If you’re just starting out selling something online, you might think that you need a “payment gateway” to collect payments. And, you probably heard of Stripe or PayPal, or local players like HitPay or Qashier.
So, what exactly is a payment gateway? Think of it as the secure bridge between your customer’s bank and your bank.
When someone clicks “buy” on your website, the payment gateway takes over. Your customer is redirected to the payment gateway, where they can input their sensitive payment info like credit card numbers. Then it sends it to your bank for approval.
Once the payment is approved by the bank, the money gets moved, and the gateway tells your website, “that payment went through” so that your customer can continue to your “Order received” page. It’s all about making sure transactions are safe, fast, and smooth.
Now, why do so many first-time sellers believe these gateways are absolutely essential? It boils down to a few key points:
- Building Trust and Security: When you’re new, getting customers to trust you with their money is huge. Payment gateways come with top-notch security features like encryption and fraud protection. Using a well-known gateway immediately tells customers, “My financial info is safe here.”
- Looking Professional: Partnering with a recognised payment gateway makes your online store look legitimate and established. It shows you’ve invested in a proper setup, which builds confidence in your brand from day one.
- Making Payments Easy: Customers expect to pay with their credit cards or digital wallets. A payment gateway offers these familiar options, making the checkout process super quick and easy. For you, it means less hassle because the transaction process is automated.
- Reaching More Customers: If you’re selling internationally, you will need to accept credit cards. Without a gateway, you’d be stuck with less convenient methods, severely limiting who you can sell to. A gateway opens your doors to a much wider audience.
- Simplifying Money Management: Gateways aren’t just for taking money; they help you manage it too! They automate refunds, track sales, and generate reports, which is a huge help for a new seller trying to keep tabs on their finances.
- Staying Compliant: Handling financial data comes with strict rules from the Monetary Authority of Singapore (MAS). Payment gateways take that complex burden off your shoulders. You get peace of mind knowing you’re meeting all the necessary security standards without needing to become an expert yourself.
While payment gateways are an important part of online selling, the truth is, if you are just starting out, it might not be necessary for every new business.
If you’re based in Singapore, and your primary audience are Singapore buyers, you can kickstart your online selling journey with a much simpler way of collecting money: PayNow.
Why Choose PayNow?
Using PayNow allows you to accept payments directly through your bank account without the complicated setup associated with traditional payment gateways. Here’s why this is an excellent option for beginners:
1. Lower Costs: Traditional payment gateways often incorporate various fees for transactions, subscriptions, or setups. PayNow, on the other hand, has practically zero fees, which is perfect for new sellers who are just trying to get off the ground.
2. Simplified Transactions: Unlike payment gateways which may require the input of extensive information, a PayNow integration allows your customers to send payments directly to your mobile number or business UEN. This streamlined process can enhance customer satisfaction.
3. Instant Payment Notification: When a customer pays using PayNow, your bank will send you an instant notification to your phone, enhancing your operational efficiency.
Setting Up PayNow with WordPress and WooCommerce
Getting started with PayNow is more approachable tha you think! Here’s a simple step-by-step guide to help you integrate it into your online shop using WordPress and WooCommerce:
STEP 1: Install WooCommerce
If you haven’t already, you’ll want to set up WooCommerce in your WordPress site. This is a plugin that turns your WordPress site into a fully functional e-commerce store. Follow these steps:
– Go to your WordPress dashboard
– Click on “Plugins”
– Select “Add New”
– Search for “WooCommerce”
– Click “Install Now” and then “Activate”
WooCommerce will guide you through some initial setup, including addint products, and setting up WooCommerce Payments. WooCommerce Payments is the payment gateway offered by WooCommerce, but if you just want to use PayNow, you might want to skip this step for now.
STEP 2: Install a PayNow Payment Method Plugin
Now you will need to add another plugin to WordPress that adds the PayNow payment method to your store.
Once popular plugin is SGPayNowQR Plugin for WooCommerce. It will let you accept PayNow without any commissions, and zero fees to any payment gateways.
STEP 3: Configure the Plugin
Once installed, you’ll need to configure the plugin to add the PayNow account where you want to receive your money. This is either your mobile number, or UEN. You can get detailed setup instructions here.
STEP 4: Test Transactions
Run a few tests to ensure payments come through smoothly. Try to complete a purchase using PayNow. This will allow you to confirm everything is working correctly.
You’re ready to sell!
Starting your online store doesn’t have to be overwhelming. Instead of stressing over complex payment gateways, consider using a PayNow plugin to streamline your processes. With its lower costs and ease of setup, you can focus more on building your business.
Now that you know how simple it can be, why not dive into the world of online selling today?