What are the available payment options for online business in Singapore?


what-are-the-available-payment-options-for-online-business-in-singapore

Singapore is one of the many countries across the globe that have embraced the online business. In fact, this form of business is growing at a higher rate than it was expected. E-commerce, which is a form of online business requires that payments be made for the products and services purchased online. There are several payment options that can be utilised by the business owners and add value to customer relationship/experience. Let us have a look at the top four options.

 

DBS merchant services

DBS bank is the service provider of the above-mentioned payment option. It is an effective option for E-commerce and any other form of online business. The services are usually offered through established gateways to enable batch processing, mail order telephone order also known as MOTO and online payments.

One of the major benefits of this option is the ability to provide processing and transaction validation that is real time. Having the funds and transactions done in the Singapore dollar is also another advantage of DBS Merchant payment services.

 

Merchant solutions

First Data and Standard Chartered banks are the key stakeholders in initiating this option. It makes it possible to have online payments integrated on the website of an entrepreneur without really having to install any software. The option allows the online business owners to customise and make use of MasterCard and Visa secure seals without adding any hidden costs.

 

PayPal

This is one of the internationally recognised and widely used payment option for online businesses. There are two available methods that this option can be integrated into a merchant’s website:

Website payments standard: Enables customers to pay securely using their credit cards. The method is integrated through a PayPal Code and has some low transactional fee that will be incurred.

Website payments pro: It is an all in one payment solution that enables the customers to stay online through the entire transaction period.

 

Asia pay

It is one of the largest payment options for the online purchases in Asia. The option offers a number of payment solutions such as e-vouchers, mobile payments, batch processing, MOTO and game payment.

Even though the set-up of this payment option takes about three weeks, it is one of the trusted options in Singapore.

A proper research into the pros and cons of the various payment options will lead to making informed decisions. Widely used and familiar online payment option is the best for any online business in Singapore and the rest of the world.

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