Credit cards are among the most popular payment methods in the world, especially in the Western world. According to research conducted in 121 countries by Global Economy in 2021. 22.26% of people in the world over the age of 15 have at least one credit card. Of the included countries in this research, Canada has the highest percentage of the population holding a credit card with 82.74%, and the lowest number is in Afghanistan with 0%. Singapore is in 25th place on this list, with 41.74% of people aged above 15 holding a credit card in the country. Singapore is the number one country in the Southeast Asia region in terms of using credit cards for transactions. The second country on the list, Thailand, has just half the percentage of credit card users as Singapore.
This is the reason why credit cards are used for almost half (42%) of the e-commerce payments in the country. As a result of this, merchants in the country always try to find the best credit card processing Singapore for both domestic and international transactions. But e-commerce merchants in Singapore prefer a card processor that can provide better cross-border credit card processing services.
Why Singaporean e-commerce merchants want cross-border credit card processing more than domestic?
The answer to this question is pretty simple, as 55% of all internet purchases in Singapore are cross-border deals. Along with Malaysia, Singapore accounts for 50% of Southeast Asia's cross-border e-commerce market. According to a report published by PayPal in 2021, 78% of Singaporean e-commerce buyers buy from foreign websites. As per the same survey, 56% of people purchase cross-border to get better discounts. 45% to get things that aren't accessible locally, and 37% to discover new and fascinating products.
According to a PPRO analysis, China accounted for 43% of cross-border eCommerce in Singapore as of January 2020. Cross-border eCommerce accounted for almost one-third of all eCommerce in Singapore. 26% of cross-border online shoppers were between the ages of 55 and 64. According to a survey on Singapore's cross-border eCommerce conducted in 2021. In contrast, 11% of cross-border eCommerce consumers were aged 11 to 24. And 67% of the respondents among them preferred to pay for their purchases with credit cards. As a result of this, e-commerce merchants in Singapore try to get the best credit card processing Singapore for their business. So that they can take advantage of overseas e-commerce purchases in the country.
Difference between domestic and international card processors?
The procedure for credit card processing is exactly the same, going through all three stages of authorization, authentication, and payment settlement. The difference between domestic and international credit card processing is that for processing cross-border transactions, multi-currency support is required. This means that a card processor can accept and process payments in various currencies without the need for currency conversion for payment processing. On the other hand, if a credit card processor just supports the native currency, then first it has to convert currency (which takes both time and extra charges) for payment processing. The second requirement for cross-border card processing is a network of international banks that can act as acquirer banks and accept payments. Although domestic banks can also accept international payments. But for this, they charge some extra fees from the merchants.
Wide global coverage
To provide the best credit card processing Singapore, a service provider must have a wide global coverage area. Singaporean online buyers prefer to buy online stuff mostly from Malaysia, South Korea, and Japan, but Western countries are also among the top choices for e-commerce buyers in Singapore. This is why an international card processor in Singapore must have a vast global coverage network.
Support multiple currencies
An international credit card processing service provider must support multiple currencies for payments. For international payment processing, it is a necessity. Otherwise, the service provided has to convert the payment into native currency before payment processing, and it takes time, which makes the process slow, and also imposes some extra charges on both the processor and merchant. This is the reason why a cross-border card processor must support multiple currencies for fast payment processing at a low cost.
Large banking network
For international credit card processing, a card processor must have a large banking network (must include international banks). Because of a large banking network, there are a lot of options available to act as acquiring banks, which leads to nonstop processing despite bank failure. (If the main acquiring bank is facing any kind of troubleshooting while payment processing.)
Data security is the primary concern for every credit card processing service provider. This is the most important factor in every credit card processing service. Card details are the top target of online scammers and hackers, and they always try to find new ways to breach the data security system of a card processor. This is why merchants have to choose a credit card processor that is compliant with PCI DSS (Payment Card Industry Data Security Standard), the highest payment card data security standard in the world.
Fraud prevention and management
To provide the best crest card processing Singapore, a card processor must know how to manage and prevent online fraud attempts. For this, the service provider can employ AI and get some help from machine learning. Along with these, PayCly also includes some fraud scoring tools for easy identification of any fraud attempts.
Transparent fee structure
A credit card processing service provider must have a crystal clear fee structure, including setup fees, monthly or yearly charges, and refund charges. There should be no hidden charges in the name of other services.
Best credit card processing Singapore: service provider
PayCly, a local payment solution provider, provides the best credit card processing Singapore. It is a local high-risk merchant solutions company that provides high-risk payment gateways and merchant accounts, along with credit card processing services. PayCly provides services in Southeast Asia, along with Singapore. PayCly’s card processing services are considered the best credit card processing Singapore because:
- It provides multiple currency support for credit card processing, with more than 100 currencies to process payments. And it is one of the main reasons why PayCly is considered the best credit card processing Singapore for cross-border transactions. Because with PayCly, a merchant can accept and process payments from every corner of the world without worrying about processing time and charges.
- PayCly has a large banking network, with the inclusion of every major international and domestic bank in Singapore. Due to this, merchants do not have to worry about payment delays due to bank failures, as there are a lot of options for acting as an acquiring bank in place of the main acquirer bank.
- With PayCly’s credit card processing services, a merchant does not have to think about the network of a credit card. Because PayCly accepts every major card for credit card processing, such as Visa, Mastercard, UnionPay, JCB, Discover, American Express, etc.
- PayCly is in compliance with PCI DSS Level 1 for ensuring the security of the credit card details of the merchant’s customers.
- It has employed AI and machine learning to battle online scammers looking for the precious data of customers. Along with AI and ML, it also has a professional team to manage and monitor every activity during credit card processing.
- With a transparent fee structure that has no hidden charges, PayCly provides the best credit card processing Singapore in terms of pricing.
- PayCly provides a unique and dedicated merchant ID (MID) to merchants. These MIDs help merchants get identified easily and make it easy for the service provider to manage the details of a merchant precisely.
- To accept payments, PayCly also provides a merchant account to the merchants with the bare minimum required documents and instant approval after the application.
A merchant can easily apply for a merchant account on PayCly by adhering to the below-given instructions.
How to sign up for a PayCly merchant account?
Set up a PayCly merchant account by following these instructions.
- Navigate to the website's home page.
- Select "Apply Now" from the drop-down menu in the top right corner of the screen.
- The registration form will immediately appear on the screen of your device.
- Fill out the form with all of the necessary information.
- To continue, click "Submit."
By following these procedures, you may apply for arguably the best merchant account.
Singapore is among the countries with the highest percentage of the population with credit cards and a country that loves to purchase from overseas e-commerce websites. These two factors made it mandatory for merchants to stick to a service provider that provides the best credit card processing Singapore for overseas transactions. The ultimate choice for that kind of service in Singapore is PayCly because of the high-quality features and services it provides at possibly the best prices in the country.