Digital payments have become increasingly popular, with research indicating over 70% of customers prefer electronic transactions over cash. As eCommerce grows exponentially, integrating secure digital payment gateways is crucial for businesses to tap into new markets and boost conversion rates.

What are Payment Gateways?

Payment gateways are services that authorise and process electronic payments for e-commerce stores and other businesses. They ensure the secure transmission of customers’ payment information to merchants and facilitate swift, efficient transactions. Popular gateways include PayPal, Stripe and PayNow.

PayNow

In Singapore, PayNow is a widely used real-time payment system. PayNow allows individuals and businesses to transfer funds instantly using mobile numbers, NRIC/FIN numbers or QR codes. Moreover, the platform can handle any transaction, big or small, and businesses even use it to pay other businesses!

The Benefits of PayNow

For online store owners, integrating PayNow can offer several benefits:

Reach more customers: PayNow is widely used in Singapore, used by over 70% of citizens. Thus, by integrating it into your store, you can expand your customer base.
Improved user experience: Customers can check out seamlessly using a familiar payment method. This enhances their experience and satisfaction.
Lower fees: PayNow typically charges lower fees than credit cards, benefitting merchants and customers.

How to Set Up PayNow on Shopify?

Thankfully, just like the payment method itself, setting up PayNow on Shopify is also straightforward. To help you choose the right payment gateway for a fuss-free set-up process, namely HitPay and OpnPayments.

Via HitPay

Sign up for a HitPay account.
Head to the Shopify app store and look for the HitPay Payment Gateway app. Click “add app”.

Credit: HitPay
You will be redirected to the HItPay dashboard, where you will enter your login details. Click “Continue”

Credit: HitPay
Select PayNow as a payment method and customising the payment methods to be shown on the checkout page

Credit: HitPay
Test the integration to ensure a smooth checkout flow before launching.

Via Opn

Sign up for an OpnPayment account.
On your OpnPayments Dashboard, select Settings > Third Party Integrations.

Credit: OpnPayments
Click “Install“. When you do so, Opn redirects you to your Shopify store admin page.

Credit: OpnPayments
Log in to your store and click Connect. You will be redirected back to OpnPayments’ Third Party Integrations page.
Click “Install app“, followed by “Confirm“.
Credit: OpnPayments
To finish the set-up, select the payment methods you wish to use, deselect “Enable test mode” and click “Activate Open Payments“.

Credit: OpnPayments

PayNow Payouts and Fees on Shopify

HitPay offers daily payouts for PayNow transactions, transferring funds directly to your bank account. Transaction fees for PayNow payments are 1.5% of the total order amount. On the other hand, OpnPayments charges 1.00% + 0.15 SGD per transaction.

Why PayNow and How Verz Design Can Help

Reaping the benefits of PayNow for your Shopify store comes at a relatively low effort, which is why all businesses in Singapore should consider doing so. Reach out to us at Verz Design! At Verz, we’ve launched thousands of eCommerce stores, each with its preferred method of receiving payment. Whether it’s PayNow, GrabPay or even cryptocurrency, we’ll work with you to find the best gateway that suits your business needs.