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.
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.
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.
Payment gateways are classified into three types, and PayCly provides all of them. Below is a list of these groups:
For easy understanding, we provide a shortened illumination of the procedure.
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:
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 email@example.com.
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|
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.
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.
Definitely, there are several differences in the country-specific payment gateway. Some of them we are mentioning here:
Table Of Content