is the reason why a merchant has to search for a payment
gateway that is able to provide multiple payment methods, and finding a
suitable payment gateway for Filipino merchants is not a cakewalk.
Security
setups
In the Philippines, according to a report by Statista,
there were more phishing assaults in the first half of 2022 than there were in
the entire year of 2021. In comparison to 1.34 million attacks in 2021,
approximately 1.8 million attacks have been discovered throughout that time.
Payment systems, e-commerce sites, and regional banks were among the targets of
the most frequent phishing attempts in the nation. In a vulnerable environment
for data security, finding an online payment solution provider that can assure
safety from data theft and fraudulent activities is like "squeezing water
from a stone". This is another reason why finding a suitable payment
gateway in the Philippines is a "tough nut to crack".
Top 5
payment gateway providers in the Philippines
Dragonpay
In order to provide businesses of all kinds with an
alternative to credit cards online, DragonPay was introduced in 2010. Customers
can make online purchases through its gateway and pay with cash or a check at
real payment counters, ATMs, mobile wallets, or online bank debit. Due to the
extremely low credit card penetration in developing nations like the
Philippines, DragonPay's offerings provide a practical payment method for
Philippine e-commerce websites.
●
Supported currency- Upto 20
●
Transaction fee- Based on payment methods, PHP
10 to PHP 20
●
Payment methods- Credit card, eWallets, and
online banking
Paypal
Paypal is regarded as one of the most well-liked electronic
payment systems for both online buyers and sellers due to its safe, quick, and
dependable platform. It serves as a payment gateway and merchant account,
supports 26 different currencies, and is present internationally in more than
200 markets.
●
Supported currency- 25 plus
●
Transaction fee- 3.9% for domestic payments and
4.4% for international transactions
●
Payment methods- All major credit, debit,
online banking, and all APMs
Pesopay
AsiaPay Philippines changed the name of its payment
platform to PesoPay in 2008, taking inspiration from the local currency. With
PesoPay, businesses could accept more types of payments online without having
to manually integrate with each payment option. In the Philippines, DragonPay
is a trusted payment system with a growing list of payment options, including
cash, the internet, banking, and many more.
●
Supported currency- PHP (Peso)
●
Transaction fee- Based on received payments
●
Payment methods- Credit cards, online bank
payments, ATMs, and non-bank payments
2C2P
2C2P is a Singapore-based payment network that processes
card and cash payments. It provides services to large businesses to take
payments online anywhere in the world.
●
Supported currency-
●
Transaction fee- from 3.75% to 4.20% per
transaction
●
Payment methods- Credit/debit cards, eWallets,
and bank transfers
Paycly
Paycly is one of the leading gateway providers in Southeast
Asia. This Singapore-based gateway provides payment solutions to small, medium,
and large businesses of all sizes. It is as perfect for overseas business as it
is for domestic business because it supports multiple currencies, payment
methods, and languages to bend according to the situation.
●
Supported currency- 100 plus
●
Transaction fee- Depends on the transaction
amount
●
Payment methods- credit card, internet banking,
digital wallets, and other local payment methods
Why should
PayCly be considered a suitable provider for payment gateway Philippines?
Paycly can be that missing piece of the puzzle of payment gateway Philippines, which can
solve the problem of finding a suitable payment gateway according to the market
trends of that country. To counter the insecure online environment in the
country, PayCly has a fraud management team whose work is to identify and
eliminate any incoming threat to the platform. Along with this team, PayCly has
PCI compliance and SSL certifications that ensure the security of data. Paycly
provides enough flexibility to the merchants to not worry about the use of
various payment methods by locals because it provides the option of all the
available payment methods in the country.
Apart from its flexibility, PayCly also has numerous tools
for the convenience of buyers and merchants. For merchants, it has invoicing
services, live reporting, and 24/7 tech support; for buyers, it provides an
easy checkout procedure. Paycly does many more favors for the merchants, and
one of them is high-risk merchant account instant approval. A high-risk account
generally takes a few days to get approval. So if you want a merchant account
within a few hours of applying, check the below given procedure to apply for a
merchant account with PayCly.
How to apply
for a Paycly merchant account?
The steps listed below should be followed to register for a
high-risk merchant account on Paycly.
●
Visit the Paycly website.
●
Then select "Apply Now" from the
drop-down menu on the homepage's upper right corner.
●
A registration form for a merchant account is
available after that.
●
Fill out the form completely with the essential
data.
●
You must then select the submit button on the
subsequent screen.
●
Applying for a merchant account with Paycly in
this manner is quite simple.
Conclusion
It can be said that finding a gateway that has the
flexibility to bend according to every market’s trend is impossible. But
finding one according to a particular market is not that tough. As far as we
know, PayCly has all the qualities needed to be the perfect payment gateway in
the Philippines. As a high-risk merchant looking for a payment gateway
Philippines that can adapt to local market trends, you can rely on PayCly.
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