Payment Gateways for Shopify in the Philippines: Paynamics, Maya, Xendit, Paymongo, AsiaPay, and PayPal

In the rapidly growing digital economy of the Philippines, having a reliable payment gateway is crucial for businesses to seamlessly accept online payments. Several payment gateways cater specifically to the Philippine market, each offering unique features and benefits. This article aims to compare Paynamics, Maya, Xendit, Paymongo, AsiaPay, and PayPal, shedding light on their key features, integration options, transaction fees, and overall suitability for businesses in the Philippines.

1. Paynamics

Paynamics is a Philippine-based payment gateway founded in 2009. The company initially started as a provider of electronic payment solutions for online merchants, focusing on enabling secure and efficient online transactions. Paynamics is a popular payment gateway known for its extensive range of payment options, including credit cards, debit cards, e-wallets, and over-the-counter payments. It offers easy integration with e-commerce platforms and customizable payment pages. Paynamics provides fraud detection tools, risk management, and chargeback management services. Transaction fees vary depending on the payment method and transaction volume.

Paynamics History

Paynamics is a Philippine-based payment gateway founded in 2009. The company initially started as a provider of electronic payment solutions for online merchants, focusing on enabling secure and efficient online transactions. Over the years, Paynamics expanded its services and became one of the leading payment gateways in the Philippines. They have developed partnerships with major banks and payment networks to offer a wide range of payment options to their customers. Paynamics continues to innovate and provide businesses with secure and convenient payment solutions.

How to Sign Up for Paynamics

Filipino businesses can sign up for Paynamics by visiting the Paynamics website and clicking on the "Sign Up" or "Get Started" button. They will be directed to a registration page where they need to provide relevant business information, such as company name, contact details, and website URL. Paynamics will review the application, and upon approval, they will provide the necessary integration details and guidelines to start accepting payments through their gateway.

Processing Fees of Paynamics

Paynamics offers various pricing plans tailored to different business sizes and needs. The transaction fees can range from around 2.5% to 3.5% per transaction, depending on the payment method and transaction volume. Additional fees may apply for certain features or services.

2. Maya

Maya is a local payment gateway that focuses on offering a user-friendly interface and seamless integration for small to medium-sized businesses. It supports various payment options, such as credit cards, debit cards, and e-wallets. Maya emphasizes security through data encryption and complies with industry standards. Transaction fees are competitive and may vary based on the payment method and transaction volume.

History of Maya

• 2015: Maya's parent company, Voyager Innovations, introduced the Maya app as a mobile wallet solution. It allowed users to make payments, send money, and purchase digital goods online.
• 2017: Maya partnered with Visa to launch the Maya Visa card, a physical prepaid card linked to the user's Maya account. This enabled users to make payments at physical stores that accepted Visa cards.
• 2018: Maya expanded its services by introducing Maya Business, enabling merchants to accept cashless payments through QR codes. This initiative aimed to drive the adoption of digital payments among businesses and consumers.
• 2019: Maya launched Maya Negosyo, a payment acceptance solution designed for micro, small, and medium-sized enterprises (MSMEs). It allowed MSMEs to accept various payment methods, including Maya QR, credit cards, and mobile wallets.
• 2020: Amid the COVID-19 pandemic, Maya collaborated with the government and private sector to facilitate contactless payments and disbursements. Maya played a significant role in the distribution of financial aid to affected individuals and the adoption of cashless transactions to minimize physical contact.
• 2021: Maya introduced new features and expanded its services further. This included the launch of Maya Send Money, which enabled users to transfer funds to other Maya users, and Maya Checkout, a solution for online merchants to accept payments on their websites or apps.

How to Sign Up for Maya

To sign up for Maya, Filipino businesses can visit the Maya website and click on the "Sign Up" or "Get Started" option. They will be prompted to create an account by providing their business details, such as company name, email address, and contact information. Once the account is created, businesses can proceed with the integration process using Maya's developer-friendly documentation and guidelines.

Processing Fees of Maya

Maya's pricing structure is not publicly available. It is recommended to contact Maya directly to inquire about their processing fees and pricing plans.

3. Xendit

Xendit is a leading payment gateway in Southeast Asia, including the Philippines. It provides a developer-friendly platform with extensive API documentation and integration options. Xendit supports various payment methods, including credit cards, e-wallets, and bank transfers. It offers additional features like recurring billing, invoicing, and disbursement capabilities. Transaction fees vary depending on the payment method and transaction volume.

History of Xendit

• 2015: Xendit was founded in Indonesia by Moses Lo and Tessa Wijaya. The company started with a vision to simplify and improve the payment infrastructure in Southeast Asia.

• 2016: Xendit launched its initial product, an API-driven payment gateway, focusing on providing a developer-friendly platform and seamless payment experiences for businesses.

• 2017: Xendit expanded its services beyond Indonesia and started operating in other Southeast Asian countries, including the Philippines. This move allowed businesses in the Philippines to access Xendit's payment solutions.

• 2018: Xendit raised $4.7 million in a Series A funding round led by Accel Partners. The investment helped accelerate their growth and further enhance their payment offerings.

• 2019: Xendit introduced new features to its platform, including invoicing and disbursement capabilities. These additions allowed businesses to streamline their billing and payment processes.

• 2020: Xendit raised $20 million in a Series B funding round led by Lightspeed Venture Partners. The investment aimed to support the company's expansion plans and enhance its services across Southeast Asia, including the Philippines.

• 2021: Xendit continued to grow its presence and market share in the region. It announced partnerships with various companies and platforms to expand its reach and offer its payment solutions to a wider range of businesses.

How to Sign Up for Xendit

Filipino businesses can sign up for Xendit by visiting the Xendit website and clicking on the "Get Started" or "Sign Up" button. They will be asked to provide their business information, including company name, website, and contact details. Xendit may require additional documents for verification purposes. After the verification process, businesses can access the Xendit dashboard and follow the integration instructions to start accepting payments.

Transaction Fees of Xendit

Xendit provides customized pricing based on the specific requirements of businesses. Transaction fees vary depending on factors such as the payment method, transaction volume, and specific business arrangements. It is advisable to contact Xendit for detailed information on their processing fees.

4. Paymongo

Paymongo is a rising player in the Philippine payment gateway market, catering specifically to startups and small businesses. It offers seamless integration with popular e-commerce platforms and a developer-friendly API. Paymongo supports multiple payment methods, including credit cards, e-wallets, and bank transfers. It provides fraud prevention tools, dispute resolution, and subscription management. Transaction fees are competitive and depend on the payment method and transaction volume. 

History of Paymongo

• 2019: Paymongo was founded by a group of entrepreneurs in the Philippines, including Francis Plaza, Luis Sia, and Edwin Lacierda. The company emerged in response to the growing demand for reliable and accessible payment gateways in the country.

• 2019: Paymongo launched its services, offering businesses the ability to accept online payments through various channels, including credit and debit cards, e-wallets, and other alternative payment methods.

• 2020: Paymongo gained traction and quickly established itself as a prominent player in the Philippine payment processing market. The company focused on serving small and medium-sized enterprises (SMEs) and startups, providing them with simple and affordable payment solutions.

• 2020: Paymongo raised $2.7 million in a seed funding round led by Global Founders Capital. The investment aimed to support the company's growth and expand its reach in the Philippine market.

• 2021: Paymongo secured $12 million in a Series A funding round led by Stripe, a global leader in online payments. The investment further validated Paymongo's potential and supported its mission to enhance digital commerce in the Philippines.

• 2021: Paymongo continued to innovate and introduce new features to its platform, including subscription management tools, fraud prevention measures, and enhanced analytics and reporting capabilities. These additions aimed to provide businesses with greater control and insights into their payment operations.

How to Sign Up on Paymongo

To sign up for Paymongo, Filipino businesses can visit the Paymongo website and click on the "Get Started" or "Sign Up" option. They will be asked to provide their business information, including company details, contact information, and website URL. Paymongo may require additional documents for verification. Once the application is approved, businesses can access the Paymongo dashboard and follow the integration instructions provided to start accepting payments.

Transaction Fees of Paymongo

Paymongo offers competitive pricing plans for businesses. Their transaction fees range from approximately 3.5% to 3.7% per transaction, depending on the payment method and transaction volume. Additional fees may apply for specific features or services.

5. AsiaPay

AsiaPay is a well-established payment gateway in Asia, including the Philippines. It supports a wide range of payment methods, including credit cards, debit cards, e-wallets, and bank transfers. AsiaPay offers multi-currency support, recurring payments, and a comprehensive fraud detection system. Transaction fees vary based on the payment method, transaction volume, and specific requirements. 

History of AsiaPay

• 2000: AsiaPay was founded in Hong Kong by Joseph Chan, a pioneer in the online payment industry. The company aimed to provide secure and comprehensive payment solutions for businesses in Asia.

• 2002: AsiaPay expanded its operations beyond Hong Kong and established a presence in other key Asian markets, including the Philippines. This expansion allowed businesses in the Philippines to access AsiaPay's payment services.

• 2007: AsiaPay launched PayDollar, its flagship payment gateway platform. PayDollar offered a wide range of payment options, including credit cards, debit cards, and alternative payment methods, to facilitate online transactions for businesses.

• 2011: AsiaPay received Payment Card Industry Data Security Standard (PCI DSS) Level 1 certification, the highest level of security compliance in the payment industry. This certification ensured that AsiaPay adhered to stringent security standards to protect sensitive customer data.

• 2014: AsiaPay expanded its services to include mobile payment solutions, catering to the increasing demand for mobile commerce in Asia. This allowed businesses to accept payments through mobile devices and offer a seamless payment experience to their customers.

• 2018: AsiaPay continued to enhance its payment solutions and introduced additional features such as tokenization, recurring billing, and multi-currency support. These features aimed to provide businesses with greater flexibility and convenience in managing their payment processes.

How to Sign Up on AsiaPay

Filipino businesses can sign up for AsiaPay by visiting the AsiaPay website and contacting their sales or customer support team. AsiaPay offers personalized onboarding processes and tailored solutions based on the specific needs of businesses. Their representatives will guide businesses through the registration process, documentation requirements, and integration procedures.

Processing Fees of AsiaPay

AsiaPay's processing fees can vary based on factors such as the payment method, transaction volume, and specific business arrangements. It is recommended to reach out to AsiaPay directly for detailed information regarding their pricing structure and processing fees.

6. PayPal

PayPal is a globally recognized payment gateway widely used in the Philippines. It offers easy integration, buyer protection, and a trusted brand reputation. PayPal supports various payment methods, including credit cards and PayPal accounts. It provides a secure payment process and a user-friendly interface for buyers and sellers. Transaction fees for PayPal in the Philippines depend on the transaction amount and currency conversion, with competitive rates.

History of PayPal

• 1998: PayPal was founded as Confinity by Max Levchin, Peter Thiel, and Luke Nosek. Initially, the company developed security software for handheld devices.

• 1999: Confinity launched a digital wallet product called PayPal, which allowed users to securely store and transfer money online.

• 2000: Confinity merged with X.com, an online banking company founded by Elon Musk. Following the merger, the company's focus shifted towards becoming an online payment platform.

• 2001: The company officially changed its name to PayPal, reflecting its primary service. PayPal became available to the public as an online payment system, enabling individuals and businesses to make and receive payments electronically.

• 2002: PayPal went public and had a successful initial public offering (IPO), trading under the ticker symbol "PYPL" on the NASDAQ.

• 2002-2004: PayPal experienced significant growth, both in terms of users and transaction volume. It became the preferred payment method for eBay, driving its popularity and adoption.

• 2005: eBay acquired PayPal for $1.5 billion, recognizing its importance as a secure and convenient payment solution for online auctions and e-commerce.

• 2015: PayPal spun off from eBay and became an independent publicly-traded company once again.

• 2017-2018: PayPal expanded its services by acquiring several financial technology companies, such as Braintree, Venmo, and iZettle, to enhance its offerings and broaden its reach.

• Since then, PayPal has continued to innovate and adapt to the changing landscape of digital payments. It has expanded its services to enable mobile payments, peer-to-peer transactions, and integration with various online platforms and merchants.

How to Sign Up on PayPal

To sign up for PayPal, Filipino businesses can visit the PayPal website and click on the "Sign Up" or "Create Account" button. They will be prompted to choose between a personal or business account. For businesses, they should select the business account option and provide relevant business information, such as company name, contact details, and website URL. After completing the registration process, businesses can link their bank account or credit card to their PayPal account and start accepting payments.

Transaction Fees of PayPal

PayPal's transaction fees for businesses in the Philippines typically range from around 3.4% to 4.4% per transaction, depending on the transaction amount and currency conversion. The exact fees may vary, and PayPal also offers volume-based discounts for higher transaction volumes.

Conclusion

Choosing the right payment gateway for your business in the Philippines is essential for smooth and secure online transactions. Paynamics, Maya, Xendit, Paymongo, AsiaPay, and PayPal are all viable options with varying features, integration options, and transaction fees. Consider factors such as the nature of your business, target audience, payment methods required, transaction volumes, and the level of technical support needed. By carefully evaluating these factors, you can select the payment gateway that best aligns with your business requirements and growth objectives.