Why PayCly Should Be the Only Option Businesses Look Forward to Accept Payments Online in Singapore?


Singapore is one of the most prosperous countries in the world and surely no. 1 in the Southeast Asia Region. Known for its futuristic approach, Singapore is a country that is fond of technology. Due to its love for technology, this country has turned everything internet-based, and business is no exception to this. According to a DataReportal report, 92% of the total population of the country has access to the internet. As a result, it becomes quite easy for businesses to switch to online operations, which is always a fruitful decision that helps businesses garner a wider customer base and grow across the nation. Because of the benefits of online operations, the majority of businesses now run online, and as a result, they have to accept payments online too, which brings a little bit of worry.

Accepting payments online is not as straightforward as it seems to be. To accept payments via online methods, businesses need proper infrastructure that can process payments for them. This is the moment when banks enter into the conversation, but banks have tight guidelines to provide such services. It creates a void of services for online payments that is filled by the online payment processors. These payment processors are so important for businesses that they can influence the service-providing abilities of a business.

Hence, selecting an online payment processor becomes more of a strategic move that can make or break a business. However, picking up a payment processor could be a daunting task due to the thousands of options available in the market, where everyone is depicting itself as the best. But if you need the best in real, then you have to choose PayCly. In this article, we will shed light on the reasons why it is a go-to option.

Problems Businesses Face During Online Payment Processing in Singapore

Security Concerns

While making payments online, the biggest threat is data breaches or data theft, and Singapore is a vulnerable place for it. According to news published in ETCIO Southeast Asia in June 2022, Singapore was 6th in the world for having the most databases exposed to the internet. In such a hostile place for online payment, businesses need a payment processor that can safeguard their and their customers’ vital financial details during online transactions.

Regulatory Hurdles

Singapore has strict regulations regarding payments via online methods and data protection. Businesses must ensure compliance with regulations such as the Payment Services Act (PSA) and the Personal Data Protection Act (PDPA).

Technical Issues

Technical glitches, such as server issues or slow processing times, are one of the major concerns businesses face when accepting online payments. During payment processing, this can frustrate customers and lead to a negative perception of the business.

Processing Fees  

Usually, businesses can be found overpaying processing fees for accepting payments online in Singapore due to a lack of market awareness. Businesses need to carefully evaluate the costs associated with different payment methods and providers to optimize their expenses.

PayCly’s Solutions to These Problems to Accept Payments Online

Ø  To rule out the security concerns from the equation of online payments, PayCly provides businesses with a payment gateway with sophisticated security measures like encryption technology, 3D security, and a fraud detection system consisting of AI and machine learning experiences to safeguard businesses and their customers’ data.

Ø  PayCly helps businesses overcome regulatory hurdles by providing assistance in complying with industry-related compliance authorities.

Ø  To rule out the technical issues in online transactions, PayCly developed a massive network of banking partners across Singapore that helps in decreasing downtime and gave PayCly the freedom to switch banks for processing payments while facing technical problems.

Ø  PayCly is not among those processors that overcharged their clients. In fact, it has one of the lowest processing fees in Singapore because of its crystal clear payment structure, where businesses can easily track their expenditures on payment processing and pay for actual services instead of hidden ones.

Conclusion

To sum up the things in a single sentence, PayCly provides solutions for all problems businesses face in Singapore while processing payments. This makes PayCly a strong contender to be chosen by businesses for partnering to accept payments online in Singapore, considering the fact that it has a phenomenal record in online payment across the entire Southeast Asia for almost a decade.

Visit us at: Internet Credit card payment processing

Originally published on : Google's Blog

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