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E-Payment Gateways

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E-Payment Gateways

There are tons of eCommerce gurus out there who can teach you how to build eCommerce sites in a matter of minutes but may not share with you the mechanics of the E-Payment gateways used to transact the orders placed on your site.  As a relatively “newbie” in eCommerce (20 months and counting), I just want to share my knowledge on three E-Payment gateways I used.  I am not saying one is better than the other, but this will give you a better idea which you can use for your business purpose.

The three E-Payment gateways I have tried are:
1. PayPal
2. SmoovPay
3. Stripe

Here’s a snapshot on the features I identified for comparison:

ServicePayPalSmoovPayStripe
Setup FeesFreeFreeFree
Monthly FeesFreeFreeFree
Selling Fees3.4% + S$0.50 (or less)2.9% + S$0.25 (or less)3.4% + S$0.50 (or less)
Accept American ExpressSame rate as other cards for Standard; 3.5% for Pro or AdvancedSame rate as other cardsSame rate as other cards
Subscription CollectionYesNoYes
Chargebacks$28FreeS$25 (approx)
RefundsFreeFreeFree
WithdrawalFree> S$500 (FREE)Free
International cards1% to accept funds, *plus 2.5% currency conversion feeFree to accept funds,*plus 2% currency conversion feeFree to accept funds,*plus 2% currency conversion fee
Card Verification TransactionsS$0.50FreeFree
*Fee only applies if you charge in SGD.

As I am using Woocommerce for my eCommerce sites, it comes with PayPal as an E-Payment gateway, so the setting up is quite easy.  And when it failed to accept a particular transaction via its PayPal Express Checkout (non-PayPal users who wants to pay via their Credit Cards), I decided to research further on Stripe.  I must say the the instructions provided to set up Stripe was quite a breeze as it was already available as an extension on WooCommerce.

SmoovPay is made in Singapore and I must say it is definitely a cheap and good alternative to PayPal and Stripe.  It does not allow “recurring subscription” at the moment which can be a bummer for “Paying Membership Sites”.  I have not integrated SmoovPay in all the sites I built except one.  Reason: Can only withdraw for Free if amount above S$500.

If you would like  to learn more about the respective E-Payment gateways, you can click on the links below:
1.  PayPal.com
2.  Smoovpay.com
3.  Stripe.com

Stay tuned for more updates!  🙂

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