In the past decade, the world has gone through a wave—the wave of technological advancements. The recent generation has not been familiar with the fact that before this generation, there were very few ways to make cashless or electronic payments. But now there are numerous options for digital transactions, thanks to advancements in technology. It seems like Singaporeans have a different kind of fascination with technology, which makes them one of the most advanced nations in the world. The effect of this can be easily traced by having a glimpse of how a local Singaporean pays in day-to-day life.
According to the Consumer Attitudes Payment Study 2022, in Southeast Asia, Singapore is at the top in cashless payment usage; the cashless payment rate in the country is 97%, as per the report. Cashless or digital transactions are a far better option than cash in terms of security and convenience. However, prior words can be true for just paying purposes because for the receiving party, the case is not that simple.
Online payments need to be processed, especially card payments, before transferring to the destined account, and for that, there is generally a third-party processor that helps to form a bridge between the paying and receiving parties and banks or payment processors. This bridge is known as an online payment gateway and is specially made for merchants or businesses to accept payments online in a safer and faster manner.
As we mentioned, Singapore is a cashless society, and in such place payment gateways are a must for thriving, be it an SME or a big enterprise. In such an environment, it is quite often that there are thousands of online payment providers in the market to make the most of this situation. But because of this, these businesses are stuck in a constant loop of trying and moving on to a new payment service provider for a better service, which costs them both time and money.
To avoid this loop, it is better to conduct thorough research and then select an online payment gateway. However, this is a very difficult task for businesses or merchants due to a lack of time. But you don’t have to worry about that, as we will do this for you. In this blog, we will go through the intricacies of PAYCLY and try to figure out what makes it one of the most renowned payment service providers in Singapore.
If you're a business figure operating in Singapore, you have definitely come across PAYCLY for payment processing services. Since its dawn on the Singaporean online payment processing landscape, it has come from a long journey of a newbie to a pro in payment processing and is now challenging big guns for the pole position in the country. This shows that PAYCLY has cracked the code of providing seamless payment processing services that are admired by Singaporean businesses. Today, you will find out those formulas that PAYCLY is using to create a perfect blend of payment processing services in Singapore.
PAYCLY is one of those online payment gateway providers in Singapore that has conducted their own studies and research on the Singaporean online payment landscape. Because of this, it has better ideas of loopholes and obstacles that need to be cleared to achieve the ultimate target of seamless payment processing services. Let’s have a look at what PAYCLY is doing that makes it the ultimate choice as a payment gateway in Singapore:
Singapore is one of the best countries in the world in terms of online payment infrastructure, but there are still many loopholes that cybergoons find and utilize for their evil purposes. There are many reports, studies, and news stories that show that despite being one of the most advanced nations on earth, Singapore faces a constant threat of cyberattacks, mainly in online shopping. There is recent data about 2021 from the SPF (Singapore Police Force), which suggests that the country has to bear a 501 million loss because of online scams.
Data breaches and data theft are the main reasons behind these scams that cybercriminals get from the databases of banks and payment processors. Because of this, there has always been a constant threat that people can opt out of online payment options due to data security concerns, forcing businesses to move on to other options.
Taking note of this, PAYCLY has developed an online payments processing platform that has various sophisticated fraud prevention methods, like AI and machine learning-based fraud prevention tools, employing encryption technology, using 3D security for online transactions, and embracing tokenization for safeguarding card details. Because of all of these brilliant features, PAYCLY is counted among the safest online payment providers to accept payments online without fear of data breaches, which helps businesses gain the trust of their customers or clients.
This current 5G generation has become so habitual with speed that they simply can’t tolerate if something takes time to achieve. Because of this, the majority of businesses in Singapore choose an online payment gateway provider that can take the least time for payment processing and transfer the amount ASAP to their accounts. Capitalizing on this, PAYCLY has upgraded its payment processing services to real-time payment processing, which processes payments immediately at any time of the day or week, holidays and weekends included.
In the business world, it is necessary to obey the masses if you want to succeed, and PAYCLY is helping businesses in Singapore do so. By providing those online payment solutions that locals prefer to pay for their purchases. According to PPRO, in Singapore, 65% of people pay via mobile for their online purchases. PAYCLY already has an idea of the popularity of mobile payments in the country; hence, it has already upgraded its payment solutions and made them more mobile-friendly. As a result of this, clients of PAYCLY have seen an increase in their business stability in terms of holding previous customers.
In online payments, payment options play a crucial role. A report by Statista shows that payment options are the second most important reason behind the abandonment of an online payment. To negotiate with this problem, PAYCLY provides more than 100 payment methods to accept payments online, so that its clients don’t have to face this situation. And they can ensure that every customer on their site must leave after making a payment.
Fulfilling the requirements of the market
Singapore is a very small country; hence, its market has a ceiling that stops businesses from reaching their full potential. As a result, businesses are left with the only option of looking beyond boundaries to reach their maximum heights. Aware of this fact, PAYCLY has already established a tremendous cross-border payment processing system that helps businesses smoothly run their businesses in overseas territories. It's one of the few online payment gateways in Singapore that provides services in more than 150 countries and can process payments in more than 100 currencies. Because of this, it processes cross-border payments unexpectedly faster with a very small payment processing time, bypassing the time-taking currency conversion process, which makes it a favorite among businesses with foreign setups.
Being a local service provider, PAYCLY has an unexpected advantage over its foreign competitors, that it is well aware of the rules and regulations of online payment processing in Singapore. It helps businesses adhere to those regulations so that they can run their operations smoothly without any worry about legalities, and for that, it does not charge its clients, which makes it highly popular among businesses in Singapore.
The thing that makes PAYCLY a standout performer amongst the other online payment providers in Singapore is that it provides a white-label online payment gateway. In simple terms, it gives businesses the liberty to pick and choose the payment processing solutions provided by PAYCLY and create a customized payment gateway according to their businesses’ requirements without incurring any additional costs. This helps businesses get what they want without any extra effort, which ranks PAYCLY among the payment gateways with the biggest clientele in Singapore.
There are many other features that PAYCLY provides to make payment processing simple:
Considering all of the above-given details and information, like fixing the problems that create obstacles in payment processing, adhering to the payment habits or choices of the local buyers, and fulfilling the requirements of the Singaporean payment processing market, it’s pretty simple to come to the conclusion: How PAYCLY has established itself as a perfect online payment gateway for providing payment processing services in Singapore.
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