{"id":2129,"date":"2019-10-23T11:00:24","date_gmt":"2019-10-23T03:00:24","guid":{"rendered":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/?p=2129"},"modified":"2020-12-14T15:35:53","modified_gmt":"2020-12-14T07:35:53","slug":"what-are-the-payment-options-for-e-commerce-businesses-in-singapore","status":"publish","type":"post","link":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/what-are-the-payment-options-for-e-commerce-businesses-in-singapore\/","title":{"rendered":"What are the Payment Options for E-Commerce Businesses in Singapore?"},"content":{"rendered":"

[vc_row][vc_column][vc_custom_heading text=”What are the Payment Options for E-Commerce Businesses in Singapore?” font_container=”tag:h1|font_size:36|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal”]

<\/div>[vc_column_text]Singapore has one of the highest internet penetration rates in Asia. So far, in 2019, Singapore has registered revenues of about US $4.9 million for its e-commerce businesses. This figure is expected to grow by about 14% annually over the next four years.<\/p>\n

E-commerce businesses in Singapore will need to gear up well for the expected growth and competition. This includes setting up professional e-commerce platforms capable of processing secure transactions. This calls for a credible merchant account that supports versatile payment options.<\/p>\n

There are lots of online payment options for e-commerce businesses. Here is a review of some of the popular options available for such businesses based in Singapore.[\/vc_column_text]

<\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=”1. PayPal Express Checkout” font_container=”tag:h2|font_size:24|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal”]
<\/div>[vc_column_text]PayPal is one of the largest and most popular online money transaction platforms. The PayPal Express Checkout is a hosted payment gateway specially designed for e-commerce businesses.<\/p>\n

Being a business payments portal, PayPal Express Checkout requires a PayPal business account. To set this up, you will be required to provide authentic, state-backed information about your government-registered e-commerce business. It is, however, relatively easy and quick to set up with the relevant information in hand.<\/p>\n

PayPal Express Checkout is designed to protect your business from fraudulent transactions. It also gives users the option to design and host their own checkout pages. Additionally, it is ideal for global transactions as it is compatible with numerous shopping cart platforms.[\/vc_column_text][vc_custom_heading text=”Payment Options” font_container=”tag:h3|font_size:18|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:900%20bold%20regular%3A900%3Anormal”][vc_column_text]PayPal Express Checkout accepts most of the major international credit cards including MasterCard, Visa, American Express, JCB, and Diner\u2019s Club, among others. It also supports bank wires and online money transfer. It also accepts over 25 currencies from 202 countries and supports mobile payment transactions.[\/vc_column_text][vc_custom_heading text=”Transaction Fees” font_container=”tag:h3|font_size:18|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:900%20bold%20regular%3A900%3Anormal”][vc_column_text]PayPal Express Checkout is affordable compared to most other online payment options. There are no set up costs or monthly charges. Each transaction has a flat fee rate of 3.9% of the total sales. Each transaction is also billed a flat fee of $0.50. However, it is possible to negotiate lower fees if your e-commerce business averages a monthly sales volume of $5,000.[\/vc_column_text]

<\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]\"timcole-idea\"Need help setting up an e-commerce platform?<\/strong><\/p>\n

Timcole can help you with that.<\/a>[\/vc_column_text]

<\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=”2. Stripe” font_container=”tag:h2|font_size:24|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal”]
<\/div>[vc_column_text]Stripe was first launched in Singapore in 2016 and it has grown to become a favorite among e-commerce businesses. Many of its features are eerily similar to PayPal Express Checkout\u2019s payment gateway.<\/p>\n

Stripe accepts a variety of currencies from hundreds of countries across the world. Users can easily convert one currency for another through the platform\u2019s list of accepted currencies. It is also compatible with all the major shopping cart platforms, including Magento, Woocommerce, and Shopify, among others. What\u2019s more, users can customize their payment gateways to match their websites\u2019 design.[\/vc_column_text][vc_custom_heading text=”Payment Options” font_container=”tag:h3|font_size:18|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:900%20bold%20regular%3A900%3Anormal”][vc_column_text]Stripe accepts all major international credit cards, including MasterCard, Visa, Discover, and American Express. It also accepts Alipay and WeChat Pay online transfer options. It is also optimized for mobile payment transactions.<\/p>\n

Stripe boasts extensive measures that protect users against fraud. It also allows users to cache their customers\u2019 credit card information so that they can pay with a single click.[\/vc_column_text][vc_custom_heading text=”Transaction Fees” font_container=”tag:h3|font_size:18|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:900%20bold%20regular%3A900%3Anormal”][vc_column_text]Stripe doesn\u2019t charge a monthly subscription fee, and setting up a business account is free. Each transaction has a flat fee charge of $0.50 for credit and debit card transactions and $0.35 for online transfer transactions. Each transaction also has a fixed percentage rate of 3.4% for credit and debit card transactions and 2.2% for online transfer transactions. [\/vc_column_text]

<\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=”3. BrainTree” font_container=”tag:h2|font_size:24|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal”]
<\/div>[vc_column_text]BrainTree is owned and operated by PayPal. You can think of it as a better and more versatile version of PayPal Express Checkout.<\/p>\n

BrainTree is easier to set up compared to PayPal Express Checkout as users do not need business accounts. It also offers users more advanced customization options for their checkout pages. Its whole design is hinged on user-friendliness. Additionally, it is customizable with more shopping cart platforms including Wufoo, Bigcommerce, and Magento, in addition to those covered by PayPal Express Checkout.[\/vc_column_text][vc_custom_heading text=”Payment Options” font_container=”tag:h3|font_size:18|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:900%20bold%20regular%3A900%3Anormal”][vc_column_text]BrainTree goes to great lengths to protect users from financial fraud. It supports over 130 currencies from hundreds of countries from all over the world and is optimized for mobile payment transactions.<\/p>\n

The platform accepts all major international credit cards, including Visa, MasterCard, American Express, and Discovery. It also accepts multiple mobile payment options, including Apple Pay, Android Pay, and Google Pay.[\/vc_column_text][vc_custom_heading text=”Transaction Fees” font_container=”tag:h3|font_size:18|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:900%20bold%20regular%3A900%3Anormal”][vc_column_text]BrainTree has a fixed transaction fee of $0.50 per transaction. Each transaction is also charged a flat rate of 3.4% per transaction. There are no monthly subscription fees or set-up costs. [\/vc_column_text]

<\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=”4. eNETS” font_container=”tag:h2|font_size:24|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal”]
<\/div>[vc_column_text]eNETS is specially designed for use in Singapore. This payment gateway is a product of NETS, a major online payments service provider in the country. It is highly secure and much more versatile than most other payment options.<\/p>\n

eNETS takes about two to six weeks to integrate. Once fully integrated, the system guarantees fraud prevention through an advanced 3D secure customer authorization. Users also get daily reports updates and can pull up historical sales records at any time. Another unique feature is that this payment gateway enables users to create customizable pre-paid gift cards.[\/vc_column_text][vc_custom_heading text=”Payment Options” font_container=”tag:h3|font_size:18|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:900%20bold%20regular%3A900%3Anormal”][vc_column_text]eNETS is exceptionally versatile in terms of payment options. It works with many of the major international credit cards as well as several local banks. Accepted credit cards include JCB, Visa, MasterCard, and American Express. It also accepts direct debit payments made through several local banks including Citibank, Standard Chartered Bank, UOB, and OCBC. Customers can also make direct online transfers through the NETS platform. [\/vc_column_text][vc_custom_heading text=”Transaction Fees” font_container=”tag:h3|font_size:18|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:900%20bold%20regular%3A900%3Anormal”][vc_column_text]The eNETS payment gateway comes with several charges. It costs 250 to set up an account, and users are required to pay a monthly subscription fee of $72. There is also a flat fee of 3.50% to 4% for every transaction and a withdrawal fee of $7 to an SG bank account of your choosing. [\/vc_column_text]

<\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]\"timcole-idea\"Struggling with corporate tax filing?<\/strong><\/p>\n

Timcole offers professional, hassle-free tax filing services<\/a>.[\/vc_column_text]

<\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=”Final Word: Choose Well” font_container=”tag:h2|font_size:24|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal”]
<\/div>[vc_column_text]These are four of the best and most popular payment options for e-commerce businesses in Singapore. You are also at liberty to choose from the many other options out there. Considering that your e-commerce business\u2019 cash flow will be hinged on its payment gateway, take every precaution to pick out the best. Focus your attention on fraud prevention and ease of use. You should start by narrowing down your choices to these four options.[\/vc_column_text]
<\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=”About Timcole” font_container=”tag:h2|font_size:24|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal”]
<\/div>[vc_column_text]Timcole<\/strong>\u00a0is one of the leading company incorporation and accounting firm based in Singapore. Our wide range of professional services serve as a one-stop solution for your business, offering you the most affordable price for services conducted with the highest level of excellency.\u00a0Contact us to find out more<\/a>\u00a0on how we can help you with your company today.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"

[vc_row][vc_column][vc_custom_heading text=”What are the Payment Options for E-Commerce Businesses in Singapore?” font_container=”tag:h1|font_size:36|text_align:left|line_height:1.3″ google_fonts=”font_family:Lato%3A100%2C100italic%2C300%2C300italic%2Cregular%2Citalic%2C700%2C700italic%2C900%2C900italic|font_style:700%20bold%20regular%3A700%3Anormal”][vc_column_text]Singapore has one of the highest internet penetration rates in Asia. So far, in 2019, Singapore has registered revenues of about US $4.9 million for its e-commerce businesses. This figure is expected to grow by about 14% annually over the next four years.…<\/p>\n","protected":false},"author":1,"featured_media":2136,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[50],"tags":[],"_links":{"self":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/posts\/2129"}],"collection":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/comments?post=2129"}],"version-history":[{"count":8,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/posts\/2129\/revisions"}],"predecessor-version":[{"id":4527,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/posts\/2129\/revisions\/4527"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/media\/2136"}],"wp:attachment":[{"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/media?parent=2129"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/categories?post=2129"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/glutenfreepleasure.com\/__proxy_domain\/timcole.com.sg\/wp-json\/wp\/v2\/tags?post=2129"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}