Are you looking for the best Payment Gateway Thailand? If yes, then this is the right destination for you.
Fintech services are booming worldwide, including in Thailand. It is one of the largest growing markets globally. Since 2017, Thailand's online market has been flourishing and has reached $27 billion. This increase may be attributed to the nation's young population and the growing acceptance of online shopping. The variety of payment gateways is the main factor in Thailand's popularity of online commerce.
There are many payment gateways accessible in Thailand nowadays, but not all of them are appropriate for all kinds of online businesses. Today, any business owner's primary concern is choosing the finest payment solution that matches their unique demands.
So, let's discuss Thailand's payment gateway and the criteria for choosing the best payment gateway.
Thailand Payment Market Overview -
Thailand is one of the fastest-growing economies. In the upcoming years, it will be the hub of online businesses. According to Economic Research by J.P Morgan Chase Bank, it is the second largest market in Southeast Asia after Indonesia.
Smartphone and other mobile device usage have surpassed desktop internet usage in Thailand, a mobile-first nation. With 52% of all online purchases in Thailand being made using mobile devices and totalling $13.6 billion, this market is already the largest for e-commerce sales in the nation. In terms of mobile commerce, this places the country among regional leaders.
According to the Statista Report -
- It is anticipated that in 2022, the eCommerce market will generate US$19.26 billion in revenue.
- A predicted market volume of US$38.72 billion is estimated by 2027, thanks to an expected revenue growth rate (CAGR 2022-2027) of 14.99%.
- By 2027, it is anticipated that there will be 45.8 million users in the eCommerce sector.
- In 2022, there will be 56.0% of users, and by 2027, 65.0% of users are anticipated.
- An estimated US$490.90 will be the average revenue per user (ARPU).
In simple terms, a payment gateway is a mechanism or a network through which customers transfer funds. The payment gateway starts working as soon as the customer enters their card details and clicks on the submit button. It reads and transmits sensitive data from a customer to a merchant's bank account.
Payment Gateway is responsible for making the approve or declining any transactions. Payment gateway, merchant account, and credit card processing are the three main entities accountable for completing a single transaction.
Once you establish your business in Thailand, you need a suitable payment gateway. As many payment services are available, it is quite challenging for any merchant to choose one among the thousands. To pick the best payment gateway that fulfils all your business requirements, you should keep some points in mind. These points are -
For any merchant, reliability is the top priority. The selected payment gateway ought to be trustworthy. It can handle a high volume of transactions hassle-free. Additionally, its checkout process is straightforward and done quickly without any headaches.
Ability to accept multi-currency -
Individuals who want to grow their business in the global market need a payment gateway that supports multi-currencies. The ability to accept multi-currency help you receive domestic and international customers. Not only you but also helps your international customer to purchase from you without any currency conversion charges.
Different modes of payment -
Not all customers prefer the same payment method, so you need to provide your customers with various payment methods. Customer can choose their preferred one. Ensure that the payment gateway you select supports popular payment methods such as bank transfers, e-wallets, card payments, etc.
Market Integrations -
The payment gateway you choose for your company needs to be able to integrate with your current websites. It helps you to accept the payment in a hassle-free manner.
Security is the top priority for the merchant as well as for the customer also. Nowadays, almost every payment gateway has PCI DSS Level 1 security. Along with this, you also need futuristic anti-fraud tools, chargeback protections, etc.
Customer supports -
You need to contact the customer support team if something goes wrong with your payment gateway. So, make sure that your service provider offers excellent customer support service.
Pricing and other fees -
Before selecting any of the payment gateways, be sure to compare the price of different payment gateways. Some payment gateways have a high fee structure and hidden fees, whereas some offer more reasonable costs.
The pricing structure also depends on the selected payment method, international currency support, etc.
Why PayCly is Best in Thailand?
In Thailand, you can get many service providers, but the most challenging work is to choose the one that suits your business requirements. Without wasting time, we recommend you go with PayCly.
PayCly is one of the leading and most popular payment service providers. It is compatible with all types of businesses, from low-risk to high-risk. We, as "PayCly," are an all-in-one solution. With us, the merchant can get the specialized services provider according to their business requirements. For example – if you are running a high-risk forex business, we offer you the forex payment gateway, forex merchant account, and forex credit card payment processing.
With us, the merchant can get the best benefits which help them to grow their businesses worldwide. So, let's check some of the best benefits of PayCly.
- Compatible with all types of businesses.
- It can accept the majority of credit cards worldwide. Along with credit cards, it offers other payment methods such as net banking, mobile payments, e-wallets, and even cryptocurrency.
- It can accept multi-currency from all over the world.
- Cover all PCI DSS issues and offer futuristic security tools such as anti-fraud and anti-chargeback.
- Our customer services are the best in the market because we offer 24*7 customer support through live chat and email.
- Our pricing structure is simple and affordable.
Final Thoughts -
As Thailand is one of the fastest-growing markets, so it is essential for the merchant to offer their customers reliable payment solutions. Merchants can get many options in Thailand but choosing one takes a lot of work. Above, we have discussed some criteria that help merchants select the best service provider according to their business model.
But, still, if you are unable to choose one, you can go with our preferred payment solution, which is PayCly. It is one of the most popular payment service providers worldwide. Once you choose PayCly, you can get many benefits at reasonable prices.
To learn more about PayCly, you can contact the expert's team.