Vietnam has been one of the torchbearers in the Southeast Asia region in terms of the digital revolution. Today, Vietnam is known as a country that has massive financial potential, and this unexpected phenomenon is possible just because of technology. Currently, Vietnam is seen as a leader from the perspective of future commerce activities in the region, which are, of course, based on the internet. In terms of embracing a digital economy, Vietnam is behind only Singapore in the SEA region. According to a report by the ITA (International Trade Administration), the digital economy in Vietnam is forecast to grow by approximately 30% between the financial years 2020 and 2025. And when we say digital economy, we point out all the commercial or financial activities that runs over the internet, for instance, e-commerce. And in such an environment, local businesses must have a payment gateway Vietnam to manage things.
To clear things up for you, a payment gateway is a tool that enables businesses to accept online or digital transactions while maintaining security and speeding up the process. In Vietnam, having a payment gateway, especially a high-risk payment gateway for your business, is not just a luxury; it has become a necessity as local buyers are changing their payment habits and choosing digital ways to pay for their purchases. According to Statista, in Vietnam, the cashless payment adoption rate is 95%. Considering this fact, it's quite understandable why a payment gateway Vietnam has become an essential part of business operations.
As we have already mentioned, Vietnam is one of those countries that are embracing technology quickly, especially in the financial sector. This is why the digital economy (internet-based financial activities) in Vietnam is on the rise. A report from the ITA (International Trade Association) suggests that the growth of the digital economy of Vietnam is backed by its stringent digital infrastructure. According to the same report, Vietnam has approximately 69 million internet users with an internet penetration rate of 71% and a large sum of some 61 million smartphone users with a smartphone penetration rate of 63% as of the end of 2020. Meanwhile, the e-commerce industry, a major component of the country's internet-based economy, is expected to grow by 18 percent year-on-year, as suggested by the same report.
And the very important point that can make you believe that our emphasizing a payment gateway Vietnam for business in this country is exactly right is the local buyers' preference. Local online buyers prefer cashless payment methods for online purchases rather than COD (cash on delivery). According to the FIS Global Payments Report 2023, digital wallets hold 31% of the total e-commerce transaction value in the country, account-to-account transfers make up 21%, credit cards 18%, and debit cards 9%. These numbers tell the tale of the payment preferences of online buyers in Vietnam, which automatically makes an online payment gateway essential for businesses, as a payment gateway service is all about processing online payments. If businesses in Vietnam want to adhere to their customers' preferences and gain a wider customer base, partnering with a payment gateway Vietnam is the ultimate solution. This is the reason why, in recent times, payment gateways have become a necessity for doing business in Vietnam.
Acquiring a payment gateway in Vietnam can offer several advantages to businesses operating in the country or looking to expand their presence in the Vietnamese market. Payment gateways are essential tools for facilitating online transactions and can provide numerous benefits, including:
Vietnam has a growing e-commerce market with a large and youthful population. By integrating a local online payment gateway, businesses can tap into this market and reach a wider customer base.
A payment gateway Vietnam can offer payment methods and interfaces that are familiar and convenient for Vietnamese consumers. This localization can enhance the user experience and increase trust among local customers.
Payment gateways especially high-risk gateway often come with robust security features, including encryption and fraud prevention tools. Ensuring the safety of online transactions can protect both your business and your customers.
Payment gateways facilitate real-time transactions, reducing the time it takes to process payments. This can improve the efficiency of your business operations and customer satisfaction.
If your business operates internationally, a payment gateway (international payment gateway) can handle currency conversion seamlessly, allowing customers to pay in their local currency. This can help attract international customers and simplify cross-border transactions.
Payment gateway providers typically provide detailed transaction reports and analytics, allowing you to gain insights into customer behavior and payment trends. This data can inform your business strategy and decision-making.
Using a trusted local payment gateway Vietnam rather than a global payment gateway can boost customer confidence, as they are more likely to trust a familiar and secure payment option.
Operating in Vietnam requires compliance with local financial regulations. A payment gateway based in Vietnam is more likely to be well-versed in these regulations and can help your business stay compliant.
Local payment gateway providers may offer competitive pricing and reduced transaction fees compared to international alternatives. This can lead to cost savings for your business.
Access to local customer support can be invaluable when dealing with payment issues or inquiries from Vietnamese customers. Local payment gateway service providers often provide dedicated support in the local language.
In short, integrating a payment gateway Vietnam with your payment-accepting platform can provide businesses with a range of advantages that can help to thrive in the Vietnamese market.
Choosing the right payment gateway in Vietnam for your business is a critical decision that can impact your business operations. Here are steps and considerations to help you make an informed choice:
Start by assessing your specific business requirements. Consider factors such as your target audience, the types of products or services you sell, transaction volumes, and whether you plan to expand internationally. As understanding your needs will guide your choice.
Determine which payment methods are popular and preferred by your target customers in Vietnam. Vietnamese consumers often use e-wallets, credit/debit cards, bank transfers, and cash-on-delivery. Choose a payment gateway Vietnam that supports these methods and offers localization options.
Prioritize security. Look for payment gateway providers that are PCI DSS compliant and offer advanced security features like encryption and fraud detection. Ensure the gateway complies with Vietnamese financial regulations to avoid legal issues.
Check if the payment gateway integrates seamlessly with your e-commerce platform or website. Compatibility and ease of integration can save you time and effort. Consider whether the gateway offers APIs, plugins, or SDKs for easy integration.
Understand the fee structure of the payment gateway Vietnam you are considering. Evaluate not only transaction fees but also any setup fees, monthly fees, or additional costs for specific features. Compare these costs with your budget and expected transaction volume.
Reliable customer support is essential, especially if you encounter technical issues or need assistance. Look for a payment gateway service provider that offers responsive customer support, preferably with local language support.
Consider your business's growth potential. Choose a payment gateway Vietnam that can scale with your business as it expands in Vietnam. Scalability ensures you won't outgrow your payment solution too quickly.
Test the payment gateway's user experience from the customer's perspective. A smooth, intuitive, and mobile-friendly checkout process can reduce cart abandonment rates and improve customer satisfaction.
Access to transaction data and analytics can help you make informed business decisions. Choose a payment gateway that provides comprehensive reporting tools and insights into your payment transactions.
If you plan to accept payments in multiple currencies, ensure that the payment gateway can handle currency conversion efficiently and at a reasonable exchange rate.
By carefully evaluating these factors and conducting due diligence, you can choose a payment gateway Vietnam that not only meets your businesses' immediate requirements but also supports long-term growth and success in the Vietnamese market.
We (PAYCLY) can assist in getting the best payment gateway Vietnam for your local ventures. As we are one of the best payment gateway service providers in the country. Counted among the top payment gateway providers in Southeast Asia, we don't just limit ourselves to this gorgeous archipelago. We provide services in more than 150 countries around the world. Therefore, we provide global payment gateway services to those Vietnamese enterprises that have a better chance to reach the global market and are willing to do so but don't find a reputational payment gateway that can be aligned with their limitations. Being one of the biggest and most reputable players in the Vietnamese market, we emphasize quality payment processing services, and our specialty is high-risk payment services. So that businesses that are facing problems acquiring a payment gateway due to their high-risk status can easily get the payment processing facilities. Securing a payment gateway Vietnam is just so easy with us, and you don't need to carry the burden of lots of paperwork. All you have to do to secure the best payment gateway services in Vietnam is ask us for them. And how you can do that, well-that's a different question, but first, let's focus on why you need us or why you have to choose PAYCLY for payment processing services in Vietnam.
Here are some potential reasons why you might consider PAYCLY's payment gateway for your Vietnamese ventures:
To secure PAYCLY's payment processing services in Vietnam, you have to contact our team in Vietnam by dropping a mail at ifno@PAYCLY.com,or you can simply apply for a payment gateway Vietnam by reaching our website.
Using a local payment gateway in Vietnam offers advantages such as familiarity with local payment preferences, compliance with Vietnamese regulations, seamless integration with local banks, and enhanced customer trust due to a recognizable and trusted payment method.
A payment gateway enables your business to accept online payments efficiently, offering Vietnamese consumers the convenience of various payment methods. This ease of transaction fosters trust, encourages sales, and allows you to participate effectively in Vietnam's burgeoning e-commerce market.
When choosing a payment gateway in Vietnam, prioritize features like PCI DSS compliance, encryption, fraud detection, and support 3D secure transactions to ensure business and customer security.
When signing up with a payment gateway provider in Vietnam, consider legal and contractual aspects such as compliance with Vietnamese financial regulations, data protection laws, transaction fees, contract termination terms, and dispute resolution procedures. Ensure clear terms and conditions that protect both your business and customers.
