Payment Gateway - Top 10 Payment Gateway for E-commerce in Vietnam - Part 2

@finfanio Top 5 International Payment Gateway for E-commerce - The First Rank is Very Renowned #paymentgateway #ecommerce #vietnam #fintech #finfan #finfanio #payment ♬ Thank You for Being You - OctaSounds

In the previous article, FinFan discussed the development of payment technology in Vietnam and the top 5 Vietnamese payment gateways for e-commerce sites in Vietnam.

In this article, let's join FinFan to review the top 5 international payment gateways for e-commerce sites in Vietnam.

Top 5 International Payment Gateway for E-commerce (from 5th to 1st Famous Payment Gateway)

5. Perfect Money

Overview

Perfect Money is an established online payment system designed to facilitate seamless financial transactions over the internet.

Launched in 2007, it aims to provide an efficient and secure way for individuals and businesses to transfer money globally.

In fact, in Vietnam, anyone with experience in MMO (Make Money Online) and who has received international payments or traders in the forex and cryptocurrency markets are well aware of Perfect Money, as this payment gateway is connected to most international exchanges and MMO websites.

Applications in E-commerce

Perfect Money is a versatile online payment system designed to facilitate secure and instant online transactions.

Its application in e-commerce is significant due to its features and benefits that cater to the needs of both businesses and consumers.

Here’s how Perfect Money can be effectively applied in the e-commerce sector:

Secure and Instant Transactions

Perfect Money allows e-commerce businesses to process secure and instant payments, enhancing the overall customer experience.

Key Features:

Instant Transfers: Payments are processed instantly, ensuring quick transaction times.

Advanced Security: Utilizes features like SMS login confirmations and CodeCard protection to secure transactions.

Multi-Currency Support

Perfect Money supports multiple currencies, including USD, EUR, GBP, and Bitcoin, making it ideal for international e-commerce.

Key Features:

• Currency Flexibility: Allows customers to pay in their preferred currency.

• Crypto Integration: Supports Bitcoin transactions, catering to the growing market of cryptocurrency users.

Interest on Account Balances

Perfect Money offers users the opportunity to earn interest on their account balances, providing an added financial incentive.

Key Features:

• Interest Earnings: Users can earn a fixed interest rate on their stored funds.

• Monthly Payouts: Interest is credited to accounts monthly.

Ease of Use and Integration

Perfect Money offers a user-friendly interface and easy integration with e-commerce platforms.

Key Features:

• Simple Integration: Can be integrated with most major e-commerce platforms via API.

• User-Friendly Interface: Intuitive and easy-to-navigate interface for both merchants and customers.

Payment Flexibility

Perfect Money offers various payment options, providing flexibility for e-commerce businesses and their customers.

Key Features:

• Multiple Payment Methods: Supports payments through bank transfers, e-vouchers, and cryptocurrencies.

• Payment Requests: Businesses can send payment requests or invoices directly to customers.

Benefits of Using Perfect Money Payment Gateway in E-commerce:

Enhanced Customer Trust: Customers are more likely to complete purchases when they know their transactions are secure.

Improved Cash Flow: Instant payments improve cash flow management for businesses, allowing for better financial planning and inventory management.

Global Reach: Businesses can cater to a global audience by accepting various currencies.

Customer Convenience: Offering multiple currency options enhances the shopping experience for international customers.

Increased User Engagement: The ability to earn interest encourages customers to keep their funds within the Perfect Money system.

Financial Benefits: Provides additional financial benefits to both businesses and consumers.

Reduced Development Costs: Simple integration reduces the time and cost associated with adding a new payment gateway.

Improved User Experience: A user-friendly interface ensures a smooth transaction process, reducing cart abandonment rates.

Enhanced Customer Satisfaction: Offering multiple payment methods increases the likelihood of transaction completion.

Operational Efficiency: Payment requests streamline the billing process, making it easier for businesses to manage payments.

4. Payoneer

Overview

Payoneer is a globally recognized financial services company that provides online money transfer and digital payment services.

Founded in 2005 and headquartered in New York, Payoneer enables businesses and professionals to send and receive funds electronically across different countries and currencies.

It is particularly popular among freelancers, e-commerce merchants, and businesses engaging in international trade.

In Vietnam, Payoneer is well-known for being a payment method used on advertising accounts for Google and Facebook, replacing personal credit cards.

It also serves as a channel for users to generate income on Facebook and YouTube through views on these platforms' channels.

Applications in E-commerce

Global Payment Processing

Payoneer brings merchants the global payment processing for the demand of expand their businesses globally

Key Features:

• Cross-Border Transactions: Payoneer facilitates secure and efficient payments between international customers and e-commerce businesses.

• Multi-Currency Support: Businesses can accept payments in various currencies, converting funds at competitive exchange rates.

• Local Currency Accounts: Provides local receiving accounts in major markets, allowing businesses to receive payments as local transactions.

Integration with E-commerce Platforms

Payoneer can be integrated with e-commerce platforms.

Key Features:

• API Integration: Seamless integration with popular e-commerce platforms such as Shopify, WooCommerce, Magento, and more.

• Shopping Cart Compatibility: Supports integration with shopping carts, enabling businesses to offer Payoneer as a payment option during checkout.

Marketplace Payouts

Payoneer also brings the marketplace dose of payment methods:

Key Features:

• Mass Payout Solutions: Ideal for marketplaces and platforms that need to disburse funds to sellers, affiliates, and partners worldwide.

• Automated Payments: Streamlines the payout process with automated solutions, reducing administrative overhead and ensuring timely payments.

Freelance and Service Payments

Because of the global payment network, Payoneer can help freelancers find many channels for earning money.

Key Features:

• Payment Collection: Freelancers and service providers can use Payoneer to invoice clients globally and receive payments securely.

• Flexible Withdrawal Options: Offers various withdrawal methods, including bank transfers and the Payoneer Prepaid Mastercard, providing flexibility for accessing funds.

Digital Advertising

As FinFan mentioned earlier, Payoneer is an excellent tool to assist advertisers in account suspension or temporary loss of banking information, providing a dedicated payment gateway for channels such as Facebook, Google,...

Key Features:

• Ad Campaign Payments: Used on advertising platforms like Google Ads and Facebook Ads, replacing personal credit cards for ad spend.

• Budget Management: Helps businesses manage advertising budgets effectively with traceable and secure payment methods.

Affiliate Marketing

Payoneer is also a great payment gateway for affiliates.

Key Features:

• Affiliate Payments: Facilitates payments to affiliates globally, supporting affiliate networks and tracking payments.

• Reporting Tools: Provides reporting capabilities to track affiliate performance and manage payouts efficiently.

Online Market Expansion

And finally, Payoneer can help the merchant expand their market.

Key Features:

• Global Reach: Enables businesses to expand into new international markets by offering a reliable payment solution that accommodates local payment preferences.

• Enhanced Customer Experience: Provides multiple payment methods and currencies, reducing barriers to purchase and improving customer satisfaction.

Benefits of Using Payoneer Payment Gateway in E-commerce:

Cost-Effectiveness: Competitive fees and favorable exchange rates compared to traditional banking methods.

Security: Advanced security measures protect transactions and sensitive information, ensuring trust and confidence.

Scalability: Supports businesses of all sizes, from startups to enterprises, in managing global transactions efficiently.

User-Friendly Interface: Intuitive platform and comprehensive support make it easy for businesses to manage payments and financial transactions.

3. Shopify Payments

Overview

Shopify is a leading e-commerce platform, not only helping businesses create and manage online stores but also providing comprehensive payment solutions.

Among these, Shopify Payment stands out as a feature that brings convenience and security to both sellers and buyers.

Shopify Payment is an integrated payment system within the Shopify platform, allowing store owners to accept payments directly without the need to integrate third-party payment gateways.

This simplifies the process of setting up and managing payments, while also minimizing additional fees associated with using other payment services.

Applications in E-commerce

Seamless Integration with Shopify Stores

As a platform that originated to support e-commerce, Shopify deeply understands the pain points and concerns of shops and sales businesses.

This enables them to assist businesses in integrating payment gateways with comprehensive utilities and support financial reporting on their existing platform.

Key Features:

• Built-In Payment Gateway: Shopify Payments is fully integrated with the Shopify platform, providing a seamless setup process for merchants. This eliminates the need for third-party payment providers and simplifies the payment configuration.

• Unified Dashboard: Merchants can manage all their transactions and payouts directly from the Shopify admin dashboard, offering a centralized view of their payment operations.

Multiple Payment Methods

Leveraging its strength as an e-commerce platform, Shopify easily establishes relationships with numerous major payment companies to integrate into its own payment gateway.

Key Features:

• Credit and Debit Cards: Shopify Payments supports all major credit and debit cards, including Visa, MasterCard, American Express, and Discover, ensuring that customers have a variety of payment options.

• Alternative Payment Methods: In addition to credit and debit cards, Shopify Payments supports alternative payment methods like Apple Pay, Google Pay, and Shopify Pay. This flexibility caters to customers' preferences and can lead to higher conversion rates.

Advanced Fraud Protection

Being an e-commerce platform from the start, Shopify's advantage lies in its ability to easily access user customer data and activate legal measures to prevent payment fraud.

Additionally, it can seamlessly integrate management software, allowing shops to manage refunds for both money and goods efficiently.

Key Features:

• Fraud Analysis: Shopify Payments includes built-in fraud detection and analysis tools that help merchants identify and prevent fraudulent transactions. These tools analyze various risk factors and flag potentially suspicious orders.

• Chargeback Management: The platform provides tools and resources to help merchants manage chargebacks efficiently. This includes detailed transaction information and support for disputing chargebacks.

Multi-Currency Support

Being a multinational e-commerce company, Shopify Payments can support business owners and shop operators with multi-currency accounts.

Key Features:

• Automatic Currency Conversion: Shopify Payments allows merchants to sell in multiple currencies, automatically converting prices based on the customer's location. This feature helps businesses expand their global reach and provide a localized shopping experience.
• Currency Display: Prices can be displayed in the customer's local currency throughout the store, including the product pages, cart, and checkout, enhancing the shopping experience.

Benefits of Using Shopify Payment Payment Gateway in E-commerce:

Using the Shopify Payments gateway in e-commerce offers several significant benefits:

Integration with Shopify Platform: Shopify Payments is seamlessly integrated with the Shopify e-commerce platform. This integration ensures smooth operation and compatibility, eliminating the need for third-party gateways and reducing complexity in managing online transactions.

Streamlined Setup: Setting up Shopify Payments is straightforward for Shopify users. It eliminates the hassle of configuring separate payment gateways and allows merchants to start accepting payments quickly after setting up their Shopify store.

Enhanced Security: Shopify Payments prioritizes security, offering PCI DSS compliance and fraud prevention tools. This ensures that customer payment information is protected, boosting customer confidence and reducing the risk of data breaches.

Unified Financial Reporting: Shopify Payments provides integrated financial reporting within the Shopify dashboard. Merchants can easily track their sales, refunds, and payouts without needing to access multiple platforms or reconcile separate accounts.

Improved Customer Experience: With Shopify Payments, customers can enjoy a seamless checkout experience directly on the Shopify store. This reduces cart abandonment rates and enhances overall customer satisfaction, leading to higher conversion rates.

Access to Additional Features: Merchants using Shopify Payments may have access to additional features such as Shopify Capital (business funding), accelerated checkout options (e.g., Shopify Pay), and integration with other Shopify apps and services.

Reliable Customer Support: Shopify provides dedicated customer support for Shopify Payments-related inquiries. This ensures that merchants receive prompt assistance and troubleshooting, enhancing their overall experience with the payment gateway.

Continued Platform Integration and Updates: Shopify regularly updates its platform and payment gateway to incorporate new features, improve performance, and adapt to changing market trends and regulatory requirements.

Reduced Transaction Fees: Shopify Payments offers competitive transaction fees, often lower than those of third-party payment gateways. This cost-effectiveness can lead to increased profitability for merchants, especially those processing high volumes of transactions.

2. 2C2P

Overview

2C2P is a prominent payment service provider and fintech company based in Southeast Asia, specifically headquartered in Singapore. The company offers a range of payment solutions and services tailored to e-commerce merchants, financial institutions, and enterprises across the region.

Applications in E-commerce

In Vietnam, 2C2P is recognized as a payment gateway used by the short video social network and e-commerce platform TikTok, facilitating intermediary credit card payments. However, 2C2P is also applied in various aspects of e-commerce, including:

Payment Method Diversity

2C2P facilitates the integration of various payment methods into e-commerce platforms.

Key Features:

• This includes major credit cards, debit cards, and popular digital wallets such as Alipay, WeChat Pay, and GrabPay.

• 2C2P enables merchants to offer a seamless checkout experience tailored to regional preferences.

Multi-Currency Support

E-commerce businesses using 2C2P can accept payments in multiple currencies.

Key Features:

• The capability of 2C2P is crucial for merchants operating across different countries within Southeast Asia, allowing them to localize their payment offerings and avoid foreign exchange fees for customers.

Secure Payment Processing

2C2P prioritizes security with robust fraud prevention tools and compliance with industry standards.

Key Features:

• The payment gateway of 2C2P employs encryption technology, tokenization, and real-time transaction monitoring to protect sensitive customer data.

• After that it mitigates fraudulent activities, ensuring safe transactions for both merchants and consumers.

Recurring Payments and Subscriptions

For merchants offering subscription-based services or recurring billing models, 2C2P supports automated billing cycles.

Key Features:

• This feature streamlines payment management, improves cash flow predictability, and enhances the customer experience by reducing friction in recurring transactions.

Analytics and Reporting

2C2P provides merchants with comprehensive analytics and reporting capabilities.

Key Features:

• These tools offer insights into transaction volumes, sales performance, customer behavior, and payment trends.

• By leveraging these insights, merchants can optimize their e-commerce strategies, identify growth opportunities, and make data-driven decisions.

Mobile Optimization

Recognizing the increasing trend of mobile commerce in Southeast Asia, 2C2P ensures its payment solutions are optimized for mobile devices.

Key Features:

• This includes mobile-friendly payment interfaces, QR code payments, and integrations with popular mobile wallets, enhancing convenience and accessibility for mobile-first consumers.

Customizable Checkout Experience

2C2P offers customizable checkout pages that can be tailored to align with the merchant’s branding and user experience requirements.

Key Features:

• This flexibility allows merchants to create a seamless and branded payment journey for their customers, reducing cart abandonment rates and improving conversion rates.

Benefits of Using 2C2P Payment Payment Gateway in E-commerce:

Wide Range of Payment Methods: Integrates major credit cards, debit cards, and popular digital wallets like Alipay, WeChat Pay, and GrabPay, catering to diverse customer preferences across the region.

Enhanced Security Features: Implements advanced security measures such as encryption, tokenization, and real-time transaction monitoring to protect sensitive customer data and prevent fraud, ensuring secure transactions.

Recurring Billing Capabilities: Supports subscription-based services and recurring payments, automating billing cycles and improving cash flow management for businesses.

Comprehensive Analytics and Reporting: Provides detailed insights into transaction volumes, sales performance, customer behavior, and payment trends, empowering businesses to make informed decisions and optimize their strategies.

Mobile Optimization: Optimizes payment solutions for mobile devices, including mobile-friendly interfaces and support for mobile wallets, enhancing convenience for mobile-first consumers.

Customizable Checkout Experience: Offers customizable checkout pages to align with the brand identity and user experience preferences of businesses, reducing cart abandonment and improving conversion rates.

Regional Expertise: Specializes in the Southeast Asian market, understanding local payment preferences and regulatory requirements, which helps businesses navigate and comply with regional complexities.

Scalability and Reliability: Scalable infrastructure ensures smooth transaction processing even during peak periods, supporting business growth and reliability.

Customer Support: Provides dedicated customer support to assist businesses with integration, troubleshooting, and ongoing operational needs, ensuring a seamless payment experience for both merchants and customers.

PayPal

Overview

PayPal is a widely recognized and trusted digital payment platform that facilitates online transactions between individuals, businesses, and merchants. Founded in 1998, PayPal has become one of the most popular payment methods globally, providing a secure and convenient way to send and receive money online.

PayPal operates as an electronic alternative to traditional paper methods like checks and money orders. It allows users to create an account linked to their email address, which serves as their unique identifier for transactions. This simplicity and universality have contributed significantly to its widespread adoption.

Applications in E-commerce

Checkout Solutions

PayPal offers seamless integration with online stores

Key Features:

• This allows customers to pay for purchases using their PayPal account or through credit/debit cards without revealing sensitive financial information to the merchant.

Global Reach

PayPal supports transactions in multiple currencies and is accepted by businesses worldwide.

Key Features:

• This makes it convenient for international customers and merchants alike, facilitating cross-border transactions with ease.

Security

PayPal employs robust security measures, including encryption technology and fraud detection tools, to safeguard users' financial information.

Key Features:

• This focus on security enhances trust among customers and reduces the risk of fraudulent transactions for merchants.

Mobile Payments

With the proliferation of mobile devices, PayPal has adapted by offering mobile-friendly payment solutions.

Key Features:

• This includes mobile-optimized checkout processes and the ability to send money through its mobile app.

Business Solutions

Apart from consumer transactions, PayPal provides additional services tailored for businesses:

Key Features:

• PayPal Business Account: Businesses can create PayPal Business accounts that offer additional features like invoicing, reporting tools, and integration with accounting software.

• PayPal Here: A mobile payment solution that allows businesses to accept in-person card payments using a mobile card reader and the PayPal app.

• PayPal Working Capital: Provides business loans based on the sales history of a merchant's PayPal account, offering a streamlined process compared to traditional loans.

Benefits of Using PayPal Payment Payment Gateway in E-commerce:

Global Reach: PayPal is widely recognized and accepted globally, allowing businesses to reach international customers without the need for multiple payment integrations. Customers from over 200 countries and regions can transact using PayPal.

Customer Trust: PayPal is known for its strong buyer protection policies, which include dispute resolution and fraud prevention measures. This helps build trust among customers, leading to increased confidence in making online purchases.

Seamless Integration: PayPal offers easy integration with most e-commerce platforms and shopping carts, including popular ones like Shopify, WooCommerce, Magento, and more. This simplifies the setup process for businesses and enhances the checkout experience for customers.

Multiple Payment Options: PayPal supports various payment methods, including major credit and debit cards, bank transfers, PayPal balance, and Pay Later options like PayPal Credit. This flexibility allows businesses to cater to different customer preferences.

Security: PayPal uses advanced encryption and fraud detection tools to secure transactions and protect sensitive customer information. This reduces the risk of data breaches and ensures compliance with industry security standards.

Mobile-Friendly: With the growing trend of mobile commerce, PayPal offers a seamless mobile checkout experience. Customers can easily complete transactions using their mobile devices, enhancing convenience and accessibility.

Fast Transactions: PayPal transactions are typically fast and efficient, with funds available to businesses almost immediately after a successful payment. This helps improve cash flow and supports business operations.

Analytics and Reporting: PayPal provides detailed analytics and reporting tools that help businesses track sales, monitor payment trends, and analyze customer behavior. This data-driven insight can inform business decisions and strategies.

Lower Cart Abandonment: Offering PayPal as a payment option can help reduce cart abandonment rates. Many customers prefer PayPal due to its convenience and security features, leading to higher conversion rates for businesses.

Customer Support: PayPal offers dedicated customer support to businesses and customers, addressing any payment-related issues promptly. This ensures a smooth transaction process and enhances overall customer satisfaction.

Common characteristics of international payment gateways applied to e-commerce in Vietnam

They All Provide Multi-currency Payment Accounts.

As discussed in the previous article on the concept of multi-currency accounts and their utility, especially for businesses, it is a type of account that supports users to make payments worldwide without worrying excessively about exchange rate costs in the country where customers are located.

Read more:

. Top 5 Use Cases of Multi-Currency Accounts – The Fifth Really Makes You Surprising

For merchants on e-commerce platforms or independent e-commerce stores through intermediaries like Shopify, multi-currency accounts can greatly assist sellers in providing and converting currencies flexibly between the countries where their customers reside.

All Of Them Comply with International Financial Regulations.

Because they directly provide the ultimate payment solution for users, these payment gateways always ensure legal compliance along with international security regulations.

They consistently adhere to PCI DSS (Payment Card Industry Data Security Standard) requirements to protect users from international cyber financial fraud aimed at stealing funds from user accounts.

Encountering Intense Competition from Domestic Payment Gateways in Vietnam.

Most international payment gateways do not fully understand the payment needs of Vietnamese users, as many of them only integrate a few solutions that Vietnamese people use less frequently than credit cards, debit cards, and some international e-wallets like Google Pay, Apple Pay, or Samsung Pay.

Meanwhile, most payment gateways in Vietnam understand Vietnamese consumers' preference for "Faster and more Cost-effective" payment services, where payments can be made anywhere using just a smartphone and are compatible with various operating systems platforms.

FinFan's Solution

Recognizing the shortcomings mentioned above, FinFan has been researching and developing products that maintain the common strengths of international payment gateways, such as providing multi-currency payment accounts and adhering to all principles and international laws regarding cross-border currency circulation.

Additionally, FinFan's product development team continues to foster good relationships with domestic payment solutions including MoMo, ZaloPay, VNPay, etc., and the network of local banks collaborating with NAPAS. This effort aims to deliver cross-border payment solutions that are "Faster, Safer, and More Cost-effective" catering to domestic users.

For instance, FinFan has been researching and is currently piloting its e-wallet aggregator product to assist online remittance partners in transferring remittances directly to the recipient's e-wallet in Vietnam.

Furthermore, FinFan's remittance product, in collaboration with international partners, supports users in remittance directly into the recipient's bank account in Vietnam or arranging for remittances to be sent to a bank in Vietnam, allowing recipients to pick-up the money directly at the counter.

This article was curated and authored by FinFan's market research and development team, alongside our marketing department.

About FinFan

FinFan is a cross-border embedded financial services company that focuses on mass disbursement, fund collection, card processing, IBAN, and digital APMs solutions, which can provide valuable input and integration on and for the same.

FinFan is already integrated with almost the world's well-known MTOs, PSPs, switch, and core fintech platforms such as Money Gram, Thunes, Qiwi, Remitly, World Remit, Bancore, PaySend, Terrapay, Ria Money Transfer (Euronet), Dlocal, Ripple, TripleA, FoMo Pay, Wings, etc.

For more information, please get in touch with us through:

🌐https://finfan.io

📞(+84) 2866 85 3317

✉ support@finfan.vn

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