I have been using Paypal to receive payments for two years. It was easy to set up and worked well. The cost was low.
Recently, I enquired about joining eNETS to receive payment through debit cards. The registration process was difficult. I had to provide a lot of information on their online form. I also had to print out 40 pages of information and sign several documents. I had to get supporting documents from ACRA, certification, etc.
No wonder so few merchants use eNETS. The paperwork is so tedious that most merchants would be discouraged from even trying it. There is really no need to make the process so difficult for a small merchant. I suspect that it is the requirement of the DBS bank and probably of MAS.
I wish that the process could be simplified so that more merchants are encouraged to join eNETS and receive payments through this channel, rather than making payment by cheque. The burdensome requirements are hindering the process of change to more efficient ways of making payment. I hope that MAS and IDA read this blog and take the leadership to improve the situation in Singapore.
Recently, I enquired about joining eNETS to receive payment through debit cards. The registration process was difficult. I had to provide a lot of information on their online form. I also had to print out 40 pages of information and sign several documents. I had to get supporting documents from ACRA, certification, etc.
No wonder so few merchants use eNETS. The paperwork is so tedious that most merchants would be discouraged from even trying it. There is really no need to make the process so difficult for a small merchant. I suspect that it is the requirement of the DBS bank and probably of MAS.
I wish that the process could be simplified so that more merchants are encouraged to join eNETS and receive payments through this channel, rather than making payment by cheque. The burdensome requirements are hindering the process of change to more efficient ways of making payment. I hope that MAS and IDA read this blog and take the leadership to improve the situation in Singapore.
1 comment:
I was told, to my surprise, that eNETS cover 90% of the internet banking users, which cover only of bank account holders. So, the coverage is about 22% only. This does not serve my purpose, as I am already reaching out to the internet banking users.
My purpose was to reach out to those who do not use internet banking, i.e. the users of ATM cards. I was told that eNETS is not available to these people.
It was disappointing. I decided to skip eNETS.
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