PayCly Blog

Payment Gateway in Singapore Offer Beneficial Payment Processing Solutions to Singapore Merchants

Singapore has one of Southeast Asia's most advanced economies, which is reflected in their digital economy. According to our research, 4.35 million people in Singapore's 5.6 million population said they shop online as of January 2021. This is a strong indication of the country's growing commitment to ecommerce and digital payments.

With one-third of Singaporeans making their first online purchase in the last few years, the pandemic has accelerated the trend, strengthening online consumerism and the digital economy.

How Advanced are Payments among Singapore Merchants?

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. Singapore merchants want to offer the latest Payment Gateway Singapore methods, such as buy now, pay later (BNPL), as soon as they become available, and optimize payments to suit local businesses.

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 comes in handy.

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Best Payment Methods in Singapore

Singapore, with the rise of e-commerce, the most common ways to accept credit card payments are through a payment gateway account or through your own merchant account.

Setting up a local merchant account as well as a payment gateway account is the way to go if you are a Singapore-based company or a brick-and-mortar store going online. You get an online e-commerce presence as well as the ability to contact the service provider if something goes wrong.

However, if you are a foreign company looking to conduct e-commerce in Singapore, obtaining a local merchant account may be difficult. In this case, the simplest option is to establish an offshore company and use a third-party payment gateway to conduct your e-commerce transactions in Singapore.

Why you would need Best Merchant Payment Gateway Singapore in highly competitive market?

If you own a store and are just starting a website to allow your customers to buy your products online. You may already have a merchant account that you can use to process credit card transactions . If this is the case, you are not required to accept customer payments through your website. Posting an order form on your website can help you achieve your goals because customers can simply print the form, fill it out, and fax their orders to you.

Following that, you would process payments by entering the orders into your credit card terminal. However, if you want to accept payments through your website, you can do so in a variety of ways. Joining one of the Best Payment Gateway for Singapore is the most common method used by online merchants to process payments. You simply need to create an account with the service provider and then create a link to their order form from your site, and they will process the work on your behalf securely.

Payment services charge a fee for each transaction, which varies depending on the service provider and the amount of the transaction. The majority of these service providers also provide recurring billing and subscription management. It is required if your website offers a membership service for which you must charge your customers on an ongoing basis.

Multi-Currency Payment Processing with Casino Payment Gateway

Globalization opens up new opportunities for businesses, such as reaching new customers and increasing brand visibility. Having said that, you should think about selling your products or services on a global scale. The Best Payment Gateway International can help to do this correctly. Here are some of the essential benefits of multi-currency payment processing.

  • Increased sales Customers are more likely to purchase an item when they know how much it costs in their own currency.
  • Accepting multi-currency payments allows you to grow your business and increase your revenue.
  • With multi-currency processing, you can sell in countries other than your own.
  • It reduces the buyer's currency risk.

The top five ecommerce markets with the highest demand for cross-border retailers, according to the Global Ecommerce Market Ranking 2019, are the United States, China, the United Kingdom, Japan, and Germany. However, in 2018, 84.65 percent of the Swedish population made an online purchase, while China reported the highest number of cross-border online shoppers - 149.42 million - followed by the United States with 82.72 million consumers shopping across borders.

Benefits for Merchants

  • Increased conversions of global browsers to clients.
  • Client service inquiries have decreased..
  • Increased client trust by providing a more prominent incentive for them to choose you for their next purchase.

Benefits for Customers

  • Purchases made with confidence and knowledge.
  • Leisure travelers value the certainty of knowing the final cost in the currency they are most familiar with.
  • Purchase value is valued at a higher level.
  • The amount your client pays in their home currency corresponds to the amount on their credit card statement.

Get affordable Credit Card processing solutions with Adult Payment Gateway

Websites that accept credit card payments have sales that are 50-400 percent higher than websites that do not accept credit card payments. If you haven't already done so, set up this service in your company today to drive a large number of customers to your website. As an online business owner, you have two options. You can either ask for Singapore Payment Gateway with one of your local banks or use one of the card processing providers that operate online businesses.

The most important thing you need is a personal account for accepting credit cards in person or online. This account is set up by a credit card processing company. It is a company in charge of the interface between shopping cart software, the Visa/Master network, and credit card terminals. There are numerous merchant services online credit card processing options available on the market.

Choosing the Best Online Payment Gateway in Singapore to process your customers' credit card payments can be a difficult task. In that case, you should plan ahead of time and accordingly before deciding to do such things.

Gaming Payment Gateway offers best PCI-DSS Standards to protect your business

Any organisation, large or small, commercial or nonprofit, needs to comply with the Payment Card Industry Data Security Standard (PCI DSS) if it stores, processes, or transmits payment cardholder data in any way. PCI DSS is becoming more important as more people believe that carrying plastic money is safer and more secure than carrying paper money.

PCI DSS is essentially a six control objectives and twelve requirements, which are as follows:

Construct and Maintain a Secure Network

  • Configure and maintain a firewall to protect cardholder data.
  • Never use the vendor-supplied defaults for system passwords and other security parameters.

Safeguard Cardholder Information

  • Safeguard stored cardholder data
  • Encrypt cardholder data transmission over public networks.

Keep a Vulnerability Management Program in place

  • Use and keep anti-virus software up to date
  • Create and keep secure systems and applications.

Put in place strict access control measures

  • Limit access to cardholder data based on business requirements-to-know
  • Assign a unique ID to each person who has access to the computer.
  • Limit physical access to cardholder information.

Network monitoring and testing on a regular basis

  • Track and monitor all network resource and cardholder data access.
  • Test security systems and processes on a regular basis.

IPTV Payment Gateway provides ease of integration and better customer experience

When merchants got the Best Payment Gateway in Singapore, online merchants can easily integrate a payment gateway within their eCommerce in less than 24 hours. An online merchant can quickly determine which PG provides the best onboarding experience and which one easily integrates into the eCommerce platform. These factors allows the merchant to onboard a PG service in the shortest amount of time. Time saved contributes to loss prevention.

Factors Influencing the Ease of Integration

  • Shopping Carts that Plug and Play

The best payment gateway integration is compatible with all shopping carts. Some of leading payment gateway service providers provides merchant with their own shopping carts, allowing them to onboard 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 fulfillment of eCommerce prerequisites and assists merchants in having seamless and adaptable payment processing.

  • A Wide Selection of Shopping Carts

The best payment gateways are simple to integrate with all major shopping carts. For example, the PSP has created ready plugins that allow for quick integration of the payment gateway with all types of modern shopping carts, such as Magento, OpenCart, WordPress, Joomla, and other popular shopping carts.

Why is PayCly well positioned to assist Singapore businesses?

The type of technology we provide merchants, as well as its granularity, and how we assist merchants in entering new markets, are key strengths.

Merchants can obtain an immediate business report that includes information about credit card usage and different currencies. They can see acceptance rates, and because we have so much data from other merchants, they can see the big picture rather than just what their own data shows.

PayCly provides merchants with a dedicated MID to assist them in analyzing trends, strengths and weaknesses, and overall market performance. Our team in Singapore is well-known for being proactive and responsive to merchants, and we are frequently referred to as business partners. When it comes to acceptance rates, our merchants rate us as one of the Best Payment Gateway for International Payments. We provide good, clean, and reliable payment processing to merchants, resulting in high acceptance rates.

How to Apply for Singapore Payment Gateway on our website?

Fill out the application form with details about your business and the services you want. Our professional staff will give suggestions for the finest banking partners from our network.

Begin by completing our website's online application form. Simply provide us a summary of your information, such as:

  • Name
  • Business name
  • Region of operation
  • Business contact information
  • Company URL
  • Tell us something about your business
  • Do you have any previous processing history?

Once the payment gateway application has been accepted, we will provide a test payment gateway ID for the payment gateway to be plugged into the website. The Website Terms and Conditions and Privacy Policy must also be professionally developed and maintained on the website during this stage.

If you execute the methods outlined above and the payment gateway functions properly with the test ID, the payment gateway solution provider will be alerted, and the payment gateway will be active.

At this stage, the website will be able to accept credit card, debit card, and net banking payments.

How PayCly has got merchants the best features available in the market?

As there is a growing demand for international shopping, online merchants should consider developing a strategy for gaining cross-border customers. With the right multi-currency payment processing company that provides solutions tailored to various markets, expanding internationally becomes easier.

Here are some of the features that PayCly can assist you with:-

  • Integrates with shopping cart: Easy integration makes the process more smooth and flexible.
  • Faster payment processing: Efficiency determines your business success.
  • Multiple payment options: Having multiple payment option can enhance your sales.
  • Charge back prevention: We understand chargeback is not good for businesses hence chargeback control is efficient.
  • Fraud management: Better protect your business from frauds and cyber criminals.
  • Recurring billing: Subscription based businesses can highly take the advantage of recurring billing.
  • Security: Get PCI-DSS compliant solution for secure payment transactions.

Collaboration with an Online Payment Solutions Provider is more crucial than ever as the number of businesses coming online grows by the month.