Payment gateways are a virtual channel to transmit payment-related details between a merchant and a payment processor. The payment gateways use encryption to transmit vital information. That's why a gateway is used; for security purposes. But there are some limitations of payment gateways too, for example, any payment gateway can’t provide services for high-risk businesses like online gaming and forex trading. These kind of business are high-risk businesses and needs a high-risk gateway for payment processing. The payment gateway has become more significant nowadays because digital payments have become the most popular payment option. According to the insights of The Business Research Company, the worldwide market for digital payments will increase at a cumulative annual growth rate (CAGR) of 15.5%, from $96.19 billion in 2022 to $111.11 billion in 2023. This article is also focused on payment gateways, but from the perspective of a payment gateway provider Malaysia for high-risk businesses.
Malaysia: A glimpse
Malaysia is a Southeast Asian nation that is divided into Peninsular Malaysia and East Malaysia (which is located in Borneo) by the South China Sea. With a land area of 329,613 km2, Malaysia is the 66th-largest nation in terms of overall land area. (127,264 sq mi). The nation's capital and biggest metropolis is Kuala Lumpur. The population of Malaysia was 32,447,385 as of 2020, making it the 42nd most populous nation in the world, according to the Malaysian Department of Statistics. By total GDP, its economy ranks 36th in the globe and 31st by PPP. About half of the populace is of Malay ancestry, but the nation is still multiethnic and multicultural, with decent populations of Chinese, Indians, and indigenous peoples. Malay is the national language of the nation.
Now back to the topic. As you know, there has been consistent growth in digital payments around the world, and Malaysia is not an exception in this case.
According to a study from 2021, Southeast Asia had a 93% adoption rate of cashless transactions. In Southeast Asia, Malaysia had the second-highest adaptation percentage (96%) after Singapore’s 97%. The entire transaction value in Malaysia's digital payments market is anticipated to hit US$22.23 billion in 2023. And predicted to increase at a rate of 17.06% per year (CAGR 2023–2027), resulting in a projected total of US$41.74 billion by 2027. Online bank transactions are the most popular digital payment method in the nation. Debit cards and digital wallets are the second and third most popular cashless payment options in the nation, respectively. As a result of the country's payment-related circumstances, the payment gateway has gained importance in Malaysia in recent times.
There is an enormous list of payment gateway providers in Malaysia, and this list has some names like the giants of the online payment solutions industry, Paypal. But none of them claimed to be the payment gateway provider Malaysia that can provide payment solutions to a high-risk business except one. Paycly is that exception in the list of Malaysia payment solutions providers. Paycly, not just one of the biggest online payment gateway providers in Malaysia but also in all of Southeast Asia, is the only payment gateway that is specialized in providing online payment processing services to high-risk businesses.
Reasons why high-risk businesses get denied for payment gateways
Because chargebacks are the responsibility of the payment services provider, payment gateways prefer to stay away from such unnecessary proceedings for clearing payment-related disputes.
If a business has a poor credit history, it is a little tough for merchants to find a payment processor. But if a business is high-risk and has a bad credit history, then there are very few payment gateway providers that can take this kind of risk.
- Risk of fraudulent activities
Because most of the high-risk businesses are businesses that operate in multiple nations. Given this fact, if a business is operational in a country with a high cybercrime rate, then the chances of online fraud with such businesses are much higher in comparison to others.
Paycly is the best possible option as a payment gateway provider Malaysia for high-risk businesses’ payment processing. Here are a few points to clear it up.
- It provides chargeback protection to its clients and takes responsibility for wrapping up the whole procedure of a fraudulent transaction dispute by the businesses’ customers.
- Paycly knows that high-risk businesses are fraud-prone. Thus, it provides many fraud protection tools and a team of professionals for fraud management.
- For paycly, the financial history of a business does not matter. It can easily provide businesses with access to a payment gateway, even if they have a poor credit history.
- Another trait of high-risk businesses is their high volume of transactions. Paycly is capable enough to handle payment processing for such businesses with ease.
- As a payment gateway provider Malaysia, Paycly provides businesses with every payment option for accepting online payments that has been used by Malaysians. Such as online banking, debit, and credit cards, digital wallets, etc.
- Paycly has a transparent and competitive fee structure in comparison to other payment gateway providers Malaysia.
Perks of partnering with paycly
- a dedicated merchant ID (MID) for every merchant or business to obtain a distinct ID in order to handle confidential data conveniently and securely.
- provides wide global coverage to 150 international markets with no additional integration charges.
- Direct payment links accept payment via email, messages, and chat apps without the need for a digital payment structure like online payment apps.
- Multilingual checkout page for the convenience of local customers and to build trust between them.
- 100+ payment options to accept payments from every possible payment method.
- PCI DSS Level 1 certified payment platform to ensure the security of data of both merchants and customers.
- A fraud monitoring team to find and eliminate fraudulent transactions.
- A powerful dashboard with brilliant features like downloadable detailed stats and real-time reporting for in-depth analysis.
- Transparent fee structure with no extra hidden charges.
- Instant approval for high-risk merchant accounts with the barest minimum paperwork.
By following the given directions, a merchant can easily get a paycly high-risk merchant account.
How to open a merchant account with Paycly?
Follow these instructions to create a high-risk business account on Paycly.
- Check out the Paycly homepage.
- Next, click in the top-right area of the page and choose "Apply Now."
- The enrollment page will then appear on the device.
- Completely fill out that form with all the necessary data.
- Then, you must select "Submit" on the following page.
For local Malaysian merchants, Paycly is the best option as a payment gateway provider Malaysia especially for high-risk merchants. As it provides multilingual support, a low fee, and more than 100 payment methods, including local payment apps. Paycly has every feature that a payment gateway needs to operate in Malaysia.
Paycly is the best forex merchant account provider. A forex broker can get quick and hassle-free online payments. Because of its features like quick payment processing, multiple currencies, and payment options. Making it easy for both the payment maker and payment receiver.