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.
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