By: Julian Wong|
07 Feb 2024
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.
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.
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!
For online store owners, integrating PayNow can offer several benefits:
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.
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.
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.