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If you’re running a business in the Philippines, you’re probably looking for the cheapest credit card processing companies to help you accept payments from your customers. But with so many options out there, it can be overwhelming to choose the right one.
To help you make an informed decision, we’ve researched and compiled a list of the most affordable credit card processing companies in the Philippines. This guide will provide you with everything you need to know about credit card processing fees, rates, and services offered by each company.
Before we dive into the list, let’s take a look at some basic information you should know about credit card processing in the Philippines.
Credit Card Processing in the Philippines: An Overview
Credit card processing is the process of accepting credit card payments from customers for goods and services. This is usually done through a credit card processing company, which acts as an intermediary between the merchant (you) and the customer’s bank.
In the Philippines, credit card processing is regulated by the Bangko Sentral ng Pilipinas (BSP), the country’s central bank. BSP sets rules and regulations for credit card processing companies to ensure that they follow industry standards and protect consumers’ financial information.
There are two main types of credit card processing fees that merchants typically pay: interchange fees and processing fees.
Interchange fees are charged by credit card networks (Visa, Mastercard, etc.) and are usually a percentage of the transaction amount. Processing fees are charged by the credit card processing company and can vary depending on the company’s pricing model.
Now that you have a basic understanding of credit card processing in the Philippines, let’s take a look at the cheapest credit card processing companies in the country.
1. PayMongo
PayMongo is a popular credit card processing company in the Philippines that offers competitive rates and fees. The company charges a flat rate of 3.5% + ₱15 per transaction for credit card payments, which is lower than many other providers in the market.
PayMongo also offers a user-friendly platform that allows you to easily manage your payments and transactions. The platform includes features like invoicing, recurring payments, and real-time analytics to help you track your business’s performance.
One downside to PayMongo is that it only supports credit card payments, so if you’re looking for a company that also accepts debit cards or other payment methods, you’ll need to look elsewhere.
2. Dragonpay
Dragonpay is another popular credit card processing company in the Philippines that offers affordable rates and fees. The company charges a flat rate of 3.5% for credit card payments, which is the same rate as PayMongo.
Dragonpay also offers a range of payment options, including credit cards, debit cards, bank transfers, and e-wallets like GCash and PayMaya. This makes it a great choice if you’re looking for a versatile payment processing solution.
One downside to Dragonpay is that it can be difficult to get started with the service, as the company requires a thorough verification process before you can start accepting payments. Additionally, Dragonpay charges a one-time setup fee of ₱10,000, which can be a significant investment for small businesses.
3. Stripe
Stripe is a global credit card processing company that has recently expanded its services to the Philippines. The company offers competitive rates and fees, charging a flat rate of 3.6% + ₱10 per transaction for credit card payments.
4. PayPal
PayPal is a well-known payment processing company that offers affordable rates and fees for merchants in the Philippines. The company charges a flat rate of 3.9% + ₱15 per transaction for credit card payments.
PayPal is also a popular payment option for many customers, which can help increase your sales and customer satisfaction. Additionally, PayPal offers a range of other features, such as invoicing, recurring payments, and fraud protection.
One downside to PayPal is that it can be difficult to get started with the service, as the company requires a thorough verification process before you can start accepting payments. Additionally, PayPal’s customer support can be slow and unresponsive at times, which can be frustrating if you run into any issues.
5. PayMaya
PayMaya is a local payment processing company in the Philippines that offers affordable rates and fees for merchants. The company charges a flat rate of 3.5% + ₱15 per transaction for credit card payments.
PayMaya also offers a range of payment options, including credit cards, debit cards, bank transfers, and e-wallets. The company’s platform is user-friendly and includes features like invoicing, recurring payments, and real-time analytics.
One downside to PayMaya is that it can be difficult to get started with the service, as the company requires a thorough verification process before you can start accepting payments. Additionally, PayMaya’s customer support can be slow and unresponsive at times, which can be frustrating if you run into any issues.
6. Gcash
Gcash is another local payment processing company in the Philippines that offers affordable rates and fees for merchants. The company charges a flat rate of 2.58% + ₱15 per transaction for credit card payments.
Gcash also offers a range of payment options, including credit cards, debit cards, bank transfers, and e-wallets. The company’s platform is user-friendly and includes features like invoicing, recurring payments, and real-time analytics.
One downside to Gcash is that it can be difficult to get started with the service, as the company requires a thorough verification process before you can start accepting payments. Additionally, Gcash’s customer support can be slow and unresponsive at times, which can be frustrating if you run into any issues.
7. Paynamics
Paynamics is a local payment processing company in the Philippines that offers affordable rates and fees for merchants. The company charges a flat rate of 3.5% + ₱10 per transaction for credit card payments.
Paynamics also offers a range of payment options, including credit cards, debit cards, bank transfers, and e-wallets. The company’s platform is user-friendly and includes features like invoicing, recurring payments, and real-time analytics.
One downside to Paynamics is that it can be difficult to get started with the service, as the company requires a thorough verification process before you can start accepting payments. Additionally, Paynamics’s customer support can be slow and unresponsive at times, which can be frustrating if you run into any issues.
Choosing the right credit card processing company for your business is an important decision that can have a significant impact on your bottom line. By considering the factors discussed in this guide, such as pricing, features, and customer support, you can make an informed decision that meets the needs of your business and your customers.
While there are many affordable credit card processing companies in the Philippines to choose from, PayMongo, Dragonpay, Stripe, PayPal, PayMaya, Gcash, and Paynamics stand out as some of the best options in the market. Be sure to do your research and compare
