The vision of a cash-free economy or digital payments from the global leaders has rapidly enhanced the newly emerging online payment alternatives in the market. The traditional methods of cash transactions have hugely come down while mobile payment, e-wallet, and credit card-based payment have occurred in abundance. The payment industry has enormously evolved as one of the giant companies that the world has never seen before. The rapid growth in online payments is also because of the excessive use of technology-based gadgets or apps. The consumers or users who have access to these gadgets are enormously using these resources for making payments online.
You should be available where excessive customers are available. Currently, they are online. These customers are demanding a seamless payment solution as they become comfortable with internet online payment methods. This will hugely impact the sales of the business. Thus, if you are looking to start an e-commerce business in Singapore, you need to look for the best payment option available. PayCly is one of the prominent payment gateway service providers in Singapore that is helping the merchant with online payment solutions.
A payment gateway is an online payment processing technology used by the merchant to accept payment from your customer.
It can be integrated with your website that you would accept payment from your customer in your bank account. The merchant is also facilitated with fast payment processing services that will allow them with instant payment transfer. Chargeback prevention, fraud management, and recurring billing abilities are some of the attributes of a payment gateway.
A Singapore-based fintech company has partnered with payment service provide NPCI to allow UPI QR transaction from the merchant all across Asia. Unified Payment Interface is an instant real-time payment system that allows users to transfer money on a real-time basis across multi-bank accounts. The merchant also has the facility for accepting cross-border payments. The collaboration of NPCI and Liquid group has resulted in a huge network of acquiring partners in markets of Singapore, Malaysia, Thailand, Philippines, Vietnam, Cambodia, Hong Kong, Taiwan, South Korea, and Japan.
While choosing the best payment mechanism there are some factors that one needs to be considered such as transaction fees, card types, recurring billing, and on-form payments, etc. These factors may change with different processors; hence you need to ensure that you are choosing the one that meets your budget and needs.
Transaction Fees: A gateway keeps a small part of the charge for letting you use their app while processing the payment. You will be charged either a flat fee processing fee or fixed percentage from each purchase, or a combination of both charges.
Card Types: It is essential to know what types of credit or debit cards are accepted by the payment gateway that you have chosen. Moreover, some processors may also want users to link their bank accounts rather than entering a card.
On-Form Payments A payment gateway will collect the payment right on the form if you have integrated a pre-built form on your website. While other gateways direct users to another page to complete the transaction.
Recurring Billing Recurring billing allows the merchant the ability to set up a payment cycle that repeats after a certain period of time. The merchant who sells subscription-based services can accommodate recurring billing services.
Monthly Fees Some online payment gateways will charge a subscription fee to allow you to use their services. These monthly charges depend on the volume of payments being processed.
Setup Fees Set up is the initial cost to set up the payment gateway account. You will only need to pay this fee once unlike the monthly fee and subscription-based fee.
PayCly is a leading financial service provider that is offering a complete package of payment processing services to the merchant to enhance their financial reach. We intend to provide solutions to merchants irrespective of their low, medium, or high business size. We also provide customized payment solutions to merchants all over the world.
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