Singaporeans love to shop, both online and offline at retail shops. Over the last few years, e-commerce has grown a lot in Singapore and we have seen massive increases in spending power online. Singaporeans are shopping online for almost everything, from clothes, electronics, cosmetics, IT products to food and groceries. When consumers shop online, they usually pay with their credit cards, debit cards, internet banking or via their PayPal account. For online store owners, its important that you implement the right payment gateway for your e-commerce website with these payment options in mind.
Here’s 5 of our recommended payment gateways for your e-commerce website:
PayPal - One of the pioneer powerhouse in global online payments, available to people in 203 markets, allowing customers to get paid in more than 100 currencies and withdraw funds to their bank accounts with a click of a button. Registration for a PayPal account can be done online within minutes and it would be sufficient to implement this payment gateway for your website. There is no setup fee. Transaction fees is 3.9% + S$0.50 per sale, or lower, depending on your sales volume. Customers can pay using Visa, Mastercard, AMEX credit cards without needing to have a PayPal account. Customers who have a PayPal account can simply login to their account to complete their purchases.
eNETS - eNETS provides e-commerce website merchants a service to allow their customers to make payments online using their VISA, Mastercard or AMEX credit cards (known as eNETS Credit) and/or direct debit via internet banking (known as eNETS Debit). eNETS Debit is available to customers with internet banking accounts from Citibank, DBS/POSB, OCBC, Standard Chartered to UOB. eNETS Credit value pack has a setup fee of S$250, annual fee of S$650 and transaction fees of 4%. eNETS Debit setup fee is S$250, annual fee is S$400 and transaction fee is 3.5% or S$1.50 whichever is higher.
Additionally, eNETS also has professional UMAPI packs for advanced requirements, with a setup fee of S$1,200 and annual fee of S$1,750 for eNETS credit and a setup fee of S$1,200 and annual fee of S$1,500 for eNETS debit.
Red Dot Payment - Red Dot Payment was established in 2011 and specialised in online payment. Their payment gateway, RDP Connect charges 3% + S$0.30 per transaction and allows merchants to transfer money to their bank accounts in 4 to 5 days. RDP connect works seamlessly with major shopping cart platforms.
Paydollar - Paydollar eCommerce is a payment gateway provided by AsiaPay. Founded in 2000, AsiaPay strives to bring advanced, secure and cost-effective electronic payment processing solutions and technologies to banks, corporate, SMEs, charities and others in global market, providing integrated payment processing for comprehensive range of international credit cards and popular debit cards in Asia and China. PayDollar eCommerce account setup fee is S$300, with a monthly account fee of S$40 and transaction fee of 3.5% - 3.9% + S$0.20.
2Checkout - 2Checkout is a leading global payment platform that allows companies to accept online and mobile payments from buyers worldwide, with localized payment options. There is no monthly fees, no setup fees. Transaction fee is 3.9% + S$0.45. A 1.5% fee applies to payments you accept from customers outside of Singapore. To withdraw money, there is a USD$15 per transfer in local currency and USD$20 per transfer in USD. The minimum transfer amount is USD$300.
If you need our help to implement payment gateway for your e-commerce website or to develop an impactful e-commerce website, please contact us for more information.