A payment gateway is a technology or mechanism that enables online transactions by transmitting payment details. It works as a bridge between the merchant's web or app payment portal and the merchant account. It collects the customer's payment details from the merchant's payment portal, tokenizes and encrypts it, then transmits and confirms the payment availability and responds accordingly. A payment gateway and merchant account are the fundamental need of any business that wants to accept online payments.
An international payment gateway enables foreign customers to pay for any purchase in their own currency. It allows merchants to go global with their business and help them in growing revenue.
In the illustration, we described the Malaysian economy and market trends. Nowadays, people tend to purchase goods and services online, giving them several benefits. Businesses such as e-commerce, gambling, betting, forex, online casino, fantasy games, entertainment, and others have gained huge benefits from the growing internet market. Currently, Malaysia's ecommerce market's revenue is US$ 9.08 billion and is expected to hit US$ 19.64 billion by 2027.
The world is undergoing a digital transformation in which every imaginable task is being completed online. The rapid adoption of the online world was hugely affected by the Covid-19 outbreak. People today meet, converse, and even get married online. Similarly, individuals prefer shopping, gaming, betting, and gambling online instead of offline.
Generally, payment gateways are classified into three types, and they are as follows:
Online businesses are more prone to fraud than offline firms. As per a study by Merchant Savvy, multinational payment fraud has tripled since 2011. In 2011, the figure was $9.84 billion, which grew to $32.39 billion in 2020 and is expected to rise to $40.62 billion in 2027. Further, according to this data, 47% of the company participants stated they had been a victim of online fraud in the last two years.
Before selecting a payment gateway, you must check the PCI-DSS level-1 certification and ask your acquirer about 3D secure authentication, fraud scoring, chargeback prevention tools and other safety measures they provide.
According to JPMorgan, Malaysian consumers are versatile in using payment methods. At 46% of all transactions, bank transfers are Malaysia's most popular online payment method. Cards come in second place, accounting for 29% of all trades. Digital wallets are the third most popular payment method, amounting to 7% of all transactions. Only 7% of transactions are made with cash, but by 2022, digital wallets are predicted to outnumber cash. Similarly, every nation has its own payment choice.
In this digital age, consumers also use cryptocurrencies in addition to more conventional payment methods like cash, credit or debit cards, internet transfers, digital wallets, etc. An international high-risk payment gateway must provide as many payment options as possible to increase the retention rate of customers and help its merchants grow.
Many surveys demonstrate that customers always prefer to buy goods or services in their own currency. A customer does not want to pay in some other standard currency for their purchase. A supported survey of this fact stated that 1/3 of customers left the website or app if they were not allowed to pay in their local currency. An international seller needs the best high-risk merchant account that supports multi-currency processing, as accepting regional currencies encourages clients to buy more. It becomes easier for customers to know the actual price of goods, which also avoids the confusion of currency exchange.
When a buyer attempts to purchase products from an overseas merchant's website, clicks the "Buy" button and sees the checkout page in another language, he may abandon the transaction. The reason is simple: every customer wants to see the actual price, item, and terms & conditions in their own language so that they can be assured that everything is correct. Remember that every minor flaw on your checkout page undermines the credibility of your website or application and accounts for the loss of business.
A payment gateway's customer-centric strategy must include multilingual support. It puts you above your competitors and increases consumer loyalty and retention rates. It improves the customer experience, which helps create brand value.
An online seller understands the importance of having a user-friendly website or app. An online retailer is always willing to improve its website or app to make it simpler for its customers to use. However, what occurs if the checkout process is inconvenient? You'll gradually lose your customers' trust, resulting in a decline in revenue and consumer engagement. To satisfy the needs of a merchant, a payment gateway must be easy to use, simple to integrate, and adaptable.
The best payment gateway integration should be compatible with all shopping carts. Some of the top payment gateway service providers provide vendors with their own shopping carts, allowing them to onboard the service in the shortest amount of time and with the least expense. The "plug and play" integration service makes it easy to fulfill eCommerce requirements and helps businesses have efficient and flexible payment processing.
It is relatively essential to ensure a smooth checkout ride. Slow payment processing can ruin the overall buying experience. It can directly impact revenue by diverting customers away from your site. If customers do not trust your payment methods or if the checkout appears suspicious, their wallets are likely to remain closed. To ensure a fantastic experience, the payment gateway should be optimized so that customers can save without difficulty from their respective devices.
When it comes to service provider onboarding, cost and speed are crucial. The setup and processing fees should be competitive enough to fit the merchant's budget. The onboarding process is critical to ensure the legitimacy of the participating retailers. It includes checking for KYC compliance, determining creditworthiness, and finally completing the activation process. However, the payment gateway provider must allow a digitized onboarding and verification offering to start transacting with customers sooner.
It is also a crucial factor before choosing a payment gateway; entrepreneurs must ensure that it serves both their current industry and their expected future business. If you are a high-risk merchant, make sure the service provider can offer you a high-risk payment gateway.
These are some prominent industries where a payment service provider must offer its merchant account:
| 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 |
We've mentioned only a few important industries here, but PayCly believes that an ideal payment gateway must offer payment gateways to almost every industry.
An international business needs to have customer support 24*7 as people around the globe can shop at their suitable time. An international merchant works 24*7, so he also needs a payment gateway that provides 24*7 customer support. Customer support should be available in local and foreign languages, offering a straightforward and immediate resolution to any concerns.
These are the key features of a payment gateway that we have covered. Before selecting a payment gateway, a merchant must examine the abovementioned features.
PayCly has proved itself as the best Southeast Asian payment gateway. Our services are worldwide, and we are one of the top-ranked payment gateways in the world. In Malaysia, we have been providing our best services for years and are continuously helping Malaysian businesses expand by providing the best high-risk payment gateway. We are also assisting Malaysian companies in increasing their presence globally by providing them with the best international payment gateway. We also assist businesses with international rules and regulations and help them to save on taxes and other expenses.
We also provide our services to foreign merchants who want to enter the lucrative Malaysian market by providing a local merchant account or third-party payment gateway.
PayCly is the most feature-packed payment gateway in the Malaysian market. We provide all the features mentioned above as well as others. Here are some of the additional features that PayCly gives you:-
we've seen many aspects of the market as well as payment gateways. We now know what a payment gateway is, how a payment gateway helps a business to grow, how to choose the best payment gateway in Malaysia, and what essential features a payment gateway must have. We have also examined PayCly's advancement over hundreds of payment gateways. We can clearly say that no other players in the market are providing the level of facilities that PayCly is providing. We feel proud to serve the Malaysian people and help this glorious country to become a high-income economy from a middle-income economy. For further info, please visit us at paycly.com.
