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Payment Solution To Accept Local Bank Transfer in Thailand? (9)

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We are an e-com brand. Is there any payment solution to accept easy localized bank transfers from Thai customers?
Big plus if it also accepts digital wallet payments. We will sell via Shopify.

According to JP Morgan, it accounts for 23% of payments which is a big chunk to be missing out on.

2Checkout has a bank option but it seems to be an international wire if I'm not mistaken.

Seems fairly difficult unless you setup a local Thai company (which is a headache and a big commitment, we are just testing the market for now).

Thanks in advance

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Shopify has a list of supported payment gates on their website, check it here: https://www.shopify.com/payment-gateways/thailand

And here are some options listed: https://www.chargebee.com/blog/payme...ions-thailand/

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I am not sure where you are based company-wise but is you want to sell via Shopify, then their list of integrations is your limiting point, as Matuloo posted above.

That being said, if you just wanted something in TH in general to handle cards, bank transfers, etc., then check out Omise - https://www.omise.co/

I live in Thailand and I see a lot of new web apps/startups here use Omise on their backend for payments. They have a number of regions and are one of the more successful blockchain-based businesses to rise up over the last few years.

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Omise is awesome & simple however they require you to have a locally registered Thai company & bank account to accept local bank transfers.
We have a solution to accept credit cards (Stripe for now) & Cash-On-Delivery (via a fulfillment center).

We're after a solution to accept local bank transfers which is 20-25% of sales according to J.P Morgan.

Not sure if Thai laws prohibit companies to accept payments on other people's behalf or I simply can't find a solution.

As soon as we confirm the product will sell well - we do not mind going through the hassle of setting up a local company, paperwork, hiring locals, office & so forth (as required by law).

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I'm not saying it's not important to have support for local bank transfers, but take such figures with a grain of salt. This is likely some average calculated from overall ecomm data available, it doesn't mean you will lose 25% of sales in case you don't offer this option. It just says that out of all the ecomm transactions, 20-25% are paid for via local bank transfers but if that option is not available COD will still work for certain (I'd say significant) part of these customers who would normally prefer to use local bank transfer. So for the sake of testing how well the product sells, your setup should be good enough.

I've seen similar limitations in several GEOs, for quite a few GEOs it's the norm to require a local company being setup.

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I can confirm in Thailand COD is quite popular and used a lot, supported by a lot of delivery service.

With local bank transfers, the thing is its easy and instant during work hours, and Thailand has good adoption of QR codes for paying at businesses, even 7-11s. But its not something people are overly loyal to -- as Matuloo said, its not that you will lose a big chunk of sales without direct bank transfers.

Thailand has reasonable debit card penetration -- its not super high from a regional perspective but I would say most people who are trying to buy Ecom products online probably have a debit/credit card (at least if they are younger, or from the city, not someone in a rural area who does very little online).

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Thanks a lot for the information - quite a relief to hear that COD should work very well and the bank transfer customers would still use COD if not available.
+ Can encourage Credit Card payments by offering an incentive which brings money before shipping too.

Great - thanks!

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Yup, local bank transfers are quite popular in my country too, but it's basically an extra hassle, since the seller waits for the payment to arrive before actually shipping the product. So out of the people I know, the only ones using this option are companies that are used to wiring funds all the time anyways. But regular customers almost always opt in for either CC/DC payment which is instant or they chose COD as that adds a layer of security... they only pay once the product arrives, so it's a popular option for first time shoppers.

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Hey, you can set this up as a manual payment option on Shopify.

Here are the instructions:
https://help.shopify.com/en/manual/p...anual-payments

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