Are you new to the world of credit card processing Singapore? Although it may appear complicated if you comprehend how credit card processing functions, you will realize how easy and advantageous it is for your businesses to be able to take card payments. Advanced security technology allows credit card merchants to contact more customers, improve sales, and benefit from it.
One of the most common payment methods used by clients globally is the credit card. Therefore, accepting credit card payments is crucial for all merchants. However, online businesses need a suitable payment service provider (PSP) that accepts credit card payments.
Today, merchants can get many payment service providers, but not all are compatible with all types of businesses. For high-risk businesses such as forex, IPTV adult industries, etc., merchants should look for a payment service provider that supports high-risk businesses. One such type of payment service provider is PayCly.
PayCly is one of the leading and most popular payment service providers that support all types of businesses. So, to deal with PayCly for credit card processing, high-risk merchant account, and high-risk gateway, you can contact the expert team.
Let's discuss "Credit card processing in 8 simple steps".
Before moving to the "Credit card processing in 8 simple steps", you should first know the key players involved in the process. As we all know, credit/debit card transactions take just a few seconds to approve or deny transactions. Let's have a look at the key players -
Here, we will discuss how the whole credit card process works in 8 simple steps. So, let's start.
Now, you know how credit card processing takes place. But, as a merchant, you should also know how credit card processing work in the denial process. The credit card processing network is computerized. Sometimes the transactions get denied, even if there are enough funds available because of certain "triggers." Some of the most common triggers for payment denial, except lack of available funds, are -
Unusual spending behaviour: If a cardholder rarely uses their card and suddenly starts using it numerous times per day, this will alert the system that someone else may be using it. Spending on the card is paused while the issuing bank contacts the cardholder to explain the situation. Most of the time, this prevents fraudulent transactions from happening but also allows the cardholder to admit, "No, it's me; I'm doing this on purpose," allowing the bank to approve the transactions.
Purchase of products or services in the "high fraud" category: As if you were indulging in unusual spending behaviour, the network will freeze the card if you are purchasing items that fit under the category “high fraud” to stop fraudulent behaviour.
Purchase made outside of the cardholder's country of residence: It indicates that the card has been lost or stolen. But, if you are planning to go outside of the country, the best idea is to inform your issuing bank and let them know so you are not accidentally triggered.
A new online business merchant should be familiar with credit card processing in Singapore. Nowadays, most customers prefer to use credit cards to complete purchases; thus, as a merchant, you must provide the customer with their preferred payment methods.
As a merchant, you must comprehend credit card processing and whether your industry can use it effectively. Making a choice is simple once you know what your company requires. Here, we already discuss the key players and the whole credit card processing process. At last, we also discuss some triggers due to which payment gets declined.
Once you know the basics of credit card processing, choosing the best-fit credit card processing for your business becomes easy. We recommend you choose PayCly as your payment service provider for credit card processing or international credit card processing.
To know more about PayCly, you can directly contact the expert team.