Although online payment processing seems to be a simple process of just
paying and receiving online payments, but it is quite complex if we take a deep dip. It is about taking many parts to work together towards a dedicated
Every merchant should be aware of the mechanism behind the online payment
processing. This would help them to know and get a deep knowledge of about the behind process and they will be able to tackle sudden issues related to
Key aspects of online payment processing
An effective online payment processing system requires some essential software
or resources. All of them work together and if one component is missing then the system gets disturbed and payments will get affected.
But do you know what connects a Singapore merchant account and how mobility
of payments happens? It’s a Singapore payment gateway. A Singapore payment gateway acts as a bridge in between customers and the retailers.
A merchant account- merchant account is the bank account for retailers that
enable online payment processing for online businesses. This account accepts credit and debit card payments smoothly. A retailer can obtain a merchant
account either from bank, financial institutions or from a payment service provider.
Payment Gateway- A payment gateway acts as a mediator between merchant's
website and payment processor. Additionally, payment gateway can help in connecting merchant account with customer's credit card issuer.
Payment processor- A payment processor takes care of credit card processing
and transmission of card details of customers. They deal with concerns like credit card validity, card limits and secure credit card processing.
The parties involved in online payment and credit card processing are the
merchant, the payment processor, merchant account, payment gateway and customer's bank. All of them are equally important for
online payment processing.
Role of Payment Gateway Online
Payment gateway leads a customer to the smooth and secured payment route and
for merchant it safely carries forward the payment to merchant account. Payment gateway online is a software that is integrated with website of merchant
and acts as a channel to make and accept payments.
Payment gateway online approves the transaction process between merchant and
It also plays crucial role in credit card processing and securing card details.
Payment gateway online also helps merchants to offer a customer centric
It also leads faster payments with quick checkouts from the website.
A payment gateway online protects the sensitive information with encryption
of card details and multilayers of protections and verification.
Payment gateways are now offered by many merchant and payment service providers
. It usually happens that many international and global player's wants to set up their business in Singapore as well by seeing rising ecommerce
segment and market options there. Such retailers can absolutely obtain merchant services in Singapore as well.
Importance of credit card processing
Yes, we all know that credit cards are now an integral part of every business
and customer's daily life. It is most widely and repeatedly used mode of payment. Rather than large merchants now small businesses have also initiated
credit card processing and it has also gained prominence since past years. It is now an important part of every payment processing system.
Credit card processing promotes easy and quick payments. Customers always
want payments to be processed in minutes and that is what an ideal credit card processing system does.
Vast business opportunities are what a business looks for. Credit card
processing service helps them to gain more customers from different region and places.
Every business has local and international customers and a smooth
credit card processing service can increase the outreach of merchants
by accepting international currencies as well.
How PayCly can help?
We have gained a shining prominence in the Singapore market after years of
working with many Singapore clients. PayCly is extremely committed to its clients and strives to provide the best service possible. We have extensive
experience in Singapore and have identified every aspect of the ecommerce market.
Our online payment processing services are exceptional, ensuring high sales
volume without the worry of fraud and other issues. Paycly never fails to deliver its best, whether it is a merchant account or an
online payment gateway. If you are a merchant looking to set up business in Singapore
, we can be your partner.
Is it mandatory for all businesses to have online payment processing?
Well, it depends on if the business is taking or accepting online payments
or online modes of payment. If it is accepting debit and credit cards then it is essential to integrate online payment processing system
How important is credit card processing?
It has a genuinely important role in card payments. Credit card processing
enables smooth transmission of card details to process payments.
What is the role of a merchant account in business?
Merchant account is something without which businesses cannot lead to the
profitable position in today’s epoch. It welcomes the credit card payments done by customer to merchant and keeps it safe.
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