Is free payment gateway in the Philippines?

29 Feb 2024 By PAYCEC

While some free payment gateways in the Philippines may offer free setup or no monthly subscription fees, it's important to note that no payment gateway operates entirely free of charge. Payment gateways incur costs for processing transactions, maintaining security measures, and providing services, which are typically covered through transaction fees or other charges.

However, certain free payment gateway providers in the Philippines might offer no setup fees or monthly subscription fees, making their services more accessible and cost-effective for businesses, especially for those with lower transaction volumes. While these gateways might not charge upfront costs, they usually apply transaction fees for each payment processed.

Here are some free payment gateways in the Philippines that may offer no setup fees or monthly subscription fees:

1. PayCEC

PayCEC is one of free payment gateway in the Philippines. PayCEC garners acclaim for its robust security measures, efficient multi-currency support, and its efforts to build user trust through seamless operations across various devices, advanced technological integration, and a strong emphasis on exceptional customer service. Although recognized as a top choice for ensuring secure online transactions, there isn't a specific assertion or indication within the provided content that establishes PayCEC as the cheapest payment gateway in the Philippines. Its strength lies in reliability, technological advancement, and global accessibility rather than exclusively focusing on being the most economical option in the market.

2. PayMongo:

PayMongo is known for its simple fee structure without setup fees or monthly charges. However, it applies transaction fees per successful payment transaction. The transaction fees start at 3.5% + ₱15 for credit and debit card payments and 2.8% + ₱10 for e-wallet payments (GCash and PayMaya). PayMongo's transparent fee structure and ease of use make it popular among smaller businesses, but businesses need to consider transaction fees for cost assessment.

3. DragonPay:

DragonPay might not charge setup fees for some of its services, but it applies transaction fees depending on the payment method used. This free payment gateway in the Philippines facilitates various payment channels such as online banking, over-the-counter payments, and e-wallets. While there might not be upfront setup fees, transaction fees vary based on the payment method chosen by customers.

4. PesoPay:

PesoPay offers a secure payment gateway for businesses and might not have setup fees in some cases. However, its fee structure typically includes transaction fees for various payment methods. The transaction fees vary based on the payment method used by customers, and while there might not be setup fees, businesses should inquire about transaction charges for accurate cost assessment.

It's essential for businesses to thoroughly review the fee structures and terms of service of these free payment gateways in the Philippines to understand the costs associated with processing transactions. While these gateways might offer no setup fees or monthly subscription charges, they generate revenue through transaction fees or other charges incurred per successful transaction.

Businesses should consider the following aspects when assessing "free" payment gateways in the Philippines:

• Transaction Fees: Evaluate the transaction fees applied to each successful payment transaction. Even if there are no upfront charges, transaction fees can significantly impact the overall cost, especially for businesses with higher transaction volumes.
• Additional Charges: Some payment gateways might have additional charges for services like refunds, chargebacks, or specific payment methods. Understanding these additional costs is crucial for accurate cost assessment.
• Service Offerings: Assess the services provided by the payment gateway, including security measures, customer support, ease of integration, and compatibility with the business's requirements.

In conclusion, while certain free payment gateways in the Philippines might offer no setup fees or monthly subscription charges, they typically generate revenue through transaction fees applied to successful payments. Businesses should carefully analyze the fee structures and terms of service of these "free" payment gateways in the Philippines to determine the most cost-effective solution that aligns with their transaction volumes and operational needs.

Disclaimer: It's advisable for businesses to conduct thorough research, compare different providers, and consider their specific requirements before selecting a payment gateway that best suits their needs, even if it involves paying certain fees for the services rendered.