The economy of Singapore is highly evolved. It has been regarded as the most open, fourth-least corrupt and business-friendly economy in the entire globe. Singapore has the second-highest per-capita GDP in the world and the lowest tax rates. Furthermore, Singapore was ranked 2nd in the ease of doing business index by the World Bank. It's a business heaven if a businessperson wants to start or expand his online business. He needs a specialized Payment Gateway Singapore for his merchant account to do business in this world's best market.
The COVID-19 outbreak exacerbated the shift to online shopping, changing customer preferences. A variety of payment methods has also made it quite convenient. 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. For any online business, a payment gateway in Singapore is a fundamental need to accept payment.
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 reached 350 million people in the region. Worldwide, there are more than 2 billion online shoppers.
Hundreds of reports indicate how business-friendly Singapore is. All these reports and over-views were to make you aware of Singapore's advancement and encourage you to do business in this business heaven.
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. An international payment gateway enables international customers to make payments in their currency for any purchase. A Payment Gateway is a primary need for merchants who want to work independently with their own websites and applications, domestically or abroad.
Singapore, with the rise of e-commerce, the most common ways to accept credit or debit card payments is through a payment gateway.
Singapore-based merchants are eager to accept as many payment methods as possible and to make purchases as quick and easy as possible. Merchants compete on versatility and straight-through processing, so potential sales may be lost if a merchant does not accept a customer's preferred payment method. What are the preferred payment methods? Let's have a look.
Worldwide, there are more than 2.8 billion active credit cards. The use of credit cards has increased noticeably since COVID-19. A study found that over 42% of consumers use credit cards to make online purchases, which is a significant percentage. Nowadays, it is nearly impossible to do business without accepting credit cards, whether offline or online.
Despite these statistics, digital wallets are currently the preferred payment method among online shoppers. About 40% of internet shoppers choose the "Buy Now, Pay Later" option.
The preferred payment options vary from state to state. It relies on the country's financial system. The use of credit or debit cards is higher than that of any other form of payment in America, just like it is in Europe, according to a Statista analysis. In Asia-Pacific, however, digital wallets outnumber credit cards and other payment methods.
Although traditional payment methods such as cash, credit or debit cards, online transfers, digital wallets, and so on are widely accepted, shoppers also use cryptocurrencies in this digital age.
The difficulty for merchants is determining where to begin gathering the information. People's payment habits are distinct and not always obvious at first glance. And this is where partnering with experts who have a deep understanding of the local markets you operate in can help you understand and develop strategies to capture opportunities ahead of your competitors.
If you are a global merchant, your high-risk payment gateway provider must support multi-currency processing, as accepting regional currencies encourages clients to buy more. It becomes easy for customers to know the actual price of goods, which also avoids the confusion of currency exchange.
Prices should ideally be displayed in the local currency; otherwise, online stores may lose potential customers. According to a Penton Research and E4X survey, one-third of customers criticized USD-only pricing by leaving their shopping carts unfilled, making smaller purchases, leaving the website to check conversion rates, or maybe quitting the website altogether and never coming back.
When a customer tries to buy goods from an overseas merchant's website, clicks the "Buy" button, and sees the checkout page in another language, he may leave the page. Remember that every minor flaw on your checkout page, such as a typo or a bad language translation, undermines the credibility of your website and accounts for the loss.
A payment gateway must provide multilingual support as part of its customer-centric strategy. It elevates you beyond your rivals and boosts customer retention and loyalty rates. It enhances the consumer experience, which contributes to building brand value.
Global payment fraud has more than tripled since 2011, growing from $9.84 billion in 2011 to $32.39 billion in 2020. According to the Merchant Savvy 2020 Report, it is expected to cost $40.62 billion in 2027, a 25% increase from 2020. Additionally, according to this data, 47% of the business participants stated they had been a victim of fraud in the past two years.
According to the Identity Theft Research Centre (ITRC), online thefts in the United States reached a new record in 2021, up 68% from the previous year. The data also shows that since the COVID-19 pandemic, there has been a rise in online fraud.
Europe is also equally prone to fraud. Two out of every three e-commerce enterprises in Germany have noted a discernible increase in fraudulent activities. In Switzerland, more than 85% of internet merchants acknowledged falling prey to fraud.
As per TechWireAsia, one out of four entities is a victim of online fraud in the Asia-Pacific, and this region is more vulnerable to online fraud.
The best payment gateway must provide its merchant with top-notch fraud prevention technology, including:
A payment gateway must offer all these security measures, including multi-factor authentication, chargeback prevention tools, and other fraud protection features.
Before selecting a payment gateway, entrepreneurs must make sure that it serves both their current industry and their intended future business. Make sure the service provider can provide you with a high-risk payment gateway if you are a high-risk merchant.
These are some Prominent Industries where a Payment Gateway must offer its services:
24*7 Customer Support is the backbone of a business. Customer support should be available in regional and international languages, providing quick and easy solutions to any issue.
An eCommerce business knows how important it is to have a user-friendly website or app with advanced features, but what happens if the checkout process is unpleasant? Customers will gradually lose faith in you, leading to a drop in sales and customer engagement. A payment gateway in Singapore needs to be simple to use, simple to integrate, and customizable to meet the needs of a merchant.
The best payment gateway integration should be compatible with all shopping carts. Some of the leading payment gateway service providers provide merchants with their own shopping carts, allowing them to on-board the service in the shortest amount of time and with the least amount of expense. The "plug and play" integration service allows for the simple fulfilment of eCommerce prerequisites and assists merchants in having seamless and adaptable payment processing.
These are the significant characteristics we have discussed for a payment gateway. A merchant must check these features mentioned above before choosing a payment gateway.
With a growing demand for international shopping, online merchants should consider developing a strategy for gaining cross-border customers. Expanding internationally becomes easier with the right multi-currency payment processing company that provides solutions tailored to various markets.
Here are some of the features that PayCly can assist you with:-
Fill out the application form with details about your business and the services you want. Our professional staff will suggest the most acceptable banking partners from our network.
Begin by completing our website's online application form. Simply provide us a summary of your information, such as:
We have seen several aspects of the global market as well as the Singapore market. An entrepreneur merely needs to make the correct decision at the appropriate moment to take advantage of constantly available opportunities. During the expansion of your business, you may face a number of difficulties, but we promise to resolve the biggest one: The Payment Gateway.
In the article, we learned how crucial a payment gateway is. We have also covered the key components of the best payment gateway in considerable detail, and PayCly guarantees to support all of them. In addition, we are a team of wizards who are constantly seeking to upgrade and improve services using state-of-the-art technology.
Yes, by offering them high-risk merchant accounts, international payment gateway, international merchant accounts, and other payment solutions, we assist new business owners in extending their operations globally.
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