The modern business world has been leaning towards a new norm: cashless operations or digitalization. This new phenomenon has spread like wildfire throughout the entire world, and as a result, global businesses have embraced online operations as the best way to operate. However, this digitalization causes businesses to make way for online high risk payment processors to seek help in accepting payments from their customers. In this blog, being the native nation, Thailand is the focus. Hence, in this blog, we will discuss why businesses operating in its territories need a Payment Gateway Thailand to accept payments from local buyers. The reason why payment gateways have become an undisputed necessity for doing online business in Thailand is that they act as a bridge between banks, merchants, and buyers, providing a safe tunnel to transfer crucial financial information for safer and faster online transactions.
Payment gateways are considered the future of business payments, and businesses must be habitual about integrating payment gateways into their sites to embrace the future. Thailand is among those nations that are already on the verge of being a digital economy. In such an environment, a Payment Gateway Thailand gains more significance. Let's take a look at why having a payment gateway is an inevitable act to help your business thrive in this country.
Why is having a Payment Gateway Thailand inevitable for businesses?
Before shifting our focus towards the significance of an online payment gateway in Thailand for business activities, you have to keep in mind that a payment gateway is all about processing online payments with an assurance of security and reliability of transactions. Now, look at some stats: According to the Digital Economy Promotion Agency, the Thai e-commerce market is projected to grow at a rate of 9.2% and be valued at 6,384 million USD by 2023. The number of e-commerce users in the country is expected to grow by 19% to reach 43 million by 2025. According to a JP Morgan report, Thai smartphone users love to purchase online, with 71% doing so at least twice every month. With 36.60 million people currently making direct online purchases of consumer products, Thailand is already a country with a significant online consumer base. If you have gone through these numbers thoroughly, then you would not hesitate to predict that the future of businesses in Thailand will be online or digitalized.
The reason for this is the increasing number of internet and smartphone users in the country. In 2022, Thailand had around 48.6 million internet users and 95.6 million mobile connections. Now, recall what we have mentioned to you in the above paragraph: Payment Gateway Thailand is for processing online transactions, and according to the statistics, the majority of the buyers in the country are purchasing online. This makes it clear that online payments are the future. Hence, businesses that need to keep up with the trends and thrive in the Thai market have to stick to a Payment Gateway Thailand.
Now, when you know that having a payment gateway is needed for thriving in the Thai market. Therefore, it automatically becomes important for you to have an idea of the best Payment Gateway Thailand according to your business requirements. Because a payment gateway is capable of creating a huge impact on the outcomes of a business. Hence, choosing a payment gateway for their business becomes a tactical move that can make or break their business regime. This is why you must know how to choose the ideal Payment Gateway Thailand that aligns with your payment processing needs. Have a look:
Choosing the right Payment Gateway Thailand
Here are steps to help you choose the right payment gateway for your business in Thailand:
1. Understand Your Business Needs:
- Consider the nature of your business, the types of products or services you offer, and your target audience.
- Determine if you need to accept international payments or if your focus is primarily on local customers.
2. search Available Payment Gateways:
- Make a list of payment gateway providers that operate in Thailand.
- Check if they support the payment methods your customers prefer, such as credit cards, debit cards, digital wallets, or bank transfers.
3. Fees and Costs:
- Compare the pricing structures of different payment gateways. Pay attention to setup fees, transaction fees, and any monthly or annual subscription charges.
- Consider the currency conversion fees if you plan to accept payments in multiple currencies.
4. Security and Compliance:
- Ensure that the payment gateway is compliant with Payment Card Industry Data Security Standard (PCI DSS) requirements to protect your customers' sensitive data.
- Look for additional security features like 3D Secure authentication for added protection against fraud.
5. Integration and Compatibility:
- Check if the payment gateway integrates seamlessly with your e-commerce platform or website. Most gateways offer plugins and APIs for easy integration.
- Consider the technical support and documentation available to assist with integration.
6. Customer Support:
- Research the reputation of the payment gateway's customer support. Reliable and responsive support is crucial, especially in cases of technical issues or disputes.
7. Scalability:
- Choose a Payment Gateway Thailand that can grow with your business. It should handle increasing transaction volumes without disruptions.
8. User Experience:
- Evaluate the user experience from your customers' perspective. A smooth and user-friendly checkout process can help reduce cart abandonment rates.
9. Local and Global Considerations:
- If you plan to expand beyond Thailand, consider a payment gateway that supports international transactions and multiple currencies.
10. Legal and Regulatory Considerations:
- Ensure that the chosen payment gateway complies with Thai laws and regulations, including tax requirements.
Other considerations
1. Mobile compatibility
- Having a Payment Gateway Thailand with a mobile-friendly interface is becoming important nowadays. The mobile commerce market is expanding at tremendous speed. Mobile commerce in Thailand is expected to grow at an annual growth rate of 12 percent in 2023. Driven by rising smartphone penetration (around 40%).
2. Muti-currency processing
- If you are involved in a business that includes cross-border transactions, you must pick a payment gateway that provides multi-currency processing. Because cross-border e-commerce consumes almost 30 percent of the overall e-commerce market in Thailand. However, you can choose a high-risk payment gateway too, as such gateways provide better multi-currency processing services.
3. Additional security measures
- While choosing a Payment Gateway Thailand keep security measures at the top of your checklist. As it is one of the most vulnerable countries in terms of cybersecurity. According to news published in The Nation, Thailand has to face a loss of 1 billion THB due to online scamming. Hence, always choose a payment gateway that has sophisticated fraud prevention mechanisms, encryption, 3D secure transactions, and other fraud-preventing security measures.
Need help accessing the services of the best payment gateway in Thailand
If you want to witness the best payment processing experience in Thailand, be it high-risk payment processing or the usual one. Your single-stop destination is PAYCLY. It is one of the top payment gateway providers in Southeast Asia, specializing in high-risk payment gateways. Counted among the best payment gateway providers in Thailand, PAYCLY promises the best ever services with the best ever pricing. Partnering with PAYCLY comes with a lot of advantages for a business. Have a look at a few of them:
Advantages of making PAYCLY your payment processing partner in Thailand
- Local Expertise: PAYCLY is a local service provider and a payment processor with local expertise in Thailand. They are likely to have a better understanding of the local market, regulations, and customer preferences, which can be advantageous for your business.
- Wide Range of Payment Methods: PAYCLY supports a wide variety of payment methods (more than 100) commonly used in Thailand, such as credit cards, debit cards, digital wallets, and bank transfers, to cater to diverse customer preferences.
- Competitive Pricing: PAYCLY offers services with the lowest pricing in the country and transparent fee structures, which can help you reduce your overall transaction costs and increase your profit margins.
- Ease of Integration: PAYCLY is a user-friendly and easily integratable payment gateway that can save you time and resources when setting up your online payment system.
- Security Features: PAYCLY is well equipped to protect your critical data and transactions. It has advanced security features such as PCI DSS compliance, fraud prevention tools, and data encryption to protect your customers' sensitive information.
- Scalability: PAYCLY can scale with your business as it grows, accommodating higher transaction volumes and expanding service offerings.
- Mobile-Friendly: It is a payment gateway that provides a seamless mobile payment experience, which is crucial in a mobile-driven market like Thailand.
- Reliable Customer Support: Access to reliable and responsive customer support is vital to addressing any technical issues or inquiries promptly, considering that PAYCLY provides 24/7 customer support in local languages.
- Global Reach: If you have plans to expand beyond Thailand, you can't consider any other payment gateway other than PAYCLY. It is well structured to support international transactions due to its multiple currency processing ability, which helps it process payments in more than 150 currencies.
- Customization: PAYCLY allows for customization of the payment process to match your brand and enhance the customer experience.
- Analytics and Reporting: It provides you with a detailed analytical report of your business transactions. Access to detailed transaction analytics and reporting tools can help you gain insights into your customers' behavior and make data-driven decisions.
- Quick Settlement: PAYCLY offers timely settlement of funds to your bank account, avoiding unnecessary delays in receiving payments.
- Legal Compliance: PAYCLY complies with all relevant Thai laws and regulations, including tax requirements. Eliminating the regulatory risk for your business.
To determine whether PAYCLY is the right payment processing partner for your business in Thailand, you can contact us directly and request detailed information about our services and fees.
FAQs
1 - What are the popular payment methods and digital wallets in Thailand that a payment gateway should support?
Popular payment methods and digital wallets in Thailand that a payment gateway should support include credit cards (Visa, MasterCard, American Express), debit cards, PromptPay (a real-time interbank transfer system), and many local e-wallets. These options cater to a wide range of consumer preferences, enhancing convenience for Thai customers and facilitating smooth online transactions.
2 - What are the benefits of using a local payment gateway in Thailand over international options?
Using a local payment gateway in Thailand offers several advantages over international options. It provides a deep understanding of the local market, supports popular Thai payment methods, complies with local regulations, and offers customer support in the Thai language. This local expertise enhances trust, minimizes currency conversion costs, and ensures seamless transactions, making it an optimal choice for businesses targeting Thai customers.
3 - Are there specific regulations and compliance requirements for businesses using payment gateways in Thailand?
Yes, businesses using payment gateways in Thailand must comply with regulations like the Payment Systems Act 2017, Anti-Money Laundering rules, consumer protection laws, PCI DSS, taxation, and data protection laws. These ensure legal compliance and data security.
4 - What features should businesses look for when selecting a payment gateway in Thailand to enhance the customer experience?
- Mobile-Friendly Interface
- Multiple Payment Methods
- Multi-Currency Support
- Security Measures
- Customer Support
- Multi-Language Support
5 - What considerations should businesses keep in mind when integrating a payment gateway with their e-commerce platforms or websites?
Businesses should consider compatibility with their e-commerce platform, prioritizing security and PCI DSS compliance. Ensure the chosen payment gateway offers integration options, such as plugins or APIs, that align with your website's technology stack. Additionally, look for advanced security features to protect customer data during transactions.
6 - How can businesses leverage analytics and reporting tools provided by payment gateways to improve their financial strategies?
Businesses can harness analytics and reporting tools from payment gateways to enhance their financial strategies. By analyzing transaction data, they can gain insights into customer behavior, peak sales periods, and popular products. This information can inform inventory management, marketing campaigns, and pricing strategies, ultimately optimizing revenue and profitability. Additionally, detecting and addressing payment processing issues promptly can reduce revenue loss and improve cash flow management.
7 - What are the future trends and innovations in payment gateways that businesses in Thailand should be aware of?
Businesses in Thailand should monitor the adoption of contactless payments, digital wallets, blockchain, and cryptocurrency. Additionally, trends like biometric authentication, AI-driven fraud prevention, and subscription-based models are emerging. Also, businesses can pay attention to staying informed about regulatory changes, support for international transactions, instant payments, and sustainability in the payment gateway space to remain competitive.