Toral: E-commerce payment options-A A +A
Tuesday, November 5, 2013
I AM currently finishing a detailed article about e-commerce payment systems (http://bit.ly/epaymentph) available in the Philippines. It is amazing to note that regardless of your business size and situation, there is a payment solution that can work for you.
E-Commerce has also grown exponentially that online payments can take place between individuals here and outside of the Philippines.
If traditional protocols of local payment gateways are too tedious for you, there are friendlier payment solutions.
However, the moment you want to cover a huge number of customers online, particularly ATM banking users in the Philippines, then the more you need to beef up your resources and be ready to partner with various cash based payment solutions out there such as BancNet, Dragonpay, Weepay, among others.
If the product or service you are offering caters to the unbanked segment, payment through 7 Eleven outlets, payment centers (such as those found in department stores, pawnshops, bills payment outlets), rural banks (such as Cebu’s own Rural Net Philipines – http://ruralnet.ph), mobile solutions (Globe GCash, Smart Money) and cash on delivery through courier are definitely options that can be used by e-commerce merchants as well.
Of course, credit card remains to be an option. Although Paypal leads in many ways, especially for small entrepreneurs, local credit card payment gateway providers with cash payment solution (online and/or offline) such as PesoPay and PayEasy are popular solutions for established ones.
To become an e-commerce merchant is not just about having the money that is needed to put up the website and pay the fees to process your online payments. An entrepreneur must be able to show that she has the means to support the business, has a clear strategy for its growth, and implementation capabilities to see it done.
Internet payment gateway service providers have also learned their lessons through the years and are more wary of ventures that misrepresent brands and have questionable get rich quick schemes, among other disputable products or those susceptible to fraud.
If your business has not taken advantage of online payment solutions available today, use it as an opportunity to expand your market because you are missing a lot.
Published in the Sun.Star Cebu newspaper on November 06, 2013.