STICPAY: Payment Gateway in the Philippines

Are you looking to set up a payment gateway in the Philippines?

You are in the right place!

A payment gateway in the Philippines allows both local and international companies to accept payments in the Asian nation.

What Is a Payment Gateway?

A payment gateway is a financial solution that allows merchants to accept payments from their customers online.

During the checkout process, the payment gateway allows customers to initiate the transaction by selecting a payment method and providing the necessary financial information (e.g., credit card details) to the service provider.

In exchange for a fee, the payment gateway is responsible for communicating between the merchant and the customer's bank to process the transaction and distribute it to the business.

Why Do Merchants Need a Payment Gateway Solution to Do Business in the Philippines?

A payment gateway is necessary for a company doing business in the Philippines to benefit from the nation's ongoing digital revolution.

According to a recent study by Bain & Company and Facebook, 74% of Filipino consumers have gone digital by the end of 2020, representing approximately 57 million (above the age of 15).

As a result, the average digital spending in Southeast Asia is expected to increase 3.5 times between 2020 and 2025, with 35% of Filipino consumers considering online as their most-used channels for shopping.

At the same time, e-wallets have become the third most popular payment method in the SEA, just behind cash (34%) and cards (22.7%) with 22% in 2020. A recent MasterCard Impact Study confirms the same, stating a digital wallet usage of 36% in the Philippines, the second-highest number among Southeast Asian nations.

With this rapid digital transformation in the Philippines, it's essential for businesses targeting the nation's consumers to set up a payment gateway solution to take advantage of the online boom.

What Are the Most Important Factors for Choosing a Payment Solution?

Businesses have to choose the right payment solution to increase their growth potential. To achieve that, they have to take the following factors into account:

• Security: In the online world, it's crucial for businesses and their customers to stay secure. For that reason, it's crucial to set up a payment gateway at a provider like STICPAY that features advanced security and anti-fraud measures to protect its users.
• Localization: It’s important to choose a payment gateway that features a localized checkout process. Offering customers the choice to settle transactions in their language, national currency, and via local payment methods can facilitate more sales and reduce bounce rates for merchants.
• Convenience: To prevent customers from abandoning carts, merchants must choose a payment solution that features a straightforward checkout process.
• Fees: Consider selecting a payment gateway service that features reasonable charges for merchants. This is especially important for companies with low profit margins.
• Speed: As convenience is key for consumers, businesses should use a payment solution that features fast transfers.
• Payment Methods: Consumer preferences vary greatly by the nation. For that reason, it's crucial to offer numerous payment methods (such as credit cards, bank transfers, cryptocurrency) so customers can choose the one they prefer the most to settle their transactions.

What Is the Right Payment Solution for Businesses?

Taking the Philippines' adoption of the payment method, integrating an e-wallet service could be a perfect solution for businesses targeting the Asian nation.

E-wallets are prepaid services where customers can manage their finances under one account in a secure, convenient way.

With digital wallet solutions, users have to fund their accounts using one of the supported payment methods. STICPAY, for example, offers the following options to its customers:

• Visa
• MasterCard
• UnionPay China
• Bank transfers
• Cryptocurrency (Bitcoin, Litecoin, Ethereum)

In addition to international transfers, Filipino customers can also use the local bank wire option to deposit or withdraw money from their STICPAY accounts rapidly and cost-efficiently.

After funding their accounts, e-wallet customers can hold, convert, withdraw, and transfer funds to other clients using the service provider's internal network. Alternatively, clients can spend their money on verified merchants.

As part of a global service available in over 190 countries and a strong presence in Asia, STICPAY combines an e-wallet solution with a robust payment gateway for merchants in the Philippines and beyond.

STICPAY's payment gateway service for merchants is:

• Secure: In addition to using enhanced anti-fraud and security measures, STICPAY continuously monitors merchants and customers with strict KYC and AML checks. Furthermore, as all transfers are secure and indemnified, chargeback risks are limited on the platform.
• Cost-efficient: While consumers pay 1% for internal client-to-client transfers, STICPAY charges merchants a competitive 2.5% + $0.3 fee for processing fiat and 1.8% for accepting cryptocurrency transactions.
• Tailored to local preferences: STICPAY supports PHP along with over 28 currencies and 19 languages (including Filipino). In addition to a web platform, users can access the service via redesigned iOS and Android smartphone apps.
• Convenient to set up: Upon successful account creation and verification, STICPAY issues businesses a unique merchant ID, allowing them to create multi-currency accounts and set up a payment gateway via an Open API connection and simple documentation.

Are you ready to set up a payment gateway in the Philippines?

Create a merchant account at STICPAY now!

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