Best Malaysia Payment Gateway Solutions

How PayCly is Helping Malaysian Businesses to Go Globally by Providing the Best International Payment Gateway 

An Introduction to the Malaysian Economy

According to Bain & Company and Facebook, only six Southeast Asian countries (Singapore, Indonesia, the Philippines, Malaysia, Thailand, and Vietnam) have added 70 million more people to shop online since COVID-19 began. The figure reached 350 million people in the region. There are more than 2 billion online shoppers in the world.

Now we have a complete picture of the Malaysian economy, the growing e-commerce market, fondness for international goods, ease of doing business, and a record-breaking growth rate. If a domestic or international business wants to take advantage of this open-air market. In that case, it needs the Best Payment Gateway in Malaysia to accept payments from local and global customers.

Need for the Best Payment Gateway

If you are a merchant who wants to do business, including e-commerce, gambling, the forex market, fantasy games, entertainment, and others, you need to accept payment for the goods and services. The payment gateway is the entity that enables you to do so. There are hundreds of payment gateway in the market, but you have to choose the best one because the payment gateway not only works as a mediator but also as a protector. We will discuss thoroughly in this article the most important features an international payment gateway must offer to its merchant.

A Payment Gateway allows a merchant to accept payment in almost every possible payment method, including cryptocurrency and other recently developed methods.

However, obtaining a local merchant account may be difficult if you are a foreign company looking to conduct e-commerce in Malaysia. In this case, the simplest option is establishing an offshore company and using a third-party payment gateway to complete your e-commerce transactions in Malaysia.

What is a Payment Gateway?

A payment gateway is an interface between your merchant account and an e-commerce website. It is a technology or mechanism that collects a customer's payment details and transmits them to the merchant's bank with full security. It also responds back to the merchant with an approval or denial notification of payment. A payment gateway securely validates your customer's payment information, ensures the availability of funds and transaction limit, and eventually assists you in receiving payment.

An online payment gateway is a cloud-based platform that makes it significantly easier to integrate technology into your e-commerce website and supports ongoing revenue growth for your company. While simultaneously providing shopping for your clients and giving you the ease of plug-and-play, it also safeguards critical payment information with an encrypted data transfer between multiple contexts.

An international payment gateway enables foreign customers to pay for any purchase in their own currency.

Type of Payment Gateway

There are two categories of payment gateway: one is hosted, and the other is non-hosted.

A hosted payment gateway is a mechanism that directs customers to a secure payment page after clicking on the checkout step of the merchant's website. The Payment Service Provider(PSP) hosts or upholds this page.

The clients are initially redirected to a payment page that is different from the merchant's website or mobile app. The customer is again redirected to the merchant's website or app after completing the payment. Simply, these payment gateways serve as a third-party service provider that enables businesses to take payments.

Merchants are more interested in hosted payment gateways due to their straightforward payment setup procedures and reduced merchant liability. These components ensure that third-party payment service providers will handle every step of the transaction process and provide top-notch data security. Hosted payment gateways also help organizations reduce fraud so that merchants can focus on their core competencies.

Non-hosted payment gateways, commonly referred to as on-site or on-app payment gateways, it does not direct-redirect to others' websites for payment completion. A non-hosted payment gateway enables customers to pay only on the vendor's website.

Many online enterprises prefer non-hosted payment gateways for their websites so that they may maintain complete control over the checkout process, including design and layout, and provide customers with a smooth buying experience. Merchandisers can enable customers to complete transactions by entering their debit or credit card details on the checkout page using APIs.

What Essential Features Should a Payment Gateway Have?

Security, Fraud, and Chargeback Prevention Systems

Online businesses are more prone to fraud than offline firms. As per a study by Merchant Savvy, multinational payment fraud has tripled since 2011. In 2021, the figure was $9.84 billion, which grew to $32.39 billion in 2020 and is expected to rise to $40.62 billion in 2027. Further, according to this data, 47% of the company participants stated they had been a victim of fraud in the last two years.

The United States of America's Identity Theft Research Center (ITRC) also published a report on online fraud. As per this report, online thefts in the United States increased 68 percent from the previous year. We can not deny the fact that the COVID-19 pandemic played a substantial role in accepting online payments. Reports suggest that online payments have recorded a spike after the pandemic. With the rise of online payments, online fraud has also risen to a record level.

Even Europe is equally prone to fraud. As per Tech Wire Asia, 1 out of every 4 entities is a victim of online fraud in the Asia-Pacific, and this region is more vulnerable to online fraud.

Due to the customer's ease of access, chargebacks and refunds are a persistent issue for global online retailers. Prior to e-commerce, returns of goods were not an easy process. The customer had to prove the default in goods to get the refund. But since the market has become global and online, a customer has access to purchase any item from any nation. The customer does not need to visit the store to buy or return the product. This ease of access makes the chargeback issue one of the biggest hurdles for the merchant. This makes the e-commerce business a high-risk business.

To deal with this issue, a high-risk payment gateway must offer its customers a three-tier chargeback prevention tool.

It should be the topmost priority of an ideal payment gateway provider to safeguard its merchants form any kind of fraud and chargeback. The best payment gateway must provide its merchants with top-notch fraud prevention technology, including:

• The Address Verification System (AVS) verifies if a buyer's billing address (postal code and the billing avenue address) matches the billing address in data with the card issuer at the time of the transaction.
• The CVV Checker also works in the same way as AVS does. It confirms the validity of the right card.
• Transaction Risk Scoring is an AI-based method of determining the degree of risk present in a transaction.
• 3D Secure Authentication is a security technology used to verify user identities. In card-not-present cases, this adds extra security to payment card transactions.
• PCI DSS compliance is necessary for businesses that receive, store, or transmit credit card information to safeguard the clients' card information. It is responsible for constructing and maintaining a secure network, maintaining a vulnerability management program, strict access control measures, and regular network monitoring and testing.

A payment gateway must offer all these security measures, including multi-factor authentication and other newly developed fraud protection features.

Alternative Payment Options

According to JPMorgan, Malaysian consumers are versatile in using payment methods. At 46% of all transactions, bank transfers are Malaysia's most popular online payment method. Cards come in second place, accounting for 29% of all trades.

In Malaysia, digital wallets are the third most popular payment method, amounting to 7% of all transactions. Cash is used in seven percent of transactions. 7% of transactions are made with cash, but by 2022, digital wallets are predicted to outnumber cash.

States have different preferred payment methods. In the global market, a Malaysian merchant is able to sell his goods all over the world. So an international payment gateway provider must know the preferred payment methods from country to country. For example, the use of cards is higher than that of any other form of payment in America and Europe. In Asia-Pacific, digital wallets outnumber credit cards and other payment methods.

In this digital age, consumers also use cryptocurrencies in addition to more conventional payment methods like cash, credit or debit cards, internet transfers, digital wallets, etc. An international high-risk payment gateway must provide as many payment options as possible to increase the retention rate of customers and help its merchants grow.

Acceptance of Multiple Currencies

Many surveys demonstrate that customers always prefer to buy goods or services in their own currency. A customer does not want to pay in some other standard currency for their purchase. A supported survey of this fact stated that 1/3 of customers left the website or app if they were not allowed to pay in their local currency. An international seller needs the best high-risk merchant account that supports multi-currency processing, as accepting regional currencies encourages clients to buy more. It becomes easier for customers to know the actual price of goods, which also avoids the confusion of currency exchange.

Multilingual Support

When a buyer attempts to purchase products from an overseas merchant's website, clicks the "Buy" button, and sees the checkout page in another language, he may abandon the transaction. The reason is simple: every customer wants to see the actual price, item, and terms & conditions in their own language so that they can be assured that everything is correct. Remember that every minor flaw on your checkout page undermines the credibility of your website or application and accounts for the loss of business.

A payment gateway's customer-centric strategy must include multilingual support. It puts you above your competitors and increases consumer loyalty and retention rates. It improves the customer experience, which helps create brand value.

Customization and Integration

An online seller understands the importance of having a user-friendly website or app. An online retailer is always willing to improve its website or app to make it simpler for its customers to use. However, what occurs if the checkout process is inconvenient? You'll gradually lose your customers' trust, resulting in a decline in revenue and consumer engagement. To satisfy the needs of a merchant, a payment gateway must be easy to use, simple to integrate, and adaptable.

The best payment gateway integration should be compatible with all shopping carts. Some of the top payment gateway service providers provide vendors with their own shopping carts, allowing them to onboard the service in the shortest amount of time and with the least expense. The "plug and play" integration service makes it easy to fulfill eCommerce requirements and helps businesses have efficient and flexible payment processing.

Customer Experience

It is relatively essential to ensure a smooth checkout ride. Slow payment processing can ruin the overall buying experience. It can directly impact revenue by diverting customers away from your site. If customers do not trust your payment methods or if the checkout appears suspicious, their wallets are likely to remain closed. To ensure a fantastic experience, the payment gateway should be optimized so that customers can save without difficulty from their respective devices.

Merchant Onboarding

When it comes to service provider onboarding, cost and speed are crucial. The setup and processing fees should be competitive enough to fit the merchant's budget. The onboarding process is critical to ensure the legitimacy of the participating retailers. It includes checking for KYC compliance, determining creditworthiness, and finally completing the activation process. However, the payment gateway provider must allow a digitized onboarding and verification offering to start transacting with customers sooner.

Industry Support

It is also a crucial factor before choosing a payment gateway; entrepreneurs must ensure that it serves both their current industry and their expected future business. If you are a high-risk merchant, make sure the service provider can offer you a high-risk payment gateway.

These are some prominent industries where a Payment Gateway must offer its services:

• E-commerce
• Travel
• Furniture
• Forex market
• IPTV or OTT
• Casino
• Gambling or Betting
• Fantasy Games
• iGaming
• Adult Toys Industry
• Tobacco and E-cigarette
• Tech Support
• SMM

We've mentioned only a few important industries here, but PayCly believes that an ideal payment gateway must offer payment gateways to almost every industry.

24*7 Customer Support

An international business needs to have customer support 24*7 as people around the globe can shop at their suitable time. An international merchant works 24*7, so he also needs a payment gateway that provides 24*7 customer support.

Customer support should be available in local and foreign languages, offering a straightforward and immediate resolution to any concerns.

These are the key features of a payment gateway that we have covered. Before selecting a payment gateway, a merchant must examine the abovementioned features.

How PayCly is Helping Malaysian Businesses

PayCly has proved itself as the best Southeast Asian payment gateway. Our services are worldwide, and we are one of the top-ranked payment gateways in the world. In Malaysia, we have been providing our best services for years and are continuously helping Malaysian businesses expand by providing the best high-risk payment gateway. We are also assisting Malaysian companies in increasing their presence globally by providing them with the best international payment gateway. We also assist businesses with international rules and regulations and help them to save on taxes and other expenses.

We also provide our services to foreign merchants who want to enter the lucrative Malaysian market by providing a local merchant account or third-party payment gateway.

PayCly is the most feature-packed payment gateway in the Malaysian market. Here are some of the features that PayCly can assist you with:-

• PayCly supports a number of industries that are "Low-Risk" and "High-Risk." We are specialists in the High-Risk Payment Gateway. We provide our services to almost all industries. Some of them are E-commerce, Travel, Furniture, Forex market, IPTV or OTT, Casino, Gambling, Betting,Fantasy Games, iGaming, Adult Toys Industry, Tobacco and E-cigarettes, Tech Support, and SMM Boosters.
• PayCly's payment gateway includes a Sophisticated Anti-Fraud System that employs artificial intelligence, pattern recognition, and user profiling to assist you in detecting and preventing payment fraud as efficiently as possible. PayCly's secure payment gateway has all the essential features, including AVS, CVV Checker, Fraud Scoring, 3D Security Authentication, PCI DSS compliance, and other futuristic techniques to safeguard its merchants.
• PayCly follows three-tier Chargeback Prevention Tolls: pre-transaction, post-transaction, and source detention. Most other payment gateways do not provide this sophisticated method of chargeback prevention.
• PayCly offers you Multiple Alternative Payment Options, including credit or debit cards, buy now, pay later, virtual wallets, bank transfers, and loyalty payments, as having multiple payment options can enhance your sales.
• PayCly easily integrates with all the shopping carts. Easy integration makes the process more smooth and more flexible.
• PayCly offers you faster payment processing, as we believe that efficiency determines your business success. The quickest payment speed also helps improve your trust in the customer.
• PayCly also offers its merchant Recurring Billing System: Subscription-based businesses can definitely take advantage of recurring billing. It is essential for OTT, IPTV, Dating, and Gaming apps business.
• For PayCly, the customer is everything. We give our clients the utmost priority. Our primary goal is to satisfy consumers since they are more likely to provide us with future business when pleased. We are here to help them whenever they need us.

Conclusion

In this article, we've seen many aspects of the market as well as payment gateways. We now know what a payment gateway is, how a payment gateway helps a business to grow, how to choose the best payment gateway in Malaysia, and what essential features a payment gateway must have. We have also examined PayCly's advancement over hundreds of payment gateways We can clearly say that no other players in the market are providing the level of facilities that PayCly is providing. We feel proud to serve the Malaysian people and help this glorious country to become a high-income economy from a middle-income economy.