Slow or not too many merchants are using it? Yehey’s PayPlus+ has been servicing local merchants for about 3 years already but up to now, there seems to be too little penetration amongst local merchants.
Yehey PayPlus+ was aimed to boost the local e-commerce industry by providing an ATM-based payment gateway. This was supposed to be the answer for an alternative gateway for online credit card transactions. PayPlus+ acts like an online ATM to receive payment for e-commerce transactions. This is supported by BancNet, one of the major banking networks in the country.
It would have worked, not for it’s costly requirements. Merchant accounts are too steep for small enterprises to afford it. There’s the monthly fee of Php8,800 and the additional transaction fee of Php20 per sale.
The biggest reason for the slow adoption would have to be the operating costs of supporting PayPlus+. If you’re selling online with products/services in the range of Php100 to Php500, the Php20 transaction fee could run between 4% to 20%. Level Up! is one of the heavy users of PayPlus+ but a recent visit to their site didn’t show this. Only BancNet is linked which could only indicate they ditched PayPlus+ and went directly to BancNet.
Their support forums are also plagued with complaints for lack of live phone support. Another nice idea that went awry somewhere along the way. With G-Cash adoption just around the corner, PayPlus+ may soon be a thing of the past.
I wouldn’t really want to use PayPlus anyway, I was hoping that the service would allow us to use it in stores from the US especially since PayPal and other online payment merchants do not accept PH Billing addresses. The service falls short in a lot of ways.