PayCly Blog

Best Payment Gateway Services for Singapore Merchants


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.

Enquiry Now

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.

What is a Payment Gateway?

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.

Need for Best Payment Gateway in Singapore

Singapore, with the rise of e-commerce, the most common ways to accept credit or debit card payments is through a payment gateway.

  • It enables you to do business globally and reach 4.9 billion internet users.
  • It safeguards you from chargebacks and fraud.
  • Permit you to conduct business in both regulated and unregulated sectors.
  • A payment gateway gives customers a choice of payment methods, such as ACH, bank transfers, credit or debit cards, e-wallets, and cryptocurrencies that helps customer retention.
  • It lets you take payments in a variety of international currencies.
  • An offshore company can offer its goods and services anywhere in the world.

What Essential Features Should a Payment Gateway Have?

Multiple Payment Options for 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. 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.

Source: Statista Research Department

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.

Multiple Currency Processing

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.

Multilingual Support

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.

Security & Fraud Prevention System

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:

  • The Address Verification System (AVS) verifies if a buyer's billing address (postal code and the billing avenue address) matches the billing address in data with the card issuer. The payment gateway will either accept or cancel the transaction based on the issuer's response, which helps prevent fraud in international payments.
    • Benefits for Customers: The address entered during transactions will not match the address in the card issuer's database, so your customer's lost or stolen credit card cannot be used for fraudulent transactions. Such transactions will not be approved by the Payment Gateway. To a certain extent, this protects customers from credit card fraud.
    • Benefits for Merchants: It safeguards the merchant to some extent from chargebacks and refund requests.
  • The CVV Checker also works in the same way as AVS does. If some fraudster puts your card number randomly to make a purchase, at the time of CVV entry, if it is not matched, the CVV checker will not allow him to do that transaction. This will be safe for both clients as well as merchants from fraud.
  • Fraud scoring, also known as transaction risk scoring, is the method of determining the degree of risk present in a transaction. The AI analyses each transaction using dozens of indicators before assigning a single numeric score that represents the transaction's risk level. A final score is computed, which helps quantify the degree of risk associated with a transaction.
  • 3D Secure Authentication is named for three domains that interact with the protocol: acquirer, issuer, and interoperability. 3D Secure Authentication is a security technology used to verify user identities. In card-not-present instances, this adds extra security to payment card transactions.
  • The Payment Card Industry Data Security Standard (PCI DSS) is the set of rules established by the PCI Security Standards Council (PCI SSC), an independent organization established by Visa, MasterCard, American Express, Discover, and JCB, which regulates and operates the PCI DSS. PCI DSS compliance is necessary for businesses that receive, store, or transmit credit card information to safeguard the clients' card information.

How PCI DSS Protects from Fraud:

A payment gateway must offer all these security measures, including multi-factor authentication, chargeback prevention tools, and other fraud protection features.

Industry Support

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:

  • We've seen that 98% of people in Singapore have internet access, which makes them more technology-friendly. People are continuously upgrading towards ease of living. Nowadays, most people prefer online shopping instead of visiting stores. In the age of digitalization and a large open market, new merchants are emerging with the potential to work independently with their own websites or apps. A payment gateway provider must support them by providing an E-Commerce Payment Gateway with a secure environment.
  • A Singapore payment gateway must offer a Forex Payment Gateway to the forex industry, the biggest financial market in the world. The foreign exchange trading industry is high-risk due to a number of factors, including the high rate of chargebacks, the complexity of international rules, fluctuating currency values, the possibility of money laundering, and the unpredictability of global currency markets.
  • Payment gateways in Singapore must offer a casino payment gateway, a gambling payment gateway, a betting payment gateway, and an iGaming payment gateway to casinos, gambling, betting, and iGaming merchants, as these are the booming sectors of the economy.
  • As we all know, fantasy games have the potential to become more popular and are currently the talk of the town. We believe that fantasy games will make a mark for themselves in the entertainment industry, increasing the opportunity to profit from them. A payment gateway provider ought to offer fantasy game retailers a fantasy game payment gateway.
  • A payment gateway provider must offer a payment gateway to all the developing industries of the country. They must offer an adult toy industry payment gateway, a tobacco payment gateway, and an e-cigarette payment gateway to adult entertainment, tobacco, and e-cigarette merchants.
  • As IPTV and tech support are constantly thriving industries, a payment gateway provider must offer an IPTV payment gateway and a tech support payment gateway for these merchant accounts and provide all solutions for their online payments.

Round-the-Clock Customer Support

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.

Customization and Integration

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.

Why PayCly is Well Positioned to Assist Singapore Businesses?

PayCly, the Most Feature-Packed Payment Gateway Available in the Market.

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:-

  • PayCly easily integrates with all the shopping carts, and easy integration makes the process more smooth and more flexible.
  • PayCly offers you faster payment processing, as we believe that efficiency determines your business success.
  • PayCly offers you Multiple Payment Options, including credit or debit cards, buy now, pay later, virtual wallets, and loyalty payments, as having multiple payment options can enhance your sales.
  • PayCly follows three-tier Chargeback Prevention Tolls: pre-transaction, post-transaction, and source detention. We understand chargeback is not suitable for businesses; hence, chargeback control is efficient.
  • PayCly also offers its merchant Recurring Billing System: Subscription-based businesses can definitely take advantage of recurring billing.
  • PayCly's payment gateway includes a Sophisticated Anti-Fraud System that employs machine learning, pattern recognition, and user profiling to assist you in detecting and preventing payment fraud as efficiently as possible.
  • Last but not least, the customer is everything to PayCly. We give our clients the utmost priority. Our major goal is to satisfy consumers since they are more likely to give us future business when they are pleased. We are here to help them whenever they need us.
  • PayCly supports a number of industries that are "Low-Risk" and "High-Risk." We are specialists in the "High-Risk Payment Gateway."

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 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.


1. Does PayCly Offer International Merchant Accounts to Newbies?

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.

2. What Is the Difference between Low-Risk and High-Risk Merchant Accounts?