PayCly is one of the best payment service providers in Jamaica. A payment service provider (PSP) is a facilitator that provides payment solutions, such as credit card processing, payment gateway, merchant account, etc., for your online business. Online payment acceptance is a fundamental necessity for any online business. Without a payment gateway and merchant account, you can't accept card not present payments from any credit card, which is the most used payment method.
A payment gateway is a technology that connects a merchant's applications or website checkout portal with a merchant account and enables payment transactions. A payment gateway enables financial transactions by transferring tokenized & encrypted payment information between entities such as merchant websites, merchant accounts, acquirers, issuers, card companies, etc. On the other hand, a merchant account acts similarly to a business bank account. It fulfils all banking obligations, including receiving, holding, and withdrawing the money you receive from your customers.
Jamaica is the largest and most populous island in the English-speaking Caribbean, home to 2.93 million people. Ecommerce market revenue in Jamaica reached J$ 101.17 billion in 2022 and is projected to be more than doubled (J$ 207.56 billion) in the next five years. The rise in internet penetration plays a significant role in rapidly developing the ecommerce market. As of now, 68.2% of Jamaicans has internet access.
The Betting Gaming and Lotteries Commission participants in the sector earned $59.97 billion in sales during the three months (Jun to Aug) of 2022. Earnings from the online gambling sector have increased by 24% in Jamaica. Online casino games, slot games, fantasy games, betting and lotteries are among the highest-growing sectors of the nation, thanks to travellers. Similarly, Forex trading laws are very flexible, which makes Jamaica a forex heaven. People are trading forex currency at large in Jamaica. The market is flourishing well and has a high demand.
More merchants need to fulfil the high demand of the Jamaican online gambling, casino, forex and e-commerce market. We, PayCly, encourage Jamaican business persons to start and expand their online businesses, such as online gambling websites, forex trading platforms, online casino gaming platforms, etc. We assure you assistance by providing every payment solution your company may need. These payment processing services, such as international payment gateway and merchant account, enable you to accept online payments from your customers and make your way to the sky.
Furthermore, people prefer to purchase online since it has many benefits, such as convenience, accessibility, variety, cost comparison, home delivery, and amazing discounts. Moreover, most services, including escort services, fantasy sports, IPTV, casinos, FX, and sex toys, are now available online. Launching an online business is simpler than a conventional one. To establish an online business, all you need is a website, a payment gateway, and a high-risk merchant account.
Generally, payment gateways are classified into three types, and they are as follows:
We have simplified the working steps of a payment gateway through this illustration:
Despite the high demand and income, most online businesses, including ecommerce, online casinos, forex broker platforms, gambling, etc., are still considered high-risk businesses by banks and traditional financial institutions due to higher chargebacks, fraud and international expansion. That's the reason banks and other financial institutions do not provide high-risk merchant accounts to these businesses. However, you need not be concerned because various payment service providers (PSPs), the best of which is PayCly, offer payment solutions such as international payment gateway, high-risk merchant account, forex merchant account & online gambling merchant account for high-risk organizations.
PayCly is the best PSP in the Caribbean nations that offers hundreds of features to increase your profits. We are a reliable, responsible and renowned acquirer. We have the lowest MDR rate in Jamaica. In addition to being certified to the highest level of the PCI-DSS, we secure you with cutting-edge technology like AI and ML. Our services are tailored to your company's needs. Using our feature-rich dashboard, you may view and download real-time, daily, weekly, monthly, and annual business insights. We guarantee a timely payout, 24-hour customer service, and the security of your high-risk merchant account. Over other notable qualities, they include the following:
As we discussed, PayCly offers every type of payment processing your business may need, including credit card processing, payment gateway, merchant account, e-invoicing, etc. We have crafted some special industry-featured merchant accounts and payment gateways in which we have a lot of experience in these industries these are as follows:
| Casino Merchant Account | Forex Merchant Account |
| E-Commerce Merchant Account | Fantasy Gaming Merchant Account |
| Escort Merchant Account | Adult Toys Merchant Account |
| Dating Merchant Account | E-Cigarettes Merchant Account |
| Tobacco Merchant Account | SMM Panel Merchant Account |
In essence, these accounts are designed for high-risk industries to safeguard them against chargebacks and fraud. Accounts with high-risk merchant accounts and characteristics unique to the industry are referred to as "industry-specific merchant accounts". According to our merchant's feedback, these accounts have allegedly become the #1 choice for all merchants they recommend. No other PSP in Jamaica can compete with our Forex Merchant Account & Gambling Merchant Account. Please visit us at paycly.com for additional information.
