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The past decade has seen significant technological advancements that have revolutionised our lives. As technology provides convenient access to more online services, such as digital banking, more individuals and companies are turning towards e-payment solutions. The figures provided by The World Bank, which noted that two-thirds of adults worldwide now use digital payments, echo this trend.
Notably, the global e-payment market is projected to continue with its growth trajectory at a compound annual growth rate (CAGR) of 15.5%, based on predictions shared in the Digital Payment Global Market Report 2023. In a world that is rapidly transitioning towards cashless transactions, payment gateways have become increasingly important for both consumers and e-commerce businesses in Cambodia alike.
Payment gateways, also known as payment processors, payment services, or payment solutions providers, act as intermediaries between e-commerce websites and payment processors. While the process comprises multiple phases to complete:
Through this, payment gateways enable the automatic processing of payments, significantly minimising the time spent manually processing transactions and the errors arising from this process. By reducing the friction of transactions, payment gateways enable companies in Cambodia to tap into the global market and grow their business.
Picking the wrong payment gateway could alienate your customers and result in costly fees. As such, it is essential to know the pros and cons of each type of system before subscribing to one. Here are some popular payment gateways you can consider when you start your e-commerce business in Cambodia that is equipped to tap into global market opportunities.
For e-commerce companies in Cambodia, ABA Bank's PayWay is typically the preferred payment provider and the leader of the local e-payment market, and it offers the following advantages:
Conversely, the downsides of PayWay are:
iPay88 is a relatively new player in Cambodia’s digital payment market, and it comes with the following benefits:
However, this online payment method also has its downsides:
ACLEDA, a prominent Cambodian bank, has established a strong foothold in the country's banking industry since its inception, and the upsides of using its payment gateway are:
Nonetheless, this payment method also has its drawbacks:
Cathay United Bank is one of the pioneers in introducing an online gateway for payments. The perks of using this payment gateway include:
The key limitation of this payment method is its high transaction fees, charged at a rate of 4.2%.
By minimising the time spent on manual processing transactions, payment gateways enable companies in Cambodia to elevate customer satisfaction, tap into the global market and grow their business. This makes choosing the right payment gateway crucial for any e-commerce business to thrive. Nonetheless, it is not the only factor that determines the success of an online business. Ensuring customers have a quick and seamless shopping experience from browsing to delivery is equally important.
Thus, it is essential for e-commerce businesses to partner with a reliable logistics company to provide excellent international shipping services, and this is where DHL Express shines. By taking advantage of DHL Express's global delivery network, you can ensure the timely delivery of your products, making for satisfied customers and a thriving online business. Open a business account with us today and leverage our capabilities to expand your business potential.