Without any roundabout talk, let's start with some directness. In the title of this blog, we mentioned unearthing the best services regarding "Payment Gateway Singapore." But the "question" is why someone needs a payment gateway in Singapore, and that too with the best online payment processing services in the country. Well, you will get to know soon, as this is our motive for raising this question. Now back to the question's answer, but before that, you have to look at some given stats.
According to Statista, Singapore is a country where the cashless payment adoption rate is more than 90%. According to a report by the World Bank, Singapore is the top-ranked country in Southeast Asia in terms of the credit card holding population and credit card penetration rate. According to the International Trade Administration, the Singapore e-commerce sector was worth USD 5.9 billion in 2021, and it is expected to grow to USD 10 billion by 2026. According to Bain & Company and Facebook, only six Southeast Asian countries (Singapore, Indonesia, the Philippines, Malaysia, Thailand, and Vietnam) have added 70 million more people to shop online since COVID-19 began. The figure is estimated to reach 350 million people in the region sooner. And worldwide, there are more than 2 billion online shoppers.
If you are wondering why we have presented you with these numbers, well, the reason behind it is that we have to show you the actual business landscape of Singapore, which is modern, tech-savvy, and up-to-date. If you ever noticed in the above-mentioned numbers that online, electronic, and card payments have taken over the entire trading activity in the country. And this is the answer to our above-mentioned question about why someone needs a payment gateway Singapore and that too with the best payment processing services. Because Singapore is a total digital economy and the majority of commercial activities take place over the internet, electronic payments have automatically become the preferred option for currency flow. And a payment gateway is the tool that helps in safer and faster online transactions, as such transactions always attract cyber threats. This is the reason why a payment gateway has so much significance in the Singaporean business landscape, and because of this, the best payment processing services automatically become part of the proceedings. So, without wasting time anymore, let's find out the best online payment processor in Singapore.
When you do any business, you need to accept payment from the customer for goods or services you provide, whether your business is online or offline. A payment gateway is a technology or mechanism that securely collects a customer's payment details and transmits them to the merchant's bank. The payment gateways can be categorized as domestic and international national service providers. An international payment gateway enables businesses to accept payments from international customers. While doing so, it handles the currency conversion and cross-border payment protocols, and in this way, it helps customers and businesses accept and pay in their currency for any purchase. On the other hand, a domestic payment gateway provides services along a specific boundary line, and an online payment gateway Singapore belongs to this type of gateway. A payment gateway Singapore is a primary need for merchants who want to work within the boundaries of Singapore, as their target customers are just local buyers. However, there are some exceptions as well, where many domestic payment gateway service providers also provide cross-border services.
The very first and most important attribute of a so-called best payment gateway Singapore that a merchant can notice is the security. Because it is the ultimate thing that makes payment gateways so significant for online transactions. A payment gateway in Singapore must have these security features:
A payment gateway Singapore must have multiple payment options, especially if a gateway is a high-risk payment gateway. Because such gateways have to deal with a diverse customer base with diverse payment preferences and adhere to their customers' choices, businesses need a payment gateway that can fulfill their requirements.
An easy integration makes life pretty easy for a merchant, and for that, a gateway must provide:
It is a very important attribute that every merchant must keep in mind while selecting a payment gateway.
If you are a merchant in Singapore looking for a payment gateway, then always assess the customer support to make a decision.
The best practice in online payment processing is to always choose a payment gateway considering its processing speed, and the same rule applies when selecting a payment gateway Singapore too.
Always assess whether a payment gateway is scalable enough to handle the expansion of business in the future and then make a choice.
Mobile payments in Singapore are emerging as a suitable competitor for credit card payments in Singapore. As of 2022, digital wallets are used for 32% of the e-commerce payments in the country, and it is a fact that the majority of buyers prefer mobile for making e-wallet transactions as it is way more convenient and easier to carry, according to the FIS Global Payments Report 2023. The same report suggests that mobile is the top device for e-commerce or usage of online purchases, with 60% of buyers using mobile in 2022, and that number is expected to increase to 67% in 2026. This is why a payment gateway Singapore must have:
Data security is paramount for a payment gateway Singapore as it is one of the most vulnerable points for online businesses in the country. According to a published report in the Economic Times CIO Southeast Asia in 2022, Singapore was ranked sixth in the world in 2021, for having the most databases exposed to the internet, which hackers could easily enter and exploit. And to stop such incidents a payment gateway in Singapore must:
A payment gateway must adhere to the rules and regulations of the jurisdiction where it has been operating.
Finding the best payment processing services in Singapore is an uphill battle, considering the fact that there are enormous numbers of payment gateway providers that are claimed to be the best in the business. However, everyone knows how many of them actually provide quality payment processing assistance. But there is a local service provider based in Singapore that is known across the world for its payment processing expertise, especially for high-risk payment processing services, which is named PayCly. PayCly provides the best payment gateway services in Singapore, but there are not just claims for it; the ground reality is also there to prove it. As it is rated among the most suitable payment gateway Singapore to assist businesses in the country.
Here are some reasons why the Singaporean business regime prefers PayCly for payment processing services:
These are some small advantages provided by PayCly to the merchants in the country, which makes it, if not the best, definitely one of the best payment gateway Singapore.
To acquire a payment gateway Singapore from PayCly, you have to follow the given instructions:
This is how you can get the best payment gateway Singapore with top-class payment processing services.
There are lots of brilliant payment gateway providers in Singapore, including PayPal, Stripe, and Braintree for international payments, while local options like PayCly are also commonly used. However, the "best" payment gateway can vary depending on a business's specific needs, such as the types of payment methods it wants to accept, its budget, and integration requirements.
Yes, definitely. A payment gateway is essential for most businesses that want to accept online payments securely and efficiently, ensuring a smooth customer experience and revenue collection.
Stacking payment gateways (using multiple gateways simultaneously) can offer redundancy and support for various payment methods. However, it can complicate accounting, increase costs, and lead to user confusion. Consider your business needs, customer preferences, and the added complexity before deciding whether to stack payment gateways or not.
Yes, payment gateways and payment processors are different but often work together. A payment gateway securely collects and transfers payment data, while a payment processor authorizes and settles transactions with banks.
