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It will be an understatement to say that customers have warmed up to eCommerce and online payment methods. The rapidly-evolving market throws a lot of opportunities to merchants to expand their business. The vast volume of transactions done online has paved the way for diverse online payment methods, which are now accessible to merchants. Too many options, however, could be confusing to even the most experienced eCommerce merchant. It is crucial to understand the basic concept of online payment gateways to succeed in your business. Online Payment Gateway Payment gateways are vital for eCommerce merchants as they help them accept online financial transactions and manage their cash flow. It works as a middleman between the merchant and the customer. It ensures that the payment is made correctly and securely. It is a technology that captures and validates the customers' card details, ensures the availability of funds, and eventually enables the merchant to receive the payment. With the availability of innovative technology, online payment gateways in the Philippines or Indonesia can simplify how merchants integrate their software and equip the payment ecosystem to run smoothly.  Online Payment Gateway: Why Do We Need a Middleman? In a brick and motor shop, the customer's credit card is swiped on a POS terminal to process payment. In a card-not-present transaction, swiping is not possible, and you need to rely on the information that the customer enters on the payment page. The risk of fraud is high in such situations. It is easy for fraudsters to have the card data you process, resulting in exposure to fraud and chargebacks. They may identify ways to initiate illegitimate transactions that can end up damaging your brand's reputation. Payment gateways play a pivotal role here. An online payment gateway acts as a gatekeeper of your customers' payment data. As an online transaction is made, the merchant's information is relayed to the issuing bank in encryption. It thus keeps unwanted threats away from sensitive data. It also protects the merchants from insufficient funds, expired cards, exceeding credit limits, and closed funds. Therefore, online payment gateways in the Philippines and elsewhere keep the transactions system safe and secure. Online Payment Gateway: How Does it Work? Normally, your customer adds the product into the shopping cart and then proceeds to the payment page to make the payment. The customer enters their card details, including card number, cardholder's name, and CVV number. The information is securely passed onto the payment gateway based on the integrations. In the Philippines or Indonesia, online payment gateways offer you different options for integrations on the payment page. It includes a hosted payment page and direct API. In a hosted payment page, the customers are redirected when they are ready to checkout. The payment gateway receives the transaction data before it is passed to the acquirer. It reduces online merchants' burden if you do not collect and store the cardholders' data on your server. In contrast, the direct API method enables the merchants to process the credit card and check the transactions in real-time through solutions like shopping carts, web pages, mobile applications, or billing software.  Multi-Currency Payment Gateway As eCommerce allowed merchants to expand their businesses beyond geographical limits, you need to consider the currency issues in your international markets. A multi-currency payment gateway allows you to accept payments in various currencies from your customers across the globe. In the Philippines or Indonesia, online payment gateways have options to allow multiple currency transactions so that international customers can pay in their currency of choice. The services include dynamic currency conversions and simplified authorization and settlement processes for international payments.
The last two decades have seen a significant evolution in online payment services; one such system is a virtual account. The benefits include rationalization of accounts and simplified cash management structures. Here is a guide on virtual accounts (VA) facilitated by payment service providers to merchants. What is a Virtual Account? Virtual accounts, a type of online payment service, are used by customers to optimize their working capital. It provides a single view of your cash and management of liquidity, payment and receivables management, etc. The information collection method is easy as virtual account numbers can be tracked against the payer's credentials provided by the merchant. A VA is created and assigned to your paying customer, whether it is a main distributor or a buyer. When you have at least fifty such payment sources, a virtual account will help you differentiate the payments from each source. The payments made are automatically directed to the master account.  Virtual Accounts: How Does It Work? You can create any number of virtual accounts based on your business requirements. A part of the account number is customized and assigned to each of the paying customers. As the customers make a purchase, they are directed to the payment page to complete the transaction. The payment service provider assigns a dedicated virtual account to the merchant and then to the customer. As the payment is made, it is deposited into the merchant's account, and the bank receives sales information. Compared to traditional internet banking, virtual account management expands the nature and scope of online banking. They provide clients with the platform and functionalities to manage their liquidity on a self-service basis.  Benefits of Virtual Account Management Virtual account management helps businesses get a single view of pooled bank accounts that are virtualized into thousands of bank-active virtual accounts. The automated self-service online payment solution is made available on the premise or on the cloud, which allows you to streamline the customer experience to match the requirements. The benefits are available to businesses of all sizes and types. The payments and collections are channeled through a single account, making payments on behalf of (POBO) or collecting cash on behalf of (COBO) multiple group entities. Businesses can rationalize their accounts and simplify cash management structure through the advantage of a single external account.  Optimal utilization of payment solutions by payment service providers is the key to the success of your business.
E-banking or electronic banking is nothing, but banking done on the internet. The number of account holders who opt for e-banking payments in South-East Asia has been on a steady rise owing to a host of reasons. Some of these reasons include the quick transfer of money, immediate invoice transactions, options to make recurring payments automatically at the due time, ease of use, and reduced transactional costs. Transfer Money, However Large the Amount, Instantly Physical payments involve a considerable time gap between placing the order and the transfer of the funds. This time gap can prove to be risky, especially when larger amounts are involved, as there is always a possibility of theft. Moreover, physical payments require customers to walk around with large sums of money, which is not only inconvenient but also increases the risk of theft. Both of these issues are done away with by e-banking payments in South-East Asia. E-banking payments happen instantaneously; all one has to do is enter information like the account holder name and account number into which funds are to be transferred and the exact amount of the funds. A single click and the transaction get commenced. The funds transferred will be reflected in the accounts immediately. Thus, customers do not have to lug around money and put themselves at risk.  E-Banking Payments May be Made Anywhere Another reason for the growing popularity of e-banking payments in South-East Asia is that e-banking payments can be made from anywhere. While earlier, e-banking can only be opened using a web browser, but now banks have started mobile applications, allowing customers to easily access their account.  E-Banking Helps Make Recurring Payments Without Fail Recurring bills or fixed costs must always be met on time. Any delay in any fixed cost, be it the electricity bill, rent, or the Wi-Fi bill, could deprive you of one of these services. However, it could prove to be quite stressful to remember to pay these bills before the due date, every single time. Payment solutions offered in Malaysia, such as e-banking, lifts this burden off the user’s shoulders. Specific transactions can be marked as recurring bills with the specified amount, the date on which it is to be paid, and to whom it should be paid. Once these details are entered, the specified amounts will be automatically deducted on the date fixed, and one never has to worry about remembering to pay recurring bills.  Accounting Has Been Made Easy by E-Banking Payments Accounting for funds transferred to and from an account can often prove to be time-consuming. However, with the advent of e-banking, the payment solution of Malaysia needs to maintain a record of every transaction made. Every transaction is automatically recorded and invoiced immediately. E-banking payments allow users to easily access data regarding all transactions with respect to a particular account. With e-banking, e-passbooks that record transactions are also available. E-passbooks are constantly updated and do not require customers to go to the bank to update the passbook. Data can be easily obtained anywhere through a device that is connected to the internet.  Lower Costs of Transactions Providing for online banking is much cheaper than providing for physical banking. There is no need to physically assure the safety of funds and employing people to that end. This reduction in the cost of providing this service is reflected in the reduced costs attached to transactions.  If you are looking for additional details pertaining to e-banking payments in South-East Asia, get in touch with industry leaders.
E-commerce is here to stay and with it, all of its perks, including online payments. Business owners today must ensure that they equip their e-stores with the right payment gateway to ensure maximum efficiency and customer satisfaction. This will go a long way into ensuring the success of the e-commerce business. Figure Out Where You Want to Collect the Payments Online payment gateways can be designed to collect funds right on the e-store’s website. They can also be designed to redirect users to another website where the collection occurs. The former is the integrated model of online payments, and the latter is the model of redirection. Both these models of online payment gateways are available in the Philippines or in Indonesia and can be availed by business owners there. Ensure Compliance with the Prescribed Security Standards  The internet can be a scary place. Monetary transactions over the internet can be even scarier. As opposed to physical transactions where the transfer of funds is directly witnessed by the customer or their agent, an Indonesia online payment gateway provides for direct transfer of funds from the customers’ banks to the merchants’ banks. These transactions are made possible only when information pertaining to the customers’ banks is entered. This sensitive data must be protected at all costs, any mishap could cost the customer their financial security and land the merchants in legal suits and cost them their goodwill. Therefore, whether you are looking for an online payment gateway in the Philippines or Indonesia, ensure that it complies with the PCI-DSS security standards laid down by the Payment Card Industry Security Standards Council.  Remember that an Efficient Payment Gateway is Always Preferred Online payment gateways in the Philippines and Indonesia function on the basis of information entered by the customer either on the merchant website or on the website they’ve been redirected to for the transaction. This means that customers would have to click their way to multiple forms and fill them up. Needless to say, this is a cumbersome process and could potentially deter customers from re-visiting the e-store again or recommending it to others. This potential risk of deterrence can be overcome by customizing the online payment gateway to be more efficient. Unnecessary forms can be made optional or avoided completely, provisions to remember the information entered for further transactions can be made, where multiple addresses or phone numbers or details are to be entered, options can be given to directly copy the details if they are the same, etc. The Greater the Payment Options, the Greater the Traffic Whether it is an Indonesia online payment gateway or one in the Philippines, its biggest pitfall would be to provide none or just a few payment options. The internet has unified the entire world market. The online presence of a store in Indonesia or in the Philippines can be visited by a customer all the way across the globe. Business owners should be wary of the global market they are conducting business in and ensure that their e-stores cater to global needs. A simple way to do this is to incorporate multiple payment options that accept globally recognized debit and credit cards.  Cater to the Customers’ Questions and Complaints The success of any business hinges upon customer satisfaction. It is not necessary that every customer is tech-savvy and understands how to navigate through an online payment gateway. These customers should be given an option to raise an issue regarding the transaction and talk to the customer support team. Go ahead and contact a leading service provider to set up your own online payment services. 
Much quicker than expected the number of digital consumers in Southeast Asia is growing exponentially. There is no doubt that the number of digital consumers in this region will reach several million in the future. The number of digital wallet payments facilitated by leading online payment providers in Vietnam and the rest of Southeast Asia is only going to keep rising in the near future. Take a look at some of the advantages you can enjoy with online or e-bank payments in SEA. Cashless Payments in Southeast Asia When it comes to a digital economy, China has been a clear leader in this regard. Across this populous nation, fintech firms have been instrumental in executing cashless payments. However, in recent years, other parts of Southeast Asia have also provided competition to challenge this status quo. It has been noted that commercial bank customers who form a large percentage of urban consumers in the region, already use the e-bank payment for SEA (Southeast Asia).  Recent Growth and Government Support Southeast Asian consumers are driving a digital payment revolution, which is all set to grow in leaps and bounds. For example, for the development of cashless payments, the Vietnamese government has launched a special financial scheme. Further, apart from local payment solutions, several international players have also started investing in Vietnam. Safer and More Convenient Payments Payment providers try to make online payments safe and more convenient as they strive to improve service quality and develop new features. Online businesses or customers have several different choices when it comes to choosing a payment gateway. Small and medium enterprises can access these services without going through several complicated procedures. Further, reputed providers offer a customized service that can be tailored to meet the requirements of a growing business. A 24/7 service is also often provided to make it more convenient.  Virtual Account Solutions Certain online payment providers in Vietnam offer virtual account options to meet the growing demand of the merchants in the market. Supporting more than ten Vietnamese banks, virtual account payments can be received within seconds. A variety of payment options such as ATM, QR code payments, and e-wallet payments are also taken care of by these providers. On an approval basis, they also support OTC banking options. Reach a Wider Customer Base With flexible settlement schedules, multiple currency transactions, hosted payment pages, mobile payment, batch payment, and multinational transactions, there’s no limit to the options for online payment providers in Vietnam. Get in touch with leading providers so you can get started on offering high-end services to your customers. Do not let the competition get the better of you. Invest in professional online payment solutions to capture the SEA market.
A smooth online customer experience is often the result of a fast, secure, and easy payment process. Looking ahead, customer growth and retention are likely to be driven by high-quality and professional e-commerce payment gateways. The lifeblood of an e-commerce business is payments; thus, the success of your online store will largely depend on your choice of the right online payment solution.  What is a Payment Gateway? The system and infrastructure that facilitates payments from your e-commerce store are termed an e-commerce payment gateway. It enables merchants to accept and manage payments and mitigate fraud in a secure way and helps to process transactions from a website. In simple terms, it can be thought of as a cash register for your online business. What is a Merchant Account? One will regularly come across the term ‘merchant accounts’ when looking into SEA online payment solutions. A special type of bank account for receiving payments from debit and credit cards is known as a merchant account. Since this is where the bank retains funds from credit and debit cards for a particular period of time, a merchant account sits separately from your normal account. As part of their normal routine, banks will then batch process these payments.  When thinking of a SEA online payment solution, there are certain main factors to be considered: 1. Payment Types A number of payment types are processed by online payments. The most common are traditional key entry credit card or scheme debit card purchases; however, other options are now becoming popular. Alternatively, rather than entering shipping, billing, and card details, you can simply enter a password to complete a transaction made through recognized payment providers. 2. Currencies/Localization Has your business become accessible to international consumers from several countries? Today, online retail business crosses geographic boundaries. With high cross border trade, the Asia Pacific market is of special importance. You need to ensure that you can process payment transactions, especially if you intend to ship to such markets. It is important to ensure that the gateway can connect to merchant banks and can process the currencies that you want to accept. 3. Hosting/On-form Payments An e-commerce payment gateway can either be non-hosted or hosted. In a hosted gateway, your customer is redirected away from your e-commerce website at the payment stage. They will be redirected back to your store once payment has been made. These are easier to integrate and to set up. However, it disrupts the shopping experience and can affect the overall customer experience. This could lower your sales volumes since customers are often concerned when they are directed to the third-party hosted solutions. 4. Cost For any business, this is most likely one of the main areas of concern. Since the cost can vary from vendor to vendor, when choosing an e-commerce payment gateway, there are several fees that you need to consider. There is often an initial set-up cost to cover the approval and integration to your merchant account. With regard to how SEA online payment solution vendors charge, there are a number of variations. For each transaction, there is a small percentage charged called the merchant discount rate.  All e-commerce businesses suffer from a growing issue, which is, unfortunately, online fraud. Your brand’s reputation and business can incur significant loss and damage from fraudulent activity online. Therefore, in the long run, it is wise to choose an e-commerce payment gateway that provides maximum security. Data encryption must be integrated into all online payment gateways. Get in touch with leading providers who have ample experience and expertise in this area. 
Every day, we learn something new. In the corporate world, innovation and adaptation are the keys to being successful. The same is applicable to the world of consumers. Consumers want what is hot, what is trending, and what is easy.   What is the Contactless Payment?   Contactless payment is a secure payment method where customers purchase products or services using a debit or credit card or any other device using near field communication (NFC). Mobile app payment and online payment using any of the above-mentioned methods come under the same category. With the advancement in wireless technology and the ever-increasing popularity of smartphones, this technology has become a game-changer. This is because consumers need not carry physical currency any longer as all transactions can be carried out using the consumer’s smartphone.   Why is Contactless Payment Gaining Popularity?   The year 2020 has seen the rapid spread of COVID-19. Since the virus has been understood to spread through contact, we have to find ways to carry on doing things using contactless methods. To stay ahead in the game, online payment providers in Vietnam are offering contactless payments as an option that fits very well with the current scenario.   For consumers, contactless payment offers a far more convenient, flexible, and secure alternative to other modes of payment. It allows them to manage all aspects of their transactions. This includes actions such as viewing transactions, resolving disputes, and scheduling purchases to meet their individual requirements. It works well for merchants, too, as it eliminates costs related to cash management expenses.   The momentum with which contactless payment is gaining popularity shows no sign of slowing down. Experts predict that a new cultural standard has been set, and merchants and online payment providers in Vietnam are being advised to embrace this shift.   Advantages of Contactless Payment   Contactless transactions are quick and can ensure reduced queuing at establishments as mobile app payments do not require a PIN to be punched. These transactions are often more secure as it involves data encryption and dynamic data technology. Bulky wallets are a thing of the past as your NFC enabled smartphone is all you need to complete your transactions. From the business owners' perspective, contactless transactions help reduce the time that businesses spend on operating card machines or counting cash. Most online payment providers in Vietnam offer contactless payment facility without any additional charge.   When looking for an online payment provider, always check their reputation and credibility in the industry. There are several leading service providers who have only a transparent and stress-free service, keeping your company objectives as their central focus. Get in touch with them to find out how they can integrate these services into your business.
Choosing an online payment gateway that is best suited for your business requirements can be a very tedious process. You should ensure that the customer experience through the online transaction is smooth, secure, and quick, with the least number of clicks. If the customer experience is positive, it will ensure that customers will come back to purchase other products or services in the future. The top three considerations to make while selecting an online payment gateway in Indonesia are listed below. Safety Regulations & Security Features Mobile payment gateway providers should have permission from Bank Indonesia to run their service, and in addition to this, they should have a license from PCI DSS with Level 1 as per government directives. Online payment has become part of our daily lives. We are processing online transactions not only through credit cards or debit cards but also through other modes like internet banking and e-wallets. Considering the sheer volume of transactions carried out using online payments, the risk management team behind the online payment gateway must monitor all transactions in real-time. They should be able to notify merchants or customers immediately in case any risks are identified. With greater technological advances and with more merchants and customers opting for online transactions, there is always the risk of cyber fraud and hacking. Online payment gateway service providers should also be able to ensure that merchants and customers’ privacy is not breached, and data is not unintentionally leaked. Customization and Support Online payment gateway providers should be able to provide easily customizable payment platforms to offer a seamless experience for customers from browsing to checkout. The provider should also be able to provide easily manageable APIs for mobile apps to attract more customers in this digital age. Your partner offering mobile payment gateway should provide customer support 24 hours a day and seven days a week. This customer support service can be in the form of email, phone, or WhatsApp. The service should be efficient and responsive with quick turnaround time. Customer service support should be free of cost, and it is worth noting that customers are entitled to it. Multi-Currency and International Acceptance Business owners who sell their products and services overseas will largely benefit if transactions are smooth and if payments can be realized instantaneously. On the other hand, international customers are more likely to complete their purchases if they can make the payment in their own currency. In Indonesia, there are only a few providers who allow transactions in international currency. Therefore, in the interest of fulfilling the requirements of reaching a global audience, business owners must look for a provider of online payment gateway in Indonesia who can offer the option of multi-currency transactions. As international boundaries are nonexistent in online transactions, business owners can now use technology to their advantage to attract international customers comfortably.
In the current digital era, businesses are forced to adapt quickly and oftentimes without warning to match the ever-changing consumer expectations and buying habits. In order to succeed, you need the right e-commerce solution provider who can focus on the digital aspects of your business while you focus on the more important areas of your business.   Background and Integration Experience   To shortlist your e-commerce solution partner for online payment solutions in Thailand, the first step would be to verify/research what your potential partner has delivered in the past and to whom. It is imperative to choose a partner who has a proven track record in all areas of e-commerce. It is worth noting whether they have delivered projects across various industries to successful clients and also whether they have experience servicing their clients globally. You would also want to look for a provider that has the skills and expertise in integrating the systems with which you are currently working. This would include ERP, POS, CRM, payment gateways, and personalization.   Multichannel Reach   With rapidly changing technology, customers’ online behavior is continually changing. To respond to these increased customer expectations, you will have to take your business to wherever your customer is. Customers want to shop when, where, and how they want. Your presence should be in every channel, and your e-commerce solution provider should be able to position you in every channel from the physical store to the application, website, delivery tracking, and payment. The partner should be able to maneuver across each of these channels to provide a seamless experience that today’s customers demand.     Efficiency and Economy   You will need to look for an e-commerce solution provider who will offer solutions with a quick turnaround time to mitigate any negative impressions on your customers. The provider has to be sensitive and responsive with a proven track record. On your part, you need to understand how new solutions have affected your potential provider’s clients’ traffic, growth, revenue, and any other metrics that could affect your business. This will equip you to understand better whether your potential partner can turn technological inputs into real, tangible outcomes for your business.   Once you have decided on a budget, you will need to look for a partner who will fit within this budget. You need to be wary of the way potential partners will pitch their prices. Some may offer a quote based only on fixed costs based on predetermined deliverables. Some others may quote a low rate to clinch the deal and then hit you with individual hidden charges, which will pile up over time as things get added when your business is live. It is wise to opt for transparent pricing, keeping long term objectives in mind, rather than have unprecedented expenses which are not within your budget.