The Philippines’ e-commerce sector is rapidly growing, and it’s poised to hit its PHP 1 trillion mark in 2026. Many Filipino small- and medium-sized enterprises (SMEs) and startups see this e-commerce boom as a golden opportunity to start or grow their businesses online and reach customers far and wide. But it’s no secret that operating an online store—even if it doesn’t come with the same overhead costs as a brick-and-mortar establishment—can get pretty expensive. If you’re not careful about aspects like customer payment experiences, you could fall into the red in no time.
As an e-commerce entrepreneur based in the Philippines, it’s important for you to understand the significance of financial efficiency in ensuring the growth and sustainability of your business. It only makes sense, then, to onboard the right e-commerce payment solutions to achieve greater cost savings and boost your profitability.
To illustrate, here’s a guide on just how much your choice of e-commerce payment solution matters when it comes to trimming costs and increasing your bottom line:
Lower Transaction Fees for a More Prudent Approach to Payment Processing
You may not be a stranger to the various transaction fees involved in payment processing for e-commerce transactions. But to be truly profitable, you’ll want to master the fee structures required by different payment gateways and choose solutions that truly align with your business’s financial objectives.
Start by looking for a third party payment gateway Shopify users can trust, as well as one that charges a reasonable merchant discount rate (MDR). Maya Business will be a good option for the fact that it offers a Shopify payment gateway plugin that charges one of the lowest MDRs in the industry. This will leave you with bigger margins for every transaction, which you’ll need as an SME gradually breaking through in the e-commerce industry.
Just by comparing payment gateways that offer competitive transaction fees, you may be able to reduce your operational expenses by a significant amount and retain a more substantial portion of your hard-earned revenue.
Fraud Prevention and Chargeback Management
One of the primary concerns for any SME conducting online transactions is the potential impact of chargebacks, or fees issued from a bank to a retailer to compensate for a disputed or fraudulent transaction. The financial repercussions of chargebacks, as well as their potential damage to your business’s reputation, are sure to keep you up at night.
That makes it all the more important to choose an e-commerce payment solution that features both robust fraud prevention measures and efficient dispute resolution mechanisms. Make sure to onboard a payment gateway Shopify platform users have an easy time installing and navigating, for example, which can significantly minimize the likelihood of chargebacks. The end goals are twofold: to safeguard your revenue, and to foster the long-term customer trust that’s essential to business growth.
Automating Recurring Billing for Seamless Operations
E-commerce entrepreneurs offering subscription-based services or recurring billing options require the most efficient payment systems to manage their transactions. Manual invoicing and billing can be time-consuming and prone to errors, which can lead to unnecessary costs and lost growth opportunities as a result.
It would be in your best interest to invest in e-commerce payment solutions that offer automated recurring billing features. This will allow you to streamline these processes and ensure timely and accurate payments from your valued customers while also saving precious time and resources.
Enhancing the Customer Checkout and Payment Experience to Drive Conversions
In the highly competitive e-commerce arena, it’s essential to provide customers with a seamless and convenient checkout experience if you want to drive up your conversions. Consider Maya Business’ Checkout, which is designed to provide flexible payment solutions. With this product powering your checkout page, you can accept most cashless payments, whether from credit cards or e-wallets. It will also be easy for you to process emerging payment technologies such as QR payments from QR Ph.
Filipino consumers value user-friendly payment options that align with their preferences. Integrating the right checkout and payment solutions into your online store can significantly reduce cart abandonment rates, leading to increased sales and a positive impact on your bottom line.
Expanding Globally and Reducing Currency Conversion Costs
Ambitious SMEs looking to expand beyond local borders may want to set their sights on catering to international customers. However, handling multiple currencies can pose challenges, including currency conversion costs.
Leverage e-commerce payment solutions that accept multiple currencies to eliminate unnecessary fees. These payment tools will also help you navigate cross-border transactions effortlessly, which means that you can tap into new markets without any unnecessary financial hurdles.
Simplifying Financial Management through Integration
As a busy Filipino entrepreneur or business owner, you may find it exceptionally overwhelming to manage your finances. Consider integrating your e-commerce payment solutions with popular accounting software to automatically sync up your transaction data and financial reports. This will allow you to reduce manual work, streamline your financial management, and allocate resources more efficiently.
Takeaway: Choosing the Best Payment Solutions for Startups and Growing SMEs
All that being said, choosing the payment solutions for your e-commerce business can still be a challenging task. With many established and emerging technologies out there that are designed specifically to address finance and e-commerce needs, you’ll definitely need to be thoughtful about choosing the following:
- Online payment gateways
- Payment link mechanisms that you can share with your customers through email, social media, or messaging apps
- Online invoicing systems
- Checkout plugins
- Currency exchange plugins
- Accounting integration solutions
The e-commerce arena is a highly competitive one, and no SME or startup e-commerce entrepreneur should sleep on their financial management practices. Be aware of your options for online payment solutions not only to save money, but to improve your customer experience and expand your current prospects for further business growth.
