Are you excited to start your business in Singapore? Well, you need the best credit card processing Singapore because approx three-quarters of Singaporeans hold credit cards and continue using them to make purchases.
Especially in Singapore, credit cards are a crucial part of every business, regardless of how big or little it is. Most enterprises rely on credit card processors to manage the difficulties of accepting credit and debit cards. The main goal of credit card processing Singapore is to make sure that customers can make purchases quickly and easily.
Nowadays, accepting credit card payments is simple for any business. Merchants need to integrate the best credit card processing Singapore like PayCly. Here, in this blog, we will discuss the details of credit card processing Singapore. So, let’s start.
Singapore has a strong card acceptance network. Due to the majority of banks' flexible payment choices in instalments, reward points, discounts on purchases, and other card-related incentives, credit card, and charge card payments are preferred by most Singaporeans.
Global Data predicted that Singapore's credit and charge card payment market would increase between 2021 and 2025 at a compound annual growth rate of 6.5%, reaching $59.8 billion.
All of the banks in Singapore provide instalment options, allowing credit card customers to break up significant purchases into manageable monthly payments.
Customers make purchases and decide to pay with a credit card. Credit card processing Singapore is the act of transferring funds from a card payment to funds settled in a bank account when clients initiate the card payment and the merchant authorizes payment acceptance through a card.
When a customer transfers money to a business or merchant using a credit card, everything and anything that happens behind the scenes is considered to be taking place.
There are now numerous credit card processors in Singapore. You might be surprised to learn that over 73% of Singaporeans use at least one credit card, and roughly 10% use six or more.
How does Credit Card Processing Work in Singapore?
Now, most customers prefer credit cards to make payments in Singapore. As a merchant, you must know how the whole process works. Every time a payment is made, it just takes a few seconds for it to be accepted or rejected. The process via the internet or phone line is completed in many minor steps. The three main phases are funding, settlement, and authorization.
Settlements - At first, the customer enters their credit card details into a payment panel on the merchant sites. Here, the credit card information is submitted to the merchant’s systems.
Authorization - A PSP(payment service provider) or credit card processor, acting on behalf of the merchant, requests payment authorization from the customer's issuing bank, to verify the funds or credit card limits. It also confirms the cardholder's address and CVV(card verification value) for security reasons. At this point, the issuing bank either approves or rejects the transactions.
Funding - The credit card network, the merchant's bank, and ultimately the merchant receive the authorization information back down the line. If the transaction is approved, it is placed into the merchant's bank, and the merchant concludes the transaction with the consumer.
What Are The Merchant Fees To Accepting Credit Card Payments in Singapore?
When deciding how to set up card payments for your company, you should be aware of and take into account the following common fees. But always remember that it varies from one service provider to another -
- One-time setup fee
- Annual/monthly fee
- Terminal rental fee - security collateral may also be requested
- Service fees for terminal installation or maintenance
- Merchant discount rate (MDR) per transaction varies based on the type of business and the card used. Incorporates interchange fees paid to networks.
- Charges for creating and using QR codes
- Cancellation fees
- Charges for statements
As you know, in Singapore many customers prefer credit cards to make payments. Approx more than 73% of customers use credit cards, so you can get the many credit card processor in Singapore. But, always choose the one that fits your business needs.
We recommend you go with PayCly as your credit card processor in Singapore. With PayCly, you can get credit card processing, merchant account, and payment gateway in one place. At PayCly, we also provide international credit card processing and an international payment gateway for those who want to expand their business at the global level.
With PayCly, the merchant can get many benefits and as a result, they gain more and more profits for their businesses.
Why Choose PayCly?
PayCly is one of the best payment service providers in Singapore. PayCly offers its services to all types of businesses including high-risk, low-risk, and mid-risk. Most merchants prefer PayCly as their payment service provider because it provides many benefits to the merchant at a reasonable rate in the market. Let’s have a look at some of the best benefits of using the PayCly as a credit card processing Singapore -
- It is an all-in-one solution. Merchants can get credit card processing, merchant account, and payment gateway in one place.
- It can accept 100 + currency from worldwide.
- Allow customers to accept most credit cards worldwide. Along with credit cards, it also accepts debit cards, digital payments, e-wallets, net banking, crypto-currency, etc.
- It has invoicing support also.
- 24*7 real-time support.
- It offers a powerful dashboard to download and report statistics on payments, settlements, refunds, etc.
- Its customer support services are the best in the market.
- Easy to integrate on websites.
- It has a PCI-DSS level-1 complaint and offers security tools like – anti-fraud and anti-chargeback tools.
Final Thoughts -
Singapore is rapidly experiencing a boom in online businesses. According to the research, Singapore is the second-best location for managing an online business. Online sales are increasing as a result and are succeeding more and more each day. But credit card processing Singapore is crucial to the profitability of online enterprises. You cannot imagine successfully managing your online business without it.
As a merchant, you must know about credit card processing Singapore. Making a choice is simple once you are aware of what your company requires. We recommend you go with PayCly as it is the most popular and widely used payment service provider in Singapore.
PayCly offers you the best possible solutions for your business at the best rate in the market. Its advanced features help merchants grow their businesses and earn more and more profits.
Feel free to contact our expert team to finalize the deal and also to learn more about our credit card processing Singapore services.