What is eNETS?
NETS is a well-known Singapore payment providing company. This institution targets on cashless type of payment and offers its services to both offline and online entities.
NETS company has developed its own payment gateway called eNETS.
One of the advantages of this system is that money is credited directly to the merchant’s bank account in Singapore. That is different from eNETS systems like PayPal.
It goes without saying that one of the most widespread issues in e-commerce business is customer disputes.
If the buyer initiates a refund, the bank will usually withdraw the required amount and transfer it to the buyer. The eNETS system, by contrast, avoids this risk.
However, the system has its drawbacks. So, for example, eNETS customer support is lower quality than its competitors, along with IT support. A payment gateway also requires additional installation efforts. It may lead to higher maintenance, development, and integration costs. There is such a factor as a service charge in the form of one-time and annual fees.
Transaction fees may vary depending on the type of business and other parameters.
eNETS payment solutions
A product of NETS, an online payments service provider in Singapore, eNETS, is an integrated payment gateway that accepts multiple payment options, aside from credit card payments.
- 3.50-4.00% per transaction
- $250 set-up cost
- $72 monthly subscription fee
- $7 withdrawal fee to SG bank account with a minimum settlement of $270
Accepted Payment Methods
- Major international credit cards: Visa, MasterCard, American Express, and JCB.
- Direct debit payments available to those who have accounts in DBS/POSB, UOB, OCBC, Citibank or Standard Chartered Bank.
- Online money transfer using a NETS bank account.
- Bank transfer within their list of participating banks.
Ease of Technical Integration & User Experience
- 2-6 weeks’ complete integration process.
- Utilizes a system that provides you with daily transaction updates and historical sales records.
- Virtual terminals that support multiple payment options.
- Limited support for mobile payment transactions.
- Advanced 3D Secure customer authorization to verify a transaction and prevent fraud.
- Customizable prepaid gift cards that you can use to encourage customers to shop with you again.
- Cashback services.