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:
Here’s a snapshot on the features I identified for comparison:
|Selling Fees||3.4% + S$0.50 (or less)||2.9% + S$0.25 (or less)||3.4% + S$0.50 (or less)|
|Accept American Express||Same rate as other cards for Standard; 3.5% for Pro or Advanced||Same rate as other cards||Same rate as other cards|
|Withdrawal||Free||> S$500 (FREE)||Free|
|International cards||1% to accept funds, *plus 2.5% currency conversion fee||Free to accept funds,*plus 2% currency conversion fee||Free to accept funds,*plus 2% currency conversion fee|
|Card Verification Transactions||S$0.50||Free||Free|
|*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.
Stay tuned for more updates! 🙂