Don't miss out
Subscribe to QuickBooks for only
$1/month for 3 months
Don't miss out
Claim now
April Sale
Buy now and pay only $1/month
for your first 3 months
March into savings Don't miss out!
$1 /monthfor 3 months
Track your expenses as you go and save 11 hours of admin per week
QuickBooks Online $1 /monthfor 3 months
Start fresh this new year
with QuickBooks Online
$1 /monthfor 3 months
Sale ends soon. Don't miss out, sign up today
$1 /monthfor 3 months
Start fresh this new year
with QuickBooks Online
$1 /monthfor 3 months
$1/month
for 3 months
$1/month
for 12 months
When purchased in bundles of 10
50 %off for 3 months
50 %off for 12 months
  • Invoices
  • Expenses
  • Reports
Small business owner planning how to increase sales during the Chinese New Year
online store and retail

Increase Your E-commerce Sales For Chinese New Year

Most businesses are well familiar with the shopping frenzy that accompanies the Lunar New Year period. By now, most businesses already have their marketing campaigns and promotions in place, ready for the festivities. But one thing many e-commerce businesses forget is that to increase their sales they may have to provide payment options and the right products for the festivity season. 

Experiencing complications or difficulties when it comes to e-commerce payment can be a huge deterrent for potential customers and not having the right stock on hand may not help take advantage of the New Year opportunities. One simple way to solve these issues is by offering customers more flexibility in payment options when they shop online as well as selling products that are relevant to your customers during the Chinese New Year.

Best Online Payment Options For E-commerce Businesses During The Festive Season

To begin, an internet merchant bank account is needed, as it allows your business to accept payments from debit and credit cards.

In Singapore, most local banks offer merchant services, but it is best to compare the features and rates between them to select the most competitive option. Available options include Merchant Solutions (a joint initiative between Standard Chartered and First Data), and DBS, which also offers its own direct debit payment gateway for DBS customers only.

After signing up for a merchant bank account, your business will require a payment gateway, which acts like a point-of-sale (POS) terminal in a store. This enables a secure transfer of funds from your customer’s card to your bank.

Here are some of the most popular choices for Singaporean SMEs and e-commerce businesses as well as their features and potential downsides:

1. PayPal

Considered to be the world’s most popular payment methods, PayPal is widely used by savvy consumers and should be one of the first options you consider integrating into an e-commerce website.

Pros:

  • Setting up an account is free, easy and immediate.
  • Accepts all major currencies.
  • Compatible with most e-commerce platforms.
  • Does not lock companies into a fixed contract.
  • Eliminates the need for a merchant bank account.

Cons:

  • There are complaints of PayPal accounts being frozen unexpectedly when fraud protection is triggered (sometimes for unknown reasons) and rectifying the situation is a hassle.

Costs:

A standard account for businesses is free. Domestic transaction under $3.000 SGD incur a fee of 2.9% + $0.30 SGD, Receiving international transactions on a standard PayPal account is 4.4% + a fixed fee based on the currency received

2. AsiaPay

A one-stop electronic payment gateway that serves most countries in Asia, AsiaPay is an excellent option to consider if your business is targeting a regional market.

Pros:

  • Accepts payments from a large range of country-specific options in Asia, such as China UnionPay, Bangkok Bank and PesoPay.
  • Accepts all major credit cards as well as PayPal.
  • Mobile payments, e-vouchers and batch processing are available.

Cons:

  • Setting up the gateway will take two to three weeks, so be sure to plan ahead.

Costs: 

A one-time setup fee applies. There are no remittance charges, however.

3. eNETS

Most Singaporean consumers are familiar with eNETS, as it is the most widely used e-payment option in Singapore. eNETS is the only online payment gateway offering direct debit in Singapore, as well as the option of major credit cards.

Pros:

  • Accepts all major credit cards online.
  • Fraud protection and high-level security during transactions.
  • Supports internet banking.
  • Flexible payment features such as a virtual terminal, recurring and installment payment plans, authorization and capture, and hosted payment page.

Cons:

  • Account setup takes approximately three weeks.
  • Administration processes are still relatively manual and slow; signing up for an account requires emailing the company while making requests such as a refund or increase of transaction limits requires filling out a form and faxing it to the company. The changes then take three to seven business days to occur.

Costs: 

The fees for using eNETS vary depending on the specific payment method and the merchant's agreement with eNETS

4. Global Trading Payment (GTPay)

GTPay is a Singapore-based e-commerce payment solution that primarily serves the Singaporean and Chinese markets. It offers end-to-end merchant solutions and aims to take the complexity out of e-payment procedures.

Pros:

  • One of the cheapest payment gateways available for Singapore-based businesses.
  • Payment transfers to local banks are possible without the need for a merchant bank account.
  • Accepts payments in USD, SGD or RMB
  • Supports recurring payments and funds can be withdrawn through bank and telegraphic transfers as well as checks.
  • Eliminates the need for a merchant bank account.

Cons:

  • Less well known than competitors, it’s hard to tell what difficulties GTPay poses for merchants, so be sure to read the fine print.

Costs: 

Transaction fees range from 0.5 to 7.29 per cent. Account setup is free for both customers and merchants, and there are no monthly subscription fees.

5. Wirecard AG

One-stop payment service provider Wirecard AG is headquartered in Germany, but accepts payments from most Asian gateways and operates in Singapore as well as in Indonesia.

Pros:

  • Accepts payments through POS terminals, online and mobile platforms.
  • Accepts all major credit cards as well as UnionPay.
  • Funds can be directly transferred to Singapore banks.
  • Setting up an account is quick, easy and free.

Cons:

  • Its official website offers little elaboration on how well its service would run on an e-commerce website.

Costs: 

No setup costs or subscription fees. Transaction fees apply but are not published on the website.

Now that you have set up your e-commerce to receive digital payments, you are ready to start selling the most famous items that people gift during the Lunar New Year. 

Grow Your Business With QuickBooks

The Best Chinese New Year Gifts idea to Sell

Chinese New Year is a major shopping period, particularly in Asian countries. To boost both retail sales and e-commerce sales during this festive season, Business owners should consider offering a range of gift options. Get selling ideas from clothing and accessories to Chinese new year ornaments and best sellers - here are 4 Chinese new year gift ideas that can help drive sales during the holiday

Red Pocket (Hong Bao)

A red envelope, also known as a "hongbao," is a traditional and meaningful way to give a gift during Chinese New Year. 

Selling red envelopes as a Chinese New Year gift idea can greatly increase sales for businesses.



Books 

Offering books as a gift option during Chinese New Year can be a profitable business strategy. 

Clothing

The Chinese New Year celebrations provide an opportunity to increase sales by offering clothing as a gift option. By providing a diverse selection of clothing, and packaging them as gifts, businesses can attract a wide range of customers and drive sales during the Chinese New Year holiday.

Chinese tea

A gift of high-quality Chinese tea is a thoughtful and sophisticated gift that is perfect for both personal and business use



Now that you have loaded your e-commerce shop with the best Chinese New Year gift options and you are ready to be paid virtually, all that is left is for your business to keep growing. For that, you can use some of the finance tips below. 

Chinese New Year Finance Tips To Help Your E-commerce Grow

QuickBooks' powerful accounting software can give e-commerce businesses the peace of mind to transition into the new year with confidence. Here are 3 easy finance tips to help you to prepare for the Chinese New Year

  • Set up automated invoicing to suit your needs, you will no longer need to keep track of your regular invoicing manually. Set up invoicing to your specifications, and let the software do the rest for you. 
  • Monitor your inventory closely to ensure a sufficient supply of products to maintain the operation of your business.
  • Set up automatic tracking of income and expenses so that you always know where you stand coming to the new year. With sophisticated reporting and forecasting, you can look at the upcoming year to get an idea of where your business will be further down the line.

And, with automated accounting software, you don’t need to worry about tax season. QuickBooks will help you be ready by automating your accounting processes and cash flow management, taking some stress away in the process. 

Check out the different pricing plans to find a solution that works for your business.


Related Articles