STICPAY Combines E-Wallet and Online Payment Gateway to Offer the Perfect Solution for Ecommerce Stores
The eCommerce industry is on the rise.
According to Statista, global eCommerce sales are expected to rise from 2019’s $3,535 billion to $4,206 billion by 2020, representing yearly growth of nearly 19%.
To accept payments online, merchants need to set up a payment gateway at a service provider.
However, merchants often face issues with standard payment gateways, hindering their ability to satisfy the needs of their customers efficiently.
In this article, we will explore online payments in the eCommerce industry, as well as alternative solutions merchants can use to supercharge their online stores.
One thing we know for sure is that STICPAY caters to both merchants and end-users by combining the features of online payment gateways and e-wallets to create the perfect solution for global transactions.
Stay with us to learn the details!
What Is an Online Payment Gateway?
Simply put, an online payment gateway acts as the bridge between the eCommerce store and its customers.
By integrating the online payment solution to its website platform, the eCommerce store will be able to accept various payment methods (e.g., credit and debit cards) from customers in exchange for its products or services.
After a successful payment, the gateway will process the customer’s transaction and credit the funds to the eCommerce store’s account.
In exchange for its services, the payment gateway charges a fee from the merchant.
With the exponentially rising eCommerce industry, it is now a must for international online stores to integrate a payment gateway to their platforms.
While we are not in a shortage of payment gateways, most of the service providers on the market fail to localize their solutions to suit local needs.
For example, credit card payments are popular in most of Europe. However, customers in Asia often prefer to use alternative payment methods.
Unfortunately, most of the service providers only offer credit and debit card payment methods, which hinders the ability of international eCommerce stores to fulfil the demands of their customers.
Furthermore, payment gateway services often charge hefty fees for Business-to-Customer (B2C) cross-border transactions and for related currency conversions.
And for security reasons, a great share of eCommerce payment solutions hold onto the funds for several days before crediting them to the merchant’s account.
After paying these often expensive costs and waiting for customer transactions to be credited, merchants will also face high additional fees when they are setting up international transfers between their bank accounts to withdraw funds.
In summary, most of the online payment gateway solutions are neither beneficial to the merchants nor the end customers.
Fortunately, there is a solution to fix all the issues mentioned above, which we will explore later in this article.
What Is an E-Wallet and How Does it Work?
E-wallets or digital wallets are software-based systems that allow users to store their payment information securely within an app or platform.
After registering an account, the users of the e-wallet service can use their funds for internal transfers, payment for products and services, as well as for withdrawals.
As the e-wallet solutions often feature consumer- and business-friendly fees for transactions as well as fast processing times, the use-cases for these services are endless.
From the end user’s point of view, e-wallets offer a secure, fast, and cost-efficient way to transfer funds to other users both nationally and internationally with no or minimal cross-border fees.
Furthermore, customers can use their digital wallets to shop at their favourite eCommerce stores or online platforms.
On the other hand — unlike a traditional payment gateway solutions -, merchants do not have to wait several days (or even weeks in extreme cases) for customer funds to be credited to their accounts as they are processed (near-)instantly.
In addition to the cost-efficient transaction fees, some e-wallet solutions like STICPAY integrate local payment methods to connect businesses and customers around the globe in an efficient way.
Due to the benefits mentioned above, the popularity of digital wallets is exponentially rising, with FIS expecting e-wallets to represent over half of global eCommerce sales by 2023.
What Is STICPAY?
Founded in 2018, STICPAY is a London-based fintech company that offers an award-winning e-wallet service to tens of thousands of end-users and merchants across 200+ countries.
With a yearly growth of over 300%, STICPAY creates the perfect solution for online shoppers and eCommerce stores alike by combining the features of e-wallets and online payment gateways into one revolutionary service.
STICPAY has partnered with local banks in Asia and beyond to offer cost-efficient payment methods for its users, including VISA,
MasterCard, UnionPay China, cryptocurrencies (Bitcoin, Litecoin, Ethereum, and Tether), as well as local and international bank wires.
Unlike numerous payment services, there are no hidden fees with STICPAY. However, it’s important for all our users to know the fees we charge for our services, which you can always check on the following page.
You can also find information on this page about how e-wallets charge fees for their services.
In addition to featuring competitive fees, e-wallet transfers are executed instantly, meaning that both customers and merchants receive their funds immediately with STICPAY.
While e-wallet users can take advantage of the fast and low-cost local bank transfers in eight countries — currently in the Philippines, Japan, Indonesia, Malaysia, Singapore, China, Australia, and Canada, with support for more nations coming soon -, STICPAY customers can withdraw and spend their funds via the prepaid STIC Card even more conveniently.
Unlike our competitors that restrict prepaid card access based on geographic location and account status, the STIC Card is available for the residents of over 200 countries in Europe and Asia.
Also, we don’t restrict or limit access based on account activity. Instead, all STICPAY users can apply for the STIC Card with equal chances after verifying the necessary Know Your Customer (KYC) documents.
We at STICPAY consider the security of our users the ultimate priority.
In addition to a regulated UK license, we make sure that user funds remain safe by storing them in segregated accounts where customers have uninterrupted access to their money with the possibility to withdraw them immediately to external accounts.
Furthermore, STICPAY utilizes a set of anti-fraud measures and requests KYC and AML documents from both end-users and merchants to keep all our customers safe.
How Could Different Industries Benefit From STICPAY’s Services?
The top three industries where STICPAY offers services to merchants are as follows: forex, eCommerce, and online gaming.
On forex platforms, fast payments in and out of broker accounts are absolutely essential to facilitate an efficient trading system. STICPAY provides all that with instant internal transfers while charging very low fees for user transactions.
Furthermore, both forex merchants and users benefit from STICPAY’s multi-currency feature — we support over 33 local currencies — to avoid (often high) conversion fees.
As mentioned before, the greatest benefit STICPAY offers for eCommerce stores is the wide range of payment methods they can use to fulfil the local and regional demands of shoppers around the world.
Ecommerce stores also benefit from fast, cost-efficient, and convenient transactions without any additional fees for cross-border payments.
Due to STICPAY’s security features, the e-wallet solution is very popular among online gaming platforms as the fintech service helps to connect gamers and merchants securely.
STICPAY: the Perfect Online Payment Solution for Ecommerce
Moreover, merchants across all industries can take advantage of STICPAY’s convenient API integrations to get started with receiving online payments from customers.
STICPAY combines the best features of e-wallet solutions and payment gateways to offer the perfect online payment service.
As a result, merchants can benefit from the wide variety of payment methods and cheap, instantaneous cross-border transactions. At the same time, customers could send, deposit, receive and withdraw their funds — as well as convert between 33 local currencies and four digital assets — in a fast, convenient, and cost-efficient way.
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Originally published at https://www.sticpay.com on May 21, 2020.
