Best Payment Gateway in the Philippines Comparison (2023) – PayMongo vs Xendit, iPay88, HitPay, Maya Business, Paynamics, and Dragonpay

Whether you have an e-commerce site, a physical store, or a shop on social media, you'll need a fast and reliable payment platform. Which leads to the question — how do you choose the best payment gateway in the Philippines?

In this Philippines payment gateway comparison, we review the pros and cons of popular payment platforms — Xendit, PayMongo, Maya Business, Dragonpay, and HitPay Philippines. Read on!

Best payment gateways in the Philippines

1) PayMongo

Based in Taguig City, PayMongo is a popular payment platform in the Philippines, thanks to its user-friendly setup and competitive fees.

Pros
✅ No setup or annual fees. Only pay per transaction
✅ Easy setup — no technical knowledge needed
✅ You might qualify for 2 months of no fees (but with a contract to use PayMongo for 1 year)

Cons
❌ Doesn't have PESONet, Instapay, and other popular payment methods in the Philippines
❌ Limited e-commerce plugins. Doesn't offer plugins for EasyStore, OpenCart, Shopcada, Ecwid, Wix, and Google Forms
❌ Doesn't have accounting integrations. You'll need to manually import and reconcile your transactions
❌ No additional business software. You'll need to use other platforms for services like setting up your website and generating invoices

2) Xendit

Founded in 2015, Xendit is a good choice if you want to sell in Indonesia and the Philippines. However, features are still limited especially for newer and smaller businesses.

Pros
✅ No setup or annual fees. Only pay per transaction
✅ Easy setup with no technical knowledge needed
✅ Has some advanced payment features such as invoicing and recurring payments

Cons
❌ Doesn't have PESONet, Instapay, and other popular payment methods in the Philippines
❌ Limited e-commerce plugins in the Philippines. Doesn't offer plugins for PrestaShop, EasyStore, OpenCart, Shopcada, and Google Forms
❌ Doesn't have accounting integrations
❌ No additional business software. You'll need to use other platforms for services like setting up your website and generating invoices

3) iPay88

iPay88 Philippines is an enterprise-focused payment gateway in the Philippines that offers integrations with popular e-commerce platforms. However, SMEs may find iPay88 less suitable for their needs due to the long settlement period and limited options for popular local payment methods.

Pros
✅ No setup or annual fees. Only pay per transaction
✅ Has basic payment features including developer APIs
✅ Free accounting integrations
✅ Wide range of e-commerce integrations

Cons
❌ Doesn't have PESONet, Instapay, over-the-counter payments, and other popular payment methods in the Philippines
❌ No additional business software. You'll need to use other platforms for services like setting up your website and generating invoices
❌ Long onboarding time; most accounts are approved in 2 weeks or more
❌ Long payment settlement time of T+3 – T+5 days

4) Maya Business

Maya Business is powered by Maya, the end-to-end digital payments company that runs a digital bank and crypto exchange. Great for businesses who want a simple payment solution, but may not be ideal if you want to scale.

Pros
✅ Has one of the widest range of payment methods
✅ No setup or annual fees. Only pay per transaction

Cons
❌ No e-commerce plugins for Magento, Wix, Ecwid, PrestaShop, EasyStore, OpenCart, Shopcada, and Google Forms
❌ Doesn't have accounting integrations
❌ No additional business software

5) Dragonpay

As one of the longest-established payment gateways in the Philippines, Dragonpay is used by many big brands in the Philippines.

Pros
✅ Has a wide range of popular payment methods (only lacking PESONet and Atome)
✅ Has advanced payment features including recurring payments and mass payout
✅ No setup or annual fees. Only pay per transaction

Cons
❌ No e-commerce plugins for Magento, Wix, Ecwid, PrestaShop, OpenCart, Shopcada, and Google Forms
❌ Doesn't have accounting integrations
❌ No additional business software for growing businesses

6) Paynamics

Paynamics is an enterprise-based payment gateway in the Philippines that offers a variety of payment options and standard customer support, but does not integrate with business software.

Pros
✅ Has a full range of popular payment methods in the Philippines
✅ Supports recurring payments

Cons
❌ Pricing is unclear and may be confusing to SMEs
❌ No e-commerce plugins for Wix and Google Forms
❌ Doesn't have accounting integrations
❌ No additional business software for growing businesses

Pros
✅ Has basic payment features including developer APIs
✅ Free accounting integrations
✅ Wide range of e-commerce integrations

Best payment gateway in the Philippines for SMEs — HitPay

Founded in Singapore and just launched in the Philippines, HitPay PH is an all-in-one payments platform built specially for small businesses and SMEs.

Pros
✅ Offers all popular payment methods with just one HitPay account
✅ Wide range of e-commerce integrations — Shopify, WooCommerce, OpenCart, Ecwid, Prestashop, Wix, EasyStore, Shopcada, Magento, and Google Forms
✅ Free business software including an invoice generator, payment links, and an online store builder
✅ Free POS software (Scan to Pay) on the HitPay mobile app
✅ Easy, no-code setup
✅ No setup, subscription, or annual fees. Only pay per transaction
✅ Express onboarding (1 - 2 business days) and payout time (T+1 business days)

Cons
❌ Additional payment methods coming soon (e.g. Atome)
❌ Recurring payments function will only be available in Q1 2023

Philippines Payment Gateway Comparison

Payment Gateway Features

Major e-commerce platforms include Shopify, WooCommerce, EasyStore, Prestashop, Magento, OpenCart, Shopcada, Ecwid, Wix, and Google Forms

Business Software: Free website builder with inventory management, Invoice generator, Payment links, and Free POS system on mobile

Comparison — Onboarding and Payout Time

Payment Methods in the Philippines

Best online payment gateway in the Philippines

If you want an all-in-one payment platform to grow your business, HitPay PH may be the right fit for you. Set up an account for free or find out more with a 1-on-1 demo.

About HitPay
HitPay is a one-stop commerce platform that aims to empower SMEs with no code, full-stack payment gateway solutions. Thousands of merchants have grown with HitPay's products, helping them receive in-person and online contactless payments with ease. Join our growing merchant community today!