Singapore isn’t only a thriving city-state in terms of economic growth at the higher levels, it’s also one of the countries that offers the highest internet speeds in the whole of Asia. That’s why numerous brands and businesses within Singapore have turned to online-based platforms to bring their services and goods to their clientele through a fast and reliable method. Consumers can enjoy flicking through pages of products through their mobile and other electronic devices, and can even make secure payments through these online platforms. There are several payment options for e-commerce sites in Singapore, and here are a few of them.
- PayPal – Probably the most trusted online payment process across the globe, PayPal makes it possible for Singapore e-commerce sites to receive instant payments without all the hassle. Consumers simply have to set-up their own personal PayPal account and link this with their credit or debit card. Payments made will be taken from the linked card. Merchants on the other hand, simply need to set-up their own PayPal account and supply the necessary information regarding their business. After validating the account, merchants can accept payments from all major credit and debit cards. What’s great about PayPal is that the fees are fairly low, and transactions can be free of charge is a certain amount is reached.
- WorldPay – WorldPay is another popular online payment option for e-commerce sites in Singapore. Offering the same ease of application as PayPal, WorldPay only loses when it comes to annual fees. Yes, this payment option will charge merchants an annual 650 SGD, which is a recurring fee that needs to be paid if merchants want to continue availing of the service. Set-up is free however, and transaction service charges can cost up to 3.95% of the value of all transactions.
- E-Nets – Another online payment option for Singapore e-commerce sites, E-Nets imposes a 4% fee on credit card transactions, a 3.5% for direct debit transactions, 250 SGD account set up fee (one-time payable), and an annual maintenance fee of 200 SGD upwards. While this might seem like an expensive option, E-Nets is a favoured payment option among many Singaporean e-commerce sites because of its ease of use, high accessibility, and compatibility with many online platforms.
There are numerous other payment options for Singapore based online websites, but these three are among the most popular. Based on your needs and preferences, you might want to look into the specifics of each one before deciding which one goes best with your needs. PayPal for example is used widely across the globe. So if your business’ target market exists outside of Singapore, then a PayPal account might just be the best option for you. As an e-commerce site, it’s best to take all the angles into consideration before jumping into a payment option scheme. This will save you from potential problems in the future and will keep you from paying unnecessary monthly fees and annual maintenance costs.