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Pros and Cons of Online Payment Services in the Philippines


Payment gateways are truly in demand nowadays due to the pandemic coronavirus or covid-19 issue worldwide. This is the perfect time to upgrade your knowledge when it comes to using online payment services from these companies that I will mention in this blog because it's easy to use and very convenient once you manage and get used to it.

Here are my top favorite apps:


  1. Paypal

  2. Gcash

  3. Paymaya

  4. Coins PH

  5. Dragonpay

  6. Bayad Center

  7. e-Cebuana (Cebuana Lhuillier)

  8. Moneygment



Pros:

  • You just have to download the app, register, verify your account for security purposes and enter your bank details and other required information.

  • You don't need to fall in line to pay your bills or go to the bank to make a deposit or make a payment transfer.

  • You can use these payment gateways if you like to shop online and make a payment to your favorite shopping apps (Lazada, Shopee etc.)

  • You can monitor your transactions in real-time through their app.

  • You can receive payments from your clients or customers in real-time or depending on the platform that you will use. For some, you can receive it after 24 hours or 72 hours.



Cons:

  • You will experience system downtime and/or technical difficulties from time to time. Nonetheless, it's all worth it.

  • It's difficult to get hold of a representative to assist you with your concerns. You have to either contact their telephone number or email them and wait for 24-48 hours or more to get feedback. However, other companies have their own chat assist embedded on their app.

  • They have limited hours of operation to assist you with your problems. Normally, regular business hours.

  • There is a limitation on how many times and how much you can cash-in and cash-out. Make sure to list down all your transactions to manage your finances well.



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