Are you willing to learn more about the "Payment Gateway Philippines" to expand your online businesses? If your answer is Yes, then this blog will help you.
One of the fastest-growing economies in Asia is none other than the Philippines. Online shopping has been a growing trend as approx 76.2 million customers continuously use the internet. According to some research, almost 62.5 % of customers purchase something online in the recent quarter. So, it is the best place to establish an online business.
Of course, for your online business and to make more profit, you need a payment gateway that fulfils all your business needs. Before going with any payment gateways, you need to know more about the Philippines market and the Philippines Payment Gateway. So, let's start.
Overview of the Philippines Online Market -
In the Southeast Asia region, the Philippines has the second largest population. Its contribution to retail sales is low as compared to the other countries. However, many factors, including young people, a growing middle class, better Internet connectivity, mainly through smartphones, and government initiatives, are paving the way for significant growth.
According to the publisher's research, the Philippines would have surpassed Singapore and Malaysia in total online retail sales. People between the age of 18 to 31 shop online in the Philippines.
Nowadays, online business is flourishing in the Philippines. In the upcoming few years, it will become the hub of online business. So, the one who wants to establish their business in the Philippines should take action now.
According to the Statista Report -
- In 2022, it is expected that the eCommerce market will generate US$17.92 billion.
- Market volume is anticipated to reach US$38.04 billion by 2027, with revenue predicted to expand at 16.25% per year (CAGR 2022-2027).
- By 2027, there are projected to be 60.4 million users in the eCommerce market.
- By 2027, user penetration is anticipated to reach 50.5% from its current 42.0% level.
- The average revenue per user (ARPU) is anticipated to be $ 379.10.
Why is Digital Payment Important for Online Businesses in the Philippines?
Digital payments are booming nowadays, not only in the Philippines but worldwide. Surprisingly, approximately 92% of today's currency is digital. The Philippines' online market is flourishing and will reach 1.2 trillion in GDP by the end of 2022.
Although cash-based systems still run the Philippines market, but various payment methods are available. Customers can choose their preferred payment methods, from digital payments to bank transfers. Most businesses are adopting digital payment to fulfil their customer's requirements.
Ways to Choose the Best Payment Gateway Philippines
As several payment gateways are available in the Philippines, choosing the best one is challenging. Before making any of the decisions, you ought to determine your business model, such as -
- What functions does your business need?
- To gain more profit, you have to fix the target countries.
- According to your target countries, you have to work with that currencies.
Here are some points you must remember while selecting the payment gateway Philippines.
- If you are targeting the international market, you should use the international payment gateway and merchant account.
- Your payment gateway should be reliable.
- According to your target audience, you have to offer payment options.
- Your selected payment gateway can accept multi-currency.
- Ensure your payment gateway has PCI DSS Level 1 security and other security measurement tools.
- The fee structure of the payment gateway is simple, with no hidden charges.
- The selected payment gateway has excellent customer support services.
Which Service Provider is Best in the Philippines?
A payment gateway plays a vital role in making any business successful. Without a payment gateway, it is not possible to accept online payments. As you know, we are living in the era of digital payment. So, it is essential to have the best payment solution for any business.
Today, you can get many options in the Philippines, but not all are compatible with your business model. As a merchant, you must look for a specialized, experienced service provider who completely fits your business requirements.
For example – if you have a forex business, you must go for the forex payment gateway and forex merchant account. Forex is a high-risk business, so it is better to go with the specialized and experienced one. A complete forex payment solutions helps to run high-risk companies smoothly.
Without wasting any time, we recommend you go with PayCly. PayCly is one of the best service providers compatible with all types of businesses, low-risk to high-risk. With PayCly, the merchant can get complete payment solutions at a reasonable rate.
How PayCly Enhance your Online Business in the Philippines?
PayCly is one of the leading payment service providers in the Philippines. It offers many benefits to the merchant, which help them to enhance their businesses at the global level. So, let's check some of the best benefits of the PayCly in the Philippines -
- It is an all-in-one solution. You can get the merchant account, credit card processing, and payment gateway in one place.
- We can approve your high-risk merchant account within three to seven working days with all the necessary documents.
- Our services are available worldwide so that we can accept multi-currency hassle-free.
- We offer various payment methods, such as credit/debit cards, net banking, e-wallets, mobile payments, and even crypto-currency.
- We offer the latest technology anti-fraud and security measures tools and PCI DSS level-1 compliance. With us chargeback risks are limited because we provide a secure payment transfer solution.
- Our rate is the best in the market.
- We offer 24*7 real-time reporting and customer support services.
Final Thoughts -
The Philippines is one of the fastest growing markets, so to establish your business in the Philippines, you ought to need a perfect payment solution. Choosing the best payment gateway in the Philippines is challenging, so we have mentioned some points above that will help you choose the best one. Before going with any solutions, knowing the best transaction fee structures is essential.
If you cannot make any decision and need clarification among all the payment solutions, then in this situation, you can completely trust our preferred payment gateway, i.e., PayCly. It is one of the best payment solutions worldwide, offering you the best solutions at a reasonable rate. It is an all-in-one solution which makes it the best.
To know more about our services or finalize the deal, you can contact the expert team directly via email or live chat.
