My subscribers have known this little info for a while now.
Remember PayPlus? It’s an online payment system developed by the guys at Yehey.com. Well last year, they had some trouble with some fraudulent transactions and the service was temporarily halted. They are relaunching it soon as Kaban (kaban.com.ph) with a whooping P50,000 setup fee and 6% per transaction charge. Why the large fee? Well they seem to want to prequalify the merchants. Needless to say, the small businesses are out. They are, however, open to terms. You pay 50% down payment for the setup fees and settle the rest as you go along.
It’s obvious they want to talk to SERIOUS big businesses. Their e-Commerce Program Manager told me that they negotiated with various banking groups like Bancnet and Equitable Card Network(ECN) so they could implement the program. That came at a hefty price. Last I checked, having an online credit card mechanism with ECN required a 300,000 Peso (US$6000) bond. Turnover for bank to bank transactions (through Bancnet) would take up to five days. For credit card payments, up to sixty days. Yes, you read me right… SIXTY DAYS!
The ideal scenario would have your buyers use Kaban and pay through Bancnet, not through credit cards.Credit card payments would probably with high volume transactions.
January 22nd, 2007 at 2:59 pm
Oh phooey! When will Paypal ever make their services complete in the Philippines? Getting verified for only $2, with only a 3.9% transaction fee and a $0.30 cross-border fee per payment, how can you beat that?
Hope they come soon, that should give them local guys a run for their money.
Gabs
January 23rd, 2007 at 6:00 am
When will Paypal ever make their services complete in the Philippines? - Yes Gabs. THAT is the question. You can create PayPal accounts now here, but it’s for SENDING PAYMENTS only.
January 23rd, 2007 at 2:19 pm
Sad but true, I know. That’s why I’m keeping my current Paypal account of 2+ years close to my vest, since it allows me to receive payments as well. Just wish the service is also available to our brothers and sisters over there.
January 24th, 2007 at 4:30 am
You are so lucky to have paypal man.
May 16th, 2007 at 1:21 pm
[...] we talked about the latest updates on Yehey’s online payment system called Kaban. I’ve blogged about it before. They’ve now officially launched their service. It’s still a one time P50,000 [...]
May 24th, 2007 at 2:16 pm
[...] for example the cost of setting up an electronic payment gateway for your site. As Jozzua recently explained: “Remember PayPlus? It’s an online payment system developed by the guys [...]