E-Commerce trend has been ever booming globally especially now that we are in Covid era. Many consumers are seeking to have their products delivered to them instead of purchasing them from brick and mortar store.
But if you already have a physical or home-based business, how to expand into the online commerce scene? Most commonly asked questions by businesses are: How to accept payments from their customers? What are the processes to apply for a Merchant account? How to link payment gateway to an e-commerce store?
In Brunei, PayPal can only be used to as a form of payment and cannot be withdrawn. This means it is not ideal for business use. So, let us explore some other options available for small and medium businesses (SMEs).
1. Bank Transfer
One of the most common methods to accept payments in Brunei. This form of payment is normally supported by standard e-commerce platforms directly. In such a scenario, customers will place their order and only make a bank transfer once the final amount is available.
Pros:
- Do not require additional registration.
- Available 24/7 (via CDM or Online Banking)
- No transaction fees and monthly charges
Cons:
- Not convenient for a customer if they do not have an online facility. They have to drop by a CDM or have an account in the same bank.
- Hard to track as there is no real-time API for bank transfer transactions. Customer need to scan the deposit slip to prove the transaction has been made or add a unique reference number manually.
- Amount may not tally in accounts as most CDMs do not accept coins.
2. Cash on Delivery (COD)
As the name suggests, the customer pays only when your goods have been received. This is commonly used in the food industry, buy/sell groups and small businesses.
Pros:
- No transaction fees.
- Convenient for customers.
Cons:
- Since no advanced payments are received, there may be a risk of cancellations. May not be suitable for pre-orders.
3. Baiduri MerchantSuite
MerchantSuite is a quick and simple way to send online invoices and accept card payments on a website. Online Payment Integration Plan starts from USD120/year.
Pros:
- Affordable annual plan.
- Online merchant dashboard to track and monitor online payments.
- Compatible with most e-commerce stores.
- Accept both local and global major credit/debit cards including Visa, Mastercard, American Express, Diners and JCB.
- Can work as a card payment terminal and invoicing tool via email.
Cons:
- Online payment starts only from Silver Plan.
- Need to maintain a current account.
- Fees are in USD.
You can reach out to Baiduri Bank via this link to apply for an account.
4. Baiduri Payment Gateway System (BPGS)
BPGS provides a way to accept card payments from all over the world securely. It has payment processing and fraud prevention feature (3D Secure and Card Verification Number). It also complies with PCI DSS. Plan starts from B$100/month.
Pros:
- Accept both local and global major credit/debit cards including Visa, Mastercard, American Express and UnionPay.
- Real-time reporting via online merchant administration portal and online banking.
- Compatible and customisable with most e-commerce stores.
- Suitable for high volume business.
Cons:
- Need to maintain a company account.
- May not be suitable for small volume business.
- Must have an existing e-commerce storefront or dedicated billing system to start accepting card payment online.
You can reach out to Baiduri Bank via this link to apply for an account.
There are also some compatible international gateways available such as 2Checkout, but if the majority of your customers are from Brunei, we recommend using a local gateway to avoid unnecessary currency exchange and withdrawal fees.
What are you waiting for? Global ecommerce sales accounts for nearly USD 3.46 trillion in 2019. If you are interested to build your own e-commerce store and integrate it with one of the above online payment gateways, please feel free to contact us.
