7 Top E-Commerce or Digital Payment Gateways in the Philippines

Online shopping has been a growing trend in the Philippines, especially during this time. Us Filipinos want to experience convenient shopping. And as the E-Commerce site grows, they add more payment methods for a better online shopping experience. 

In this article, we will help you know which payment method will work best for your site. So, let’s get started.

Why is Digital Payment Gateways a Necessity in E-commerce?

The Philippines is still run by a cash-based system, even with online shopping. But the growing industry of this age is changing, a lot of payment gateways are coming out and there are already a lot of businesses adapting to this. The payment and transaction are faster, they are cost-effective, and most importantly, they are user-friendly. 

List of Top Payment Gateways in the Philippines

1. Xendit

Xendit is a Jakarta-based digital payment infrastructure that was launched in 2015, and at the end of 2020, it expanded to the Philippines. Since Xendit’s expansion, it has grown quickly and has started building credibility as one of the top payment gateways in the country. They aim to make payment transactions simple, easy, and secure as much as possible for every buyer and seller. With simple integrations, Xendit is able to process not only payments, but also run marketplaces, disburse payroll and loans, detect fraud, and help businesses grow. This payment gateway also includes other payment methods such as over-the-counter, credit and debit cards, e-wallets, and more.

Capabilities / Unique Features

• Designed for businesses of varying sizes.
• You can get started even if you don’t have a website, and you can opt to integrate with popular plugins or API integration.
• There is no additional charge for API integration.

Payment Channels

• Credit and Debit Cards on Visa, Mastercard
• E-wallets
  • GCash, GrabPay, Paymaya, ShopeePay
• Others
  • OTC / Retail Outlets – 7 Eleven, Cebuana Lhuillier, ECPay, M Lhuillier, Palawan Express
  • PayLater – BillEase, Cashalo

Pricing Plans

• Visit xendit.co to register an account for your business.
• The pricing plans will be based on the agreed transaction and the chosen payment channels.
• All transaction fees are exclusive of 12% VAT.

2. Dragonpay

During the beginning of the popularity of online shopping in the Philippines, Dragonpay was one of the pioneers in the market. As the growth of this trend continues in the country, Dragonpay continues to expand its methods in payment, including over-the-counter for banking and non-banking, online banking, cash on delivery, and e-wallets. Their goal is to make an offer of alternative payment methods for E-commerce websites without the use of the traditional ones, like credit cards, that will be convenient for their client’s online shoppers. 

Capabilities / Unique Features

• Unlike other alternatives of payment platforms, Dragonpay’s Recurring Payment gives you benefits in a broader market reach, no chargeback/fraud, and low and fixed transaction fees.
• Businesses that need to send out a lot of money to their employees can benefit from their Mass Payout service. This service will help businesses save time and focus more on their work. All the payrolls can be routed through their system and will send it to various bank accounts, e-wallets, and even cash pick-ups.
• The Personal Escrow Service is great for personal sellers that are looking for more alternative ways of online payment that give a high level of comfort for their buyers.

Payment Channels

• Credit Card & Online Banking
• E-wallets
  • Dragonpay Credits, GCash, GrabPay, Coins.ph, PayPal, etc.
• Others
  • OTC Banking, OTC Non-Banks (Bayad Center, LBC, 7-Eleven, etc.)

How to Start / Pricing Plans

• First, have a registered business and a business account.
• Visit dragonpay.ph and contact them to get a quotation from the agreed payment.

3. PayMongo

PayMongo payment system can help individuals and companies because it offers credit cards, OTC banking, debit cards, and e-wallets. This payment gateway is essential for online sellers or big box sellers because there are no set-ups, one time, or monthly fees. You can also use PayMongo Links and get payment through chat, PMs, and SMS. Also, use the PayMongo API to power payment experiences that delight your customer

Capabilities / Unique Features

• Non-monthly set-ups – you can only pay when the transaction goes through.
• If you don’t have a website, you can use PayMongo Links and get paid in chat, PMs, and SMS.
• Protects you against fraud with their advanced detection engines.
• Seamless integration with your website or app.

Payment Channels

• Credit Card & Online Banking
• E-wallets
  • GCash, GrabPay, Coins.ph, etc.
• Others
  • OTC Banking, OTC Non-Banks, 7-Eleven, M.Lhuillier, etc.

Pricing Plans

• Visit paymongo.com and register your business account, then you can start for free.
• They will adjust the pricing based on the agreed transaction.
  • Credit or debit cards = 3.5%
  • E-wallets = 2.9%
  • OTC or Coins.ph = 1.5%

4. Paynamics

Paynamics is one of the trusted payment providers in the Philippines. They offer data vaults for security, e-mail billing, fraud prevention, web payment, etc. They offer various methods such as cash, credit cards, e-wallet, and other international payment options.

Capabilities / Unique Features

• They accept payments anywhere because there are 32,000 cash-in centers in the country and they are connected with 50+ local banks.
• Transaction fees are lower compared to other payment providers
• You can integrate through their API or available integration for Shopify, and more

Payment Channels

• Credit Card & Online Banking
• E-wallets
  • GCash, GrabPay, PayMaya, Coins.ph, etc.
• Others
  • OTC Banking, OTC Non-Banks, BancNet, American Express, etc.

Pricing Plans

• Visit paynamics.com and contact them for inquiries, as well as signing-up to Paynamics.
• The pricing plans will be based on the agreed price.

5. PesoPay

Pesopay is a payment gateway made for all sizes of businesses. They provide local businesses with a secured solution for payment processes that allows them to accept a wide variety of payment methods. It ranges from online, e-wallets, and point-of-sale payments. Similar to other gateways, you can use Pesopay to integrate into your website.

Capabilities / Unique Features

• They have a Payment Solution where you can quickly pay online merchants, whether it’s for a hotel booking, electronic voucher, retail payment, event management system, and many more. 
• They accept all major credit cards as an easy payment for your website.

Payment Channels

• Credit Card & Online Banking
• E-wallets
  • GCash and GrabPay
• Others
  • ATM Card and Cash Payment

Pricing Plans

• Visit pesopay.com and fill-up the information detail for your business 
• After that, you can discuss the quotation of prices based on your transaction with them.

6. WeePay

WeePay started as a Merchant Service Provider for local financial institutions and banks offering a wide range of payment methods. You can also use WeePay to integrate a shopping cart on your own website. 

Capabilities / Unique Features

• They provide POS for retailers offline.
• Their services also include mobile POS, mobile ATM, Cash-out Terminal, and Agency Banking.

Channels

• Debit/Credit Card & Online Banking
• Digital Wallet
• QR Code Payment
• Mobile Payment
• Others
  • ATM Card

Payment Pricing Plans

• Visit weepay.com and register with a business account to get a merchant account from them.
• The payment and transaction will be discussed afterward.

7. PayPal

It is an international payment gateway that allows you to shop internationally and also locally. Their aim is to make your buyer’s experience safe and protected from fraud. PayPal has worked with major banks in the country, so it will be easy for you to choose your preferred card to use when paying online.

Capabilities / Unique Features

• Keep track of your bills and manage your recurring payment with their Automatic Payments.
• Allows you to shop internationally while your card is protected.
• You’ll get refunded with ease by simply shipping it back and get up to 20% on the return shipping cost through their Refund Service.

Payment Channels

• Debit/Credit Card & Online Banking

Pricing Plans

• Visit paypal.com/ph and register your business account.
• You’ll receive an e-mail and invoice payment afterward.
  • Domestic Payments (fixed fees) = 3.9%
  • International Payments (fixed fees) = 4.4%

Conclusion

If you’re a beginner in online stores, Dragonpay, PayMongo, and PayPal are the best choices for your start-up online business. These payment gateways are user-friendly if you’re using social media as your online store. They are great for small businesses too. If your business is medium to large businesses, Paynamics and PesoPay are the best choices for you because you can connect to most local banks in the Philippines and to other countries. But if you want to focus your business both online and offline, WeePay is the best choice for you. WeePay covers both by providing Point-of-Sales and Digital Wallet Payment.

As this trend grows more in the Philippines, many Filipino consumers will find a convenient way to pay online and these payment providers will make your transaction with your customers easier. Don’t be afraid to research and inquire, especially when there’s a potential in the payment gateway/s you chose.

Need an effective E-Commerce website developer for your online business? Inquire now and we will gladly help you in your growing business!

Index

OTC – Over the counter

Online Shopping – purchasing items from online merchants

Point-of-Sales – POS is a machine where the retail transaction is completed