Payment Gateways Philippine Comparison 2023 Helps In Choosing The Best Solutions

 

Do you intend to introduce your new online businesses in the Philippines? Yes! Therefore, a Payment Gateway Philippines is something you'll need to start your online business.


The Philippines has one of the fastest-growing economies in Asia. Since approximately 76.2 million people use the internet daily, online shopping has become increasingly popular. According to some research, almost 62.5% of clients made an online purchase in the most recent quarter. Therefore, it is the ideal location for setting up an online business.

Of course, you need a payment gateway Philippines that meets your business needs for your online business to succeed and generate more revenue. Before making any decision, as a merchant, you should compare all the payment gateways Philippines. It helps you to choose the best one.

So, let's start.

Why Do Merchants Need a Payment Gateway in the Philippines?

Currently, the country is undergoing a digital revolution. Most customers above the age of 15 prefer electronic or online payments. So any business owner needs a payment gateway Philippines to run their online business smoothly.

According to a recent study by Bain & Company and Facebook, approximately 74% (or about 57 million) of customers in the Philippines were digital by the end of 2020. Most Filipino customers—35%—say they make their purchases online.

Between 2020 and 2025, it is anticipated that Southeast Asia's average digital spending will increase by 3.5 times. It must have the greatest payment gateway option to benefit from the Philippines' burgeoning online economy.

Top 5 Payment Gateway in the Philippines

Let's look at the top payment gateways Philippines'. It assists you in making the finest decision.

PayMongo -

The Philippines-based fintech firm PayMongo makes it possible for people and businesses to accept both digital payments and cash payments made in person at remittance centres. As a result, this online payment gateway is perfect for companies that serve mass-market clients like unbanked and uncarded individuals.

Due to its simple setup and affordable costs, Taguig City-based PayMongo is a well-liked payment gateway Philippines.

Key features of PayMongo -

  • Systems with PCI certification and cutting-edge fraud detection tools.

  • PayMongo API allows direct integration with an e-commerce website or app, preventing customers from being forwarded elsewhere PayMongo.

  • Links for accepting payments over SMS, chat, or email.

  • Direct integration of e-commerce plugins with Magento, Shopify, or WooCommerce websites.

  • PayMongo payment gateway Philippines is best for freelancers, online and social sellers, startups, etc.

  • The merchant can accept payment through credit/debit cards, e-wallets, and remittance services.

  • No setup or yearly costs. Just pay for each transaction.

  • Simple setup; no need for technical expertise.

PayCly -

PayCly is one of the world's leading and most popular payment service providers. It is best suited for high-risk businesses such as forex, IPTV, adult industries, etc. With PayCly, the merchant can get the high-risk payment gateway, high-risk merchant account, and credit card processing in one place, so you can say that it is one stop solutions.

As it deals with high-risk businesses, so security is its top priority. It has the best customer support and technical support team in the market.

Key features of PayCly -

  • It is an all-in-one solution.

  • Ability to accept multi-currency from worldwide.

  • It has various payment methods, such as credit/debit cards, net banking, bank transfer, digital wallets, and crypto-currency.

  • Specialized with high-risk businesses.

  • It has invoicing support also.

  • 24*7 real-time support also allows the merchant to download the statistic report on payments, settlements, refunds, etc.

  • It has the best customer support team in the market.

  • Easy to integrate on websites.

  • It has a PCI-DSS level-1 complaint. Also offers security tools like – anti-fraud tools and anti-chargeback tools.

Xendit -

The digital payment system Xendit was launched in 2020 and is headquartered in Jakarta. It is the ideal payment gateway Philippines for transactions between consumers and merchants because of its dependability and credibility.

It is best if you wish to sell in the Philippines and Indonesia. But features still need to be added, particularly for startups and small enterprises.

Key Features of Xendit -

  • It does not need any setup or annual fees. Only charge for per transactions fees.

  • Support IDR, PHP, USD, SGD, and MYR.

  • Offers various payment methods such as credit/debit cards, e-wallets, pay later, etc.

  • Its setup is easy and can be hassle-free without any technical knowledge.

  • It offers some advanced payment features, such as invoicing and recurring payments.

Maya Businesses -

Maya, powers Maya Business, is the company that provides end-to-end digital payments and operates a digital bank and cryptocurrency exchange. Excellent for companies looking for a straightforward payment option, but it may not be the best if you want to grow.

Key Features of Maya Businesses -

  • It offers 24*7 fraud protection tools and a customer support team.

  • Real-time billing, authorization, and T+1 settlement

  • In-depth automated reports

  • Notifications of transactions in real-time

  • Custom checkout procedure

  • For retailers with high payment volumes, special price packages are available.

  • It is one of the best payment gateway Philippines for businesses.

  • It has various payment methods, such as credit/debit cards, BancNet, E-wallets, and QR codes.

DragonPay -

DragonPay is a trusted payment gateway Philippines with a growing list of payment options, including cash, online, banking, and many more.

E-wallets, internet banking, and COD are all accepted payment methods for online shoppers. DragonPay also enables merchants to receive payments through over-the-counter cash transactions at banks, supermarkets, convenience stores, and bill payment facilities.

Instead of levying sales-based transaction fees as other payment gateways do, Dragonpay uses a fixed price structure. Costs are reduced as a result, particularly for smaller firms.

Key Features of DragonPay -

  • It has a large selection of widely used payment options.

  • It also has advanced payment features such as mass payout and recurring payments.

  • Neither a setup nor a yearly cost. Generally, a charge per transaction.

  • Using industry-standard SSL technology for data encryption

  • Has a single, uniform API that allows it to receive payments from many sources.

  • It is best for e-commerce businesses.

Philippines Payment Gateway Comparison 2023

Let's compare the Philippines payment gateway 2023. It helps you to decide the best solutions for your online businesses.


Payment Provider

Free Developer APIs

E-commerce plugins

Free business software

Activation & Onboarding

PayCly

Yes

Yes

Yes

1-2 working days

PayMongo

Yes

Does not support all e-commerce platform

No

5-7 working days

Xendit

Yes

Does not support all e-commerce platform

No

3-5 working days

Maya Business

Yes

Does not support all e-commerce platform

No

7-14 working days

DragonPay

Yes

Does not support all e-commerce platform

No

5-7 working days


Final Thoughts -


The Philippines is, without a doubt, the nation with the highest levels of development. It will become the focal point for online enterprises in the coming year. The development of any economy nowadays depends on payment methods. There are many payment service providers in the Philippines, but not all are appropriate for businesses.

For your business to succeed in the Philippines, you must have the best payment gateway Philippines that enables clients to pay using their preferred currencies and payment methods. It can be challenging to choose the best payment gateway Philippines.

The best payment gateway Philippines is highlighted above. You can pick whichever suits your company's requirements as a merchant. You can speak with the team of experts about any issue or to know more about Payment Gateway Philippines.



Original Content - https://www.linkedin.com/pulse/payment-gateways-philippine-comparison-/



Location: Singapore

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