You need an online payment service provider if you have an online presence such as a website. A website is essential if you wish to tap a worldwide market. Countries in Southeast Asia such as Indonesia with rapidly growing economies have opted for online payment gateways to support their digital economy.
Secure Online Payment Service Provider
An online payment service provider allows merchants to accept mobile payments and online bank transfers through use of payment gateways. Gateway providers ensure that confidential information is encrypted and secure so that you are protected from theft and fraud. Online customers are discerning and demanding and require seamless payment methods. Payment service providers therefore offer merchants a single interface through which they can give you multiple payment options.
Tapping into an unexplored market in Indonesia
Indonesia is credited with having the largest economy amongst the ASEAN countries. However, cash is still the preferred method of transaction. The percentage of people who use the banks for transactions is said to be rather low, there is therefore, a huge market for digital paymentsjust waiting to be tapped. An online payment gateway provider in Indonesia, needs to be familiar with the license access system, which is a requirement by the financial and payment transaction service authority.
Toeing The Line
Payment services in Indonesia can choose to be a back end payment service provider without direct contact with customers such as clearing houses, card organizations, and final settlement agencies. They can also opt to be a front-end service provider and have direct contact with customers through electronic wallets, being acquirers, or being an online payment gateway operator in Indonesia. Payment companies can only choose one category, however, they are allowed to apply for multiple licenses in that category.
Main Method of Payment
The three main methods of payment in Indonesia are card payment, electronic money, and peer to peer. The 3 most popular cards are debit cards, ATM cards, and credit cards. A National Payment Gateway has been established by the Central Bank, Bank Indonesia to facilitate integration of all payment channels including ATMS and online payment gateways in Indonesia. The Indonesian government has realized the importance of joining the online bandwagon for rapid growth of its ecommerce industry.
Virtual Account Solution in Indonesia
Virtual account solution is a popular method of transaction in Indonesia. An online payment service provider will help you to set up a merchant account and cash in on the economic growth here. The virtual account is created for each paying customer, so that you are able to identify the source of the different payments. Payments are made through different methods such as ATM transfers, inter-bank transfer, online banking, and mobile banking through supported banks. Payments are received in real time and thus it provides an alternative to the popular and traditional cash payments.
Keeping Track of Cash Movements
The reason for the popularity of virtual account solutions is that it allows the company to be in total control of their cash. The bigger corporates especially are able to track pending payments and reconcile their payments and collections. This becomes all the more important when the company is operating thousands of accounts. Your online payment service provider will help you to set up a virtual account which is linked to your physical bank account. You can thus segregate the cash in your physical account without overloading the administrative section. Virtual accounts support both receipts and payments.
If you are looking to expand your Indonesian presence, get hold of a reliable and trustworthy online payment gateway in Indonesia and get started with a virtual account right away!
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