Third party payment
Honestly, there are so many different payment gateway providers that service Philippines-based companies, that to say there is a “best” one for your business in nearly impossible.
What I will say, however, is that you can determine which might be the best fit for your business model based on the following criteria: the features and functionality your business model requires the countries you wish to accept transactions from the currency or currencies you want to work with You see, there is no single payment gateway provider that universally meets the regulatory and compliance guidelines for every region of the world. So, the first thing you must do is to determine if you need to perform both authorizations and settlements in either a single currency (Philippine Piso (PHP), for example), or multiple foreign currencies. If you already know you’ll be accepting transactions in foreign currencies, you’ll need to establish an “official presence” in each country whose currency you will accept. This can be accomplished by obtaining a merchant account in each country through an acquiring bank partnership. Alternatively, you can partner with payment processors who will perform cross-border transactions and currency conversions (typically, for a fee in addition to the flat per-transaction fee you’ll already be paying). Conversely, if you only a need to conduct transactions in a single currency (e.g. PHP), you can partner with any processor in the Philippines supporting that particular currency. However, if your business’s needs are more complex, and require a more detailed and customized solution, partnering with an open source payment gateway software provider such as Acardpay Integrated Payment Gateway is an excellent choice. Offering a robust selection of fully customizable features, Acardpay’s software can be seamlessly integrated and certified with acquiring banks in your desired regions. Often, if transaction volumes are large and more than one country is involved, the best solution is to build your own payment gateway utilizing licensed open-source software. Not only does this option allow you to fully customize a payment gateway for your particular needs but it also allows you to integrate your gateway into a well-established network of acquiring partnerships. In the end, you may spend a little more to build your own gateway up front, but you’ll save by not having to pay as many fees for cross-border transactions and currency conversions. If you happen to be a startup, no matter where you are located, you will encounter additional challenges in just finding a payment gateway provider willing to partner with you. Because of the historically high statistical rates of startup failure, and the low numbers of transactions processed, startups are not particularly appealing because they don’t generate enough transactional volume for payment gateway providers to profit from – therefore making startups not worth their assumed risk. Summary: Because there is no payment gateway that services and meets the regulatory requirements for every country and every currency, you'll need to decide which countries and currencies you want to service and accept. The Acardpay Payment Gateway platform offers the opportunity to build your own payment gateway with a robust selection of fully customizable features which can be seamlessly integrated and certified with acquiring banks in your desired regions. If you are a startup, due to low transactional volume, you may find additional challenges in locating a payment provider willing to partner with you.
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December 2018
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