PayCly Blog

Best Payment Gateway Providers in Cyprus

PayCly is one of the best payment gateway providers in Cyprus (Republic of Cyprus or ROC). A payment gateway is a middleman between the merchant's web portal or app and the merchant's bank. By transferring the payment details, a payment gateway facilitates the movement of funds between the entities. To further secure the transaction, a payment gateway applies tokenization and encryption before transmitting the payment information. Payment gateway providers are required to adhere to PCI-DSS compliance.


Why Do You Need a Payment Gateway in Cyprus?

In Cyprus, internet penetration in recorded at 91% in 2020. Despite the negative growth rate of the economy in 2020, the E-commerce market rose by 40% and is still growing. In 2022, the revenue from the e-commerce market in Cyprus is expected to be €15 million. Nowadays, the market trend has shifted; individuals are migrating toward internet marketplaces (e-commerce). A significant role in the adoption of e-commerce is played by the development of the internet, digital banking, and other sophisticated technologies.

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An international payment gateway is a primary need for any online merchant. It allows online merchants to accept payments through different channels, including credit or debit cards, bank transfers, ACH, cryptocurrencies, etc. After the COVID-19 outbreak, most people now choose to shop online because it is so convenient to access the entire market via a computer or mobile device. It allows for price comparison, delivers the best discounts, and facilitates home delivery of products and services. Customers that shop online also save a lot of time. Additionally, the ease of starting a business from home is made possible by the online marketplace.

Types of Payment Gateways

Payment gateways are classified into three types, and PayCly provides all of them. Below is a list of these groups:

How Does a Payment Gateway Work?

For easy understanding, we provide a shortened illumination of the procedure.

How PayCly is the Best Payment Gateway Provider in Cyprus?

Payment gateways are provided by a number of PSPs in Cyprus, including famous names like Paypal, Verifone (2Checkout), Stripe, Paypal, Amazon Pay, BlueSnap, Worldpay, etc. However, none of them are the best because they all have some drawbacks, like being pricey, don't support several payment methods and currencies, and not offering customisation based on your demands. Furthermore, they do not support businesses in unregulated industries.

On the other hand, PayCly is a payment service provider that gives you the lowest rates in Cyprus and a variety of price models so that you may select according to your requirements. Including credit cards, bank transfers, and cryptocurrencies, we accept more than 100 alternative payment options. Additionally, PayCly complies with PCI-DSS (level 1) standards and offers the highest level of security with the use of AI, ML, 2D/3D authentication, CVV & AVS checker. The following are some of our noteworthy features:

Benefits You Get by Partnering with PayCly

Final Thought

In the blog, we interacted about how a payment gateway is a basic requirement for establishing an online business. We advise choosing PayCly as it is the best payment service provider in Cyprus if you are a merchant looking to get a payment gateway, an international payment gateway, or a high-risk merchant account. For additional information, email info@paycly.com.

Frequently Asked Questions (FAQ)

What Other Payment Solutions Does PayCly Offer in Addition to its Payment Gateway?

PayCly is eager to serve you, and we have each & every payment solution that an online business needs. We provide a broad range of services in addition to payment gateways, such as credit card processing, electronic invoicing options, high-risk international merchant accounts, and payment gateways for all industries. We support all industries equally, and we've assembled a few merchant accounts with high-risk qualities and industry-specific features. We have lots of expertise in providing merchant accounts and payment gateways to the following industries:

Casino Merchant Account Forex Merchant Account
E-Commerce Merchant Account Fantasy Gaming Merchant Account
Escort Merchant Account Adult Toys Merchant Account
IPTV Merchant Account E-Cigarettes Merchant Account
Tobacco Merchant Account SMM Panel Merchant Account

What are PCI DSS Compliances?

The Payment Card Industry Data Security Standard (PCI DSS), a set of rules, is governed and managed by the Payment Card Industry Security Standards Council (PCI SSC), an independent organisation created by Visa, MasterCard, American Express, Discover, and JCB. FinTechs that receive, store, or send credit card data must comply with PCI DSS to safeguard customer card details.

PayCly complies with PCI-DSS Level 1, the highest level of certification offered by PCI-SSC for the security of payment information.

Is there any Difference in Country-Specific Merchant Accounts?

Simply put, some fundamental mechanisms are the same in all the merchant accounts as they all allow you to accept, hold and withdraw the funds you receive. But the difference comes in the presentation layer, where the language of the particular country will be adopted accordingly. Furthermore, the mode of payment preference differs from nation to nation, and every country has its own choice of payment. We provide the maximum preferred payment mode on the top and rank the next accordingly. Additionally, we allow customers to buy in their local currency.

Is there any Difference in Country-Specific Payment Gateways?

Definitely, there are several differences in the country-specific payment gateway. Some of them we are mentioning here:

  • Foremost is the payment method; every country has its own choice of payment method. According to Statista, credit or debit cards are used more frequently in America than any other kind of payment, just as in Europe. Digital wallets, however, surpass credit cards and other conventional payment methods across Asia-Pacific. In country-specific payment gateway, we make a list from top to bottom according to the uses. We prioritize the most used payment method on the top and so on.
  • Second the acceptance of international currency, our R&D team continuously studies the market behaviour of every country. With the help of their analysis, we make a list according to the country's most used currency in imports & exports and provide customers the option to pay in their local currency.
  • Next, the language of the checkout page. In the country-specific payment gateway, we provide the facility to change the checkout page in the local language. This feature helps you to build customer loyalty and increase your retention rate. There are more benefits we provide in the country-specific merchant account. For more information, you can reach us at info@paycly.com.