In our current digital landscape where emphasis is placed on speediness and timeliness, the right payment gateway plays a huge role in supporting ecommerce businesses to facilitate a seamless checkout experience for customers. Payment gateways refer to online tools that help businesses process payments efficiently and securely. There are multiple payment processing options for ecommerce platform providers to choose from in Singapore. In this article, we will take a deep dive into the five most popular payment gateways locally. Read on to learn what makes them stand out from the crowd.
Known as one of the most well-known payment gateways in Singapore and other nations, PayPal features a range of payment options, ranging from debit and credit card payments, bank transfers, to PayPal Credit. On top of the wide variety, the payment gateway also comes with a user-friendly interface, making it easy for both customers and businesses to use. Fraud protection and dispute resolution services are some of the benefits offered by PayPal. This gives users greater peace of mind when processing payments.
Atome is a popular payment solution in Southeast Asia, including Singapore, Malaysia, and Indonesia, which allows consumers to split the cost of purchases into three interest-free instalments. Providing a range of benefits, Atome is simple and convenient for use by merchants. For instance, a merchant that sells clothes online can leverage the payment gateway to boost conversion rates, which makes purchases more affordable and accessible to consumers who may not be able to afford the full cost upfront. On top of that, Atome also provides a risk-free payment solution. This allows the merchant to receive the full amount of the purchase upfront, while the remaining instalments will be collected by Atome.
Learn more: 3 Benefits of Setting Up an Online Clothing Store
Developed by Grab, a Singapore-based ride-hailing company that has now ventured into other business areas, GrabPay is a reputable local payment gateway that is easy to use. With multiple payment options such as debit and credit card payments and QR code payments, to name a few, GrabPay makes attractive rewards and cashback programmes available for customers, incentivising them to make purchases. Additionally, GrabPay also enables users to easily split their bills and send money to other GrabPay users, which is particularly convenient when coordinating payments between suppliers and other business partners.
This global payment gateway provides credit and debit card payments, bank transfers and alternative payment methods such as e-wallets. It protects businesses against fraud and disputes by offering fraud protection services and chargeback management. Whether you are selling cosmetics online or engaging in other ecommerce businesses, WorldPay can be an ideal payment gateway option, thanks to its fast transaction speeds and user-friendly interface.
Unveiled in 2017 by the Association of Banks in Singapore (ABS), PayNow is a digital payment service offered by Singapore’s participating banks. It allows individuals and businesses to transfer money round-the-clock using just their mobile number or National Registration Identity Card (NRIC), in a timely and secure manner. The emergence of PayNow eliminates the need for cash or physical cards, as well as reduces the reliance on cash and cheques. Moreover, users can make donations, settle bills, and transfer funds between bank accounts via this payment gateway.
The payment gateway chosen by ecommerce businesses can have a significant impact on their success, affecting all touchpoints from transaction speeds to customer satisfaction. Therefore, it is vital to choose a suitable option depending on your business requirements. Despite the wide variety of payment processing options available in Singapore, the five payment gateways listed here are among the most popular, helping businesses to create a satisfactory checkout experience.
Equipped with smart commerce capabilities, SHOPLINE is a unified commerce platform with website-building capabilities as part of our suite of features to establish and grow your online and offline presence. Whether you are doing live selling or owning an online store, we provide you with multiple languages, currencies and payment gateways to ensure a smooth selling process. Book a free consultation with our experts and get personalised advice for your online business.
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