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 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.
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.
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.
By following the given directions, a merchant can easily get a paycly high-risk merchant account.
Follow these instructions to create a high-risk business account on Paycly.
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.