how to accept enets?

[neorder]

say if i am a merchant that want to process payment online, besides accepting paypal, credit cards, i will also want to accept enets, cause i am a singaporean, and want more local customers.

anyone already done that? how to apply?

[Draculax]

The pricing is as follows :

eNets Credit

Registration Fee : S$1500
Annual Subscription Fee : S$1800
Transaction Fee : 4.5%
Banker Guarantee : 75% of preceding sales volume or last 6 months
sales volume
Retention period for Banker Guarantee is 6 months after contract expired or
termination of contract.


eNets Debit

Registration Fee : S$2000
Annual Subscription Fee : S$600
Transaction Fee : between 3% to 4%

To apply? Call up NETS Pte Ltd and let them know you are interested in the service.

[Draculax]

Just in case you need their contact information.

Network For Electronic Transfers (S) Pte Ltd
298 Tiong Bahru Road
#04-01/06 Central Plaza
Singapore 168730
http://www.nets.com.sg
TEL : 65-6272-0533
FAX : 65-6272-2334

[khimhong]

Wow, no point accepting eNets sales if you are not a big commerce site with a few chains of retail shops around in City Area receiving more than few hundreds/thousands per day

[neorder]

yeah loh, eNets Credit, 1800 pa. that's too much expensive for any starters.wait until the price drop. i hope so.

but i am interested in the eNets Debit, can i accept CC then?
if so, this one is quite ok.

what is the difference between these two? i am kinda of blur.

[Draculax]

eNETS Debit

Your customers (i.e.Consumers) may have different preferences and needs which existing
payment methods may not be able to fulfill. janusX helps fulfill some of these needs and
thereby effectively helps you reach out to a broader customer segment.
1. Consumers don’t need a credit card to make payment. An Internet Banking account is the
only thing needed in order to immediately start making online payments. At present,
anyone with a DBS or POSB bank account can use this service. As other Banks integrate
to the gateway, janusX will automatically accept those Banks’ Internet Banking products
as well.
2. Better control. Unlike some other products, janusX does not require Consumers to sign
pre-authorization forms allowing their Banks’ to debit their accounts. This feature is
appealing to some Consumers that do not like to pre-authorize debits to their accounts.
Also, because there is no requirement for further paperwork, the Consumer is in a position
to immediately start using the product if he or she already has an Internet Banking account.
This immediacy of availability significantly improves Consumer acceptance.
3. It’s really easy to use. Some payment methods, e.g. Secured Electronic Transactions (SET),
require Consumers to apply for a digital certificate. Other payment methods require the
Consumer to make a formal written application that can take time to approve. Such methods
may be less conducive to Internet transactions, where speed and spontaneity are prerequisites.
janusX makes the process seamless - all the Consumer has to do is enter his
or her Internet Banking UserID and PIN and pay. It’s that simple!
4. Confidentiality. Some payment systems require the Consumer to input credit card, debit
card or bank account details directly into the Merchant’s web site. Not all Consumers are
comfortable in doing this.

eNETS Credit
HOW IT WORKS
A customers places order on merchant’s web site where the information will be securely
transferred to eNETS Credit over the Internet via Secured Socket Layer (SSL). Once the order is
received, eNETS Credit will perform on the requested services simultaneously. Transaction
authorization is routed through the payment processor to the appropriate Financial Institution
who will contact the card association. The issuing bank will return an authorization to the card
association. (Should the transaction not be authorized, eNETS Credit will return a message to
the merchant while all the rest of the transaction will be terminated).
Upon receiving the authorization, eNETS Credit will send a message to the merchant or
distribution center, if physical fulfillment is required, to authorize order fulfillment. The
payment process completes when the issuing bank approves the transfer of funds to acquiring
bank, which is later transferred to the merchant’s account.

BENEFITS
A prime consideration when choosing a payment application or gateway is processing uptime.
eNETS Credit delivers 24 x 7 payment processing with its on-demand payment processing
systems residing at NETS secure data centers. Consumer’s payment information is encrypted
and the database is carefully guarded with a strict firewall system.
There is no additional hardware or software required a simple communication module is all you
need at the merchant’s storefront to communicate with eNETS Credit. With payment
infrastructure hosted at NETS, merchants enjoy tremendous savings from huge sum of
investment to develop and to maintain the infrastructure.
Integration of eNETS Credit into merchant’s storefront can be modified to include other
necessary actions, depending on merchant’s business model. Simulation tests are carried out
during development and staging time prior to going live.
Whether it is merchant-initiated transaction (merchant requests payment from mobile user) or
consumer-initiated transaction (customer pays merchants for a service), eNETS Credit together
with YW8 supports the various wireless scenarios.
eNETS Credit maintains connections to Financial Institution that allows real-time, global
processing 24 hours a day.

[irishblue]

If you would like to accept credit card in SGD, you can try WorldPay at:
http://www.worldpay.com/sg/index.html

Processing charges
Setup Fee (S$138 non refundable) - S$198
Annual Payment Processing Fee - includes 3 free currencies - S$398
Additional charge per currency S$138

Service charges per transaction*
Credit Cards - 4.5%

* This is the ONLY fee charged, there are no additional charges payable to banks or other third party organisations.

[Draculax]

Personally I also think worldpay is a better choice over enets for those who want premium services, else 2checkout will be pretty good too..

[neorder]

Draculax, looks like you are pro in this area, thanks for your reply.
there are more questions before i sign up with enets debit.

so, eNETS debit do not process credit card online, this is ok since there are many other cheaper ways to do that. eNets credit is more like worldpay in singapore lah.if i can process CC already, like i have integrated paysystem, i don't actually need eNets credit right? and enets debit only accept local and some of international banks, right?if i apply this service, every singaporean will be able to pay as long as they have a DBS account and access online banking lah.

is there any site using enets debit? i give a example http://renewal.waei.com.sg
are they using debit or credit? i suppose is enets debit.

do i have to be a registered company to enjoy this service? what if this company is from other country, like i hold this website from US. or it's not possible, and unnessary for me to register a company since i only do web hosting biz and i am still a student.

other things like if i hold multiple websites, how many site i have registered upon enets debit registeration?

and the 2k registeration fee is refundable or not? i know paysystem, 2CO's registeration fee is not refundable, but that's only 49 USD. 2k SGD is quite a lot for a student.

PS. enets shouldn't be that complex, i saw their website, there are many different kind of services, is there one that at least can integrate some of them? it's very confusing leh.

[neorder]

Originally posted by irishblue
If you would like to accept credit card in SGD, you can try WorldPay at:
http://www.worldpay.com/sg/index.html

Processing charges
Setup Fee (S$138 non refundable) - S$198
Annual Payment Processing Fee - includes 3 free currencies - S$398
Additional charge per currency S$138

Service charges per transaction*
Credit Cards - 4.5%

* This is the ONLY fee charged, there are no additional charges payable to banks or other third party organisations.

sorry ah, hostarc, may i know what kind of signup form are you using? it's not MB or Perlbill, right? i don't like MB and perbill is ok, but i want see more options. thanks

and the three chosen currencies, you mean i can choose any three? can i chose SGD, japan Yan, china RMB? there is no such kind of currency list in their site.

and same question: do i have to be a registered company? i am a student, it would be troublesome for me to do that.

[Draculax]

I just happen to do some research on eNETS for my client therefore I know a little about eNETS.

I think renewal is using enets debit however for more details information, try contacting NETS Pte Ltd I am sure they will be more then happy to answer your queries.

I am sorry that I am unable to help you much as I am still kinda confused with the services they offer because some external parties are able to provide the eNETS services for a cheaper rate...

[neorder]

Draculax

please info me if there is any update. thanks.

[Draculax]

neorder: Will do.

[irishblue]

Originally posted by neorder
sorry ah, hostarc, may i know what kind of signup form are you using? it's not MB or Perlbill, right? i don't like MB and perbill is ok, but i want see more options. thanks

and the three chosen currencies, you mean i can choose any three? can i chose SGD, japan Yan, china RMB? there is no such kind of currency list in their site.

and same question: do i have to be a registered company? i am a student, it would be troublesome for me to do that.

I have to add that I am in no way related to Worldpay.

I believe you are able to select any three currencies out of those that Worldpay accepts:
UK Sterling, US Dollars, Euro, Canadian Dollars, Japanese Yen, Swiss Francs, Danish Kroner, Swedish Kroner, Norwegian Kroner,
Australian Dollars, Hong Kong Dollars, New Zealand Dollars, Singapore Dollar, South African Rand

I'm not sure if you need to be a registered company to sign up for their services. Perhaps it would be better if you check directly with their singapore office. Here's the contacts from their website:
Tel: +65 6 339 9668
Email: customerservice@asiapac.worldpay.com

[Hostings]

They seems to be promoting eNets now again. Anyone has got any update on it?

If not, from the way it looks, doesn't seem that eNets is that successful, and won't be successful until there's a significant price drop.

Not yet seen many major ecommerce sites in Singapore yet, so anyone can guess what they are driving to?

[pacificclub]

I'm an existing eNETS customer. It's not as expensive as the rates are dropped to much competitive prices.

eNETS Credit: Setup: $200 Transaction Fees: 4.5%
eNETS Debit: Setup:$400 Transaction Fees: 3.5% min $1.50
eNETS VCard: Setup: $200 Transaction Fees: 3%

Annual Fees: $450 for any one of the above services
or
Annual Fees: $600 for all three services.

The good thing is that you received money after 2 weeks. No foreign exchanged problems. Debit right into your DBS/UOB/OCBC accounts.

Furthermore, their support is excellent. Try that with Worldpay. If you want more information, do contact my agent -

Ching Peng Yong
eNETS Payment Services Authorised Distributor
for Network for Electronic Transfers (S) Pte Ltd (NETS)
H/p: (65) 9023-0368
Fax: (65) 6272-2334
email: pengyong_nets@yahoo.com.sg

[Hostings]

This is interesting.

Millions thanks for sharing your information.

I believe this is now competitive pricing, but it's still a bit too steep unless it's a hyperactive site.

I doubt many sites are making more than S$600 annual significantly.

But it is still very good. :)

[duernicus]

Thoughts:

1) I don't think eNets accepts foreign currencies. Correct? (Enlighten, please)
Worldpay does (3 diff. ones for basic)

2) However, WorldPay has this policy of payout only upon 4th week. (Clarify, please). This impacts cashflow and is unnecessary.

3) Is the support team of WorldPay anything but a shell? Actual infrastructure and servers etc all located in UK. Enets is 100% Singers.

[savagerx]

I think, they are solutions aimed at different groups of merchants.
After all, I really gotta thank all the contributors here for such valuable information which have really cleared much of my doubts even without me asking questions. :rolleyes:

I hope these info can be kept updated.

[CyberUltra]

Just an update to eNETS.

Contacted their distributor and found some more information about them.

Basically they are OK, fees are reasonable and I believe they are very reliable. Even the government sites are using them for taking payments.

One thing I do like the most is your are protected by Verified by Visa and MasterCard Secure Code which will greatly reduce fraudulent orders and save you a lot of money. They told me if somebody issues a chargeback (for undelievered items or not as advertised), you will loss nothing more than the original payment + transaction fee. Worldpay charges an additional of S$27 for each chargeback.

Another thing is remittance costs $0 as they told me they are using GIRO to deposit funds to your bank account periodically. Unlike Worldpay charges S$7 each week for remittance no matter how much money is in your account. So sums up there is another $364 yearly.

However, here are 2 things that which I don't like:

1. No recurring billing (yet).
Still OK lah, just a bit more troublesome to collect funds money from customers. I personally like recurring billing which save me a lot of hassles. Everymonth I got the money deposited into my account automatically :evilgrin

2. 33.3% reserve/withholding amount for 6 MONTHS!!! (Big Problem)
1/3 of your money will be locked by them for HALF A YEAR, this will cause great trouble in money flow, especially while you are runnig a small business and do not have that much money to grow your business until your fund is released. Imagine if you sell something at $150 which costs you $100 when you bought it, and you will only get your $50 profit after 6 months. I think you can prepare to eat wind liao.



So, I'll still stick with 2Checkout.com at the moment. Although they charge higher fees, I just can't live without recurring billing. Maybe I'll consider to change to eNETS when they provide recurring billing and hold less reserves.

Thank you for reading and I hope this may help some of you who are considering to use eNETS to process payments. :)

[info-space]

We're ENETS reseller so i guess i might have somethign to add.

As far as we know, worldpay's collateral is 100% for the initial 2 months.
This poses an even bigger cashflow issue for online shops.


ENETS's 33.3% collateral for 6 months can be waived if the merchant puts an upfront deposit of estimated 6 months's sales turnover.


for more information, you can drop me a mail at
sales@infospace.com.sg

Cheers.