PayCly Blog

In this ever-changing world, nothing is permanent; if a technique is right today, there is a strong probability that it will not be good enough tomorrow for the same task. So it is a constant cycle that is going on and on without a stoppage. If you are wondering what the context of these lines is, then it should be clear that these lines are indicating the non-stop movement of everything in search of the better. The case with a high-risk merchant account is not different from this; it is not necessary that a merchant account that was suitable for a specific time period may not be as useful today as it was. So this article is about finding a better high-risk merchant account provider in Singapore that is suitable for the country’s modern trends. But before finding a suitable high-risk payment gateway and merchant account provider, let’s take a brief look at what a merchant account and payment gateway are.

Merchant account

A merchant account is a business account used by a merchant or business for accepting payment from various payment methods (credit card, digital wallet, bank transfer, and other alternative payment methods) for their goods and services.

Payment gateway

A payment gateway is an online payment solution that works as a mediator between the merchant and the payment processor by transferring the customer’s payment-related details from the merchant to the payment processor.

Both merchant accounts and payment gateways are categorised as high-risk merchant accounts and low-risk merchant accounts. Similar to merchant accounts, payment gateways are also classified as high-risk payment gateways and low-risk payment gateways.

Features of a high-risk merchant account and payment gateway

What kind of features a merchant account must have totally depends on the nature of the business for which it has been used. If a merchant’s business is within the boundaries of a particular country, then the features of that merchant account differ from those of an international merchant account. So now it’s clear that the features of a merchant account depend on the business’s nature. In this article, our focus is on the high-risk merchant account, so we will set it as a bar for the feature of a merchant account.

• The very first thing that a high-risk merchant account and payment gateway must have is the ability to accept payments in different currencies and by different methods.
• High-risk accounts are mostly used by businesses that have worldwide customers, and for those customers, an international payment gateway and merchant account must have multilingual support.
• It is quite obvious that every payment gateway must have fraud detection tools for anticipating any suspicious activity before it can cause any kind of harm.
• With the above-mentioned basic feature, a merchant account and payment gateway must have some additional features for a merchant’s convenience, such as a powerful dashboard, an invoice solution, real-time reporting, etc.

Factors that can create an impact on high-risk merchant account service providers in Singapore

• The very first requirement for a high-risk gateway and merchant account to function in Singapore is that they have to accept various currencies. When we talk about multiple currencies, it is not just some major currencies. It is about almost every existing currency in the world because Singapore is the second-best place in the world to do business (according to a World Bank report) and the second-most globally connected country too. (Source https://www.edb.gov.sg/en/why-singapore/global-connectivity.html) This is why it is a necessity for a high-risk merchant account provider to provide the option for merchants to accept multiple currencies.
• A high-risk merchant account and payment gateway provider have to focus on better credit card processing services. Because 42% of total e-commerce payments were conducted through credit cards in the country in 2021. Not just credit card processing, but a merchant account provider has to focus on APMs (alternative payment methods) in Singapore because, after credit cards, Singaporeans prefer to pay with digital wallets, bank transfers, and debit cards, respectively.
• Although fraud prevention tools and features are always an integral part of a merchant account and payment gateway. But in Singapore, a high-risk merchant account provider must have top-notch fraud prevention tools and security features. Because In 2022, there was a hike of 25.2% in cybercrimes and online hacks in the country. While phishing, e-commerce, and online investments account for 82.5% of the total of the top 10 channels used for online fraud or scams.

The here-mentioned country’s inner situations are those factors that can create an impact on high-risk merchant account service providers in Singapore.

Why could Paycly be that payment gateway provider that can perfectly gel with Singapore’s conditions?

• First of all, Paycly is a local payment gateway provider in Singapore, so it is developed in such a manner that it can easily adapt according to the country’s financial conditions.
• The second thing is that PayPal supports payment in more than 100+ currencies, which is necessary for a country like Singapore that has a strong global network.
• Paycly is one of the finest payment gateway and card processing service providers in the country, which is perfect for merchants. Because the preferred payment methods in the country are credit cards, digital wallets, and bank transfers.
• Paycly has employed AI, ML, and a dedicated team for fraud monitoring, detection, and eradication of each and every fraudulent transaction. Along with that, it has PCI DSS certification for data security.

These factors are enough to prove that Paycly could be the perfect choice as a high-risk merchant account provider in Singapore, and there is another added benefit of getting a merchant account that a merchant can get the high-risk merchant account instant approval. If you are wondering how you can apply for a merchant account on PayCly, then you don’t have to worry about it anymore because you can apply for a merchant account within a few minutes by following the below-given procedure.

Application procedure to apply for a merchant account on Paycly?

You can easily apply for a merchant account on paycly, you just have to follow the below-mentioned steps.

• Visit paycly’s official website.
• After visiting the website, click on the "Apply Now" button on the right corner of the page.
• Then you will find an application form for the merchant account there after clicking on the "Apply Now," button.
• After that, you have to fill out all the asked details in the form.
• Then click on the below-given submit button, to submit your form. This is how you can successfully apply for a merchant account on paycly.

FAQ’s

What are high-risk merchant services?

Merchant services like payment gateways, merchant accounts, and credit card processing are provided by a service provider to the merchant, who is running a business that is listed as high-risk by banks and financial institutions. Then these kinds of services are considered high-risk merchant services.

Which businesses are high-risk?

Businesses that are listed in the high-risk category by financial institutions, payment processors, and banks are known as high risk businesses. For example, consider online gambling, the adult industry, forex trading, and the fantasy sports industry.

How do you classify high-risk clients?

A high-risk client or customer can be classified by checking a few details about that client, such as whether that customer is from a high-risk country or not, whether that client is operating in a high-risk business or not, whether that customer has unusual account activity, and whether that client has a bad credit history. These are some points to consider when classifying a high-risk client.

What is a high-risk merchant account, and how it works?

A high-risk merchant account is a merchant account that is labeled as a high risk account by payment processors and banks due to the high chances of chargebacks and refunds. A merchant has to pay higher fees to compensate for the high risk associated with a high-risk merchant account.