How can your buyers pay for your products when selling online in Singapore? How can one receive payment when using ecommerce solutions provider? Here are your answers!
So, you’ve decided to expand your business in Singapore? Good for you! Before you launch your ecommerce business and present your products to your new customers, it is important to have everything in place, including the payment gateways.
In Singapore, there are a few ways you can accept online payments when using ecommerce solutions provider:
- Bank Transfer: This is one of the oldest methods for paying online. You give the buyers your bank account and they transfer the funds directly to your bank account through ATM, internet banking or by making a deposit to your account. Internet banking transfers usually show up in your account immediately, however, those from a different bank than yours will take a few business days.
- Cash by Registered Post: Yes, your buyers can purchase your items in cash. The buyer mails money to you by registered post. This will cost $2.24 + stamps to send mail at any SingPost outlet. This method is used with payments that are under $100. There are people who send cash without a registered post and you should know that this is not allowed. In Singapore, sending cash is recommended by Money Orders and Postal Orders. For overseas, sending cash can only be done through an insured post (if it is not prohibited by the receiver’s postal administration).
- PayPal: PayPal is one of the best, safest, and quickest ways to purchase for your items online. The buyer sends the payment to your email address from the PayPal account. The buyer can also use the PayPal funds to buy your products or send money with their debit or credit card through PayPal. The buyer doesn’t need a PayPal account to send money, however, the seller or you will need a PayPal account to receive the money.
It is important to choose an ecommerce solutions provider that can support the major payment gateways supported in Singapore. For example, ecommerce solution Shopify, integrated with some of the best and preferred payment gateways such as Alipay Global, CyberSource, ePay or Payment Solutions, GoCoin, Payment Express PxPay, PayPal Express Checkout, Shopify Payments, and WorldPay.
It is important to clearly present the payment methods your buyers can use to purchase your items!