Slow adoption of Yehey’s PayPlus+

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 Php8,800USD 150INR 12,712EUR 143CNY 1,092 and the additional transaction fee of Php20USD 0.34INR 29EUR 0.32CNY 2 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 Php100USD 2INR 144EUR 2CNY 12 to Php500USD 9INR 722EUR 8CNY 62, the Php20USD 0.34INR 29EUR 0.32CNY 2 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.