The days when customers and merchants primarily used cash for payment transactions are long gone now. The popularity of online businesses become a game-changer in the field of businesses. Online payment becomes a regular part of everyone’s life.
Today, approx 92% of customers use digital payment all over the masses.
Just like in any other country, in the Philippines also online shopping is a trend. With every passing minute, online shopping getting more convenient in the Philippines because merchants continue to add more payment methods for their customers for a hassle-free shopping experience.
In the Philippines, online industries together with the government play a major role in the transformation of the digital economy. There are more than 200 active fintech companies available with the goal of enhancing electronic payments capability.
So it is quite challenging for any newcomers to choose the payment gateway in the Philippines. Let’s have a look at which point merchants have to keep in mind while selecting the best payment gateway Philippines.
Criteria to choose the payment gateway in the Philippines
Nowadays, in the Philippines, multiple payment gateways are available that always try to offer the best consumer experience. Before deciding and going with any of the payment gateways, it’s essential to compare your selected gateway features with other gateway features.
The right payment gateway helps you to increase your business growth. Check the below criteria before making any decision.
The top priority for any merchant is to check the reliability of the payment gateway. The merchant should aware of how reliable the payment service provider is.
As you know that payment gateway handles many sensitive data related to your business such as customer personal information and many more so as a merchant it is your responsibility to keep all the data secure and safe. For this, it is essential to have a reliable payment gateway.
Multi-currency support –
Nowadays, everyone wants to expand their business globally. If you are also one then you have to look for these criteria also. Of course, for your global business, you need a payment gateway that supports multi-currency. For smooth and safe payment transactions, it is essential.
In the Philippines, it is easy to find a payment gateway for locals but there are only a few reliable payment gateways that support international currency support and other features. PayCly is one of the payment gateways which support multi-currency acceptance in the Philippines.
Payment methods –
Every customer has their own choice. If the customer does not find their preferred payment option they can easily move to the other sites, where they can make the payment of their choice.
So, as a merchant, it is your responsibility to provide your customer with all the possible payment methods. Nowadays, most customers like to make payments via credit/debit cards but not all. Some customers also prefer some other alternative payment methods such as mobile payment, bank transfer, e-wallets, crypto-currency, etc.
It helps customer to choose their preferred payment mode and they can easily make the checkout process.
Tech-savvy security –
Nowadays, almost every payment gateway offers the best security for its clients. Most of the payment gateway available in the Philippines have PCI DSS Level 1 compliance. This help to keep the customer information as well as merchant data completely safe.
It is crucial for any merchant and their customer to stay secure. Along with PCI DSS compliance, merchants have to also look for anti-fraud tools, chargeback tools, etc.
Pricing structure –
Every payment gateway company has its pricing structure. The payment gateway company should maintain transparency along with certain service providers. The fee structure will not always be the same.
Generally, it depends on the payment method used by the customer as well as the currency. To keep eye on this is quite hectic for any merchant.
Most of the payment gateway also charge unnecessary onboarding fees such as setup fees and many more. But these fees can easily be avoided just by selecting the correct payment gateway. Always go with a payment gateway that has reasonable charges. It is essential for a low-budget company that has low-profit margins
Convenience – Nowadays, most payment gateway is available with the features of a straightforward checkout process. As none of the customers wants a lengthy process for online payment. They just want to make the payment in a single click. So, just go with the payment gateway which offers a straightforward checkout process.
Speeds – As you know that convenience is the key for consumers. So, the merchant has to go with the payment solution that offers fast transfers.
We recommend you should go with PayCly
Today, there are so many payment fintech services available all over the masses. The most challenging work for any merchant is to choose the best one which can easily get fit with your business model.
But we can help you if you as a merchant are not able to decide which one should select. We suggest you go with PayCly. It is one of the flourishing payment service providers. Its services are available worldwide.
Once you decide to go with this service provider, you can get many benefits. It fulfils all the criteria of the best payment gateway which we discuss above. The best point about this payment gateway is it supports all types of business models high-risk businesses as well as low-risk businesses.
Final thoughts –
Choosing the right payment gateway is the key decision for any merchant. You ought to know which factor is important for your business and according to that, you have to select the payment gateway. We have discussed some of the criteria that merchants should always keep in mind. It helps them to choose the best payment gateway and set it up for success.
If you have still confused and are not able to select the payment gateway, we suggest you go with the paycly. PayCly offers you the best services at a reasonable rate. It helps you to fulfil all your business requirements and grow your online business 10x with that I hope you liked the article and don’t forget to comment and share.