These stats are placed above everything else in this article to indicate the significance of credit cards as a payment method among Malaysians. In Malaysia, only cash is the most popular point-of-sale payment method over credit cards. Given the significance of credit cards for payments in the country, a business in Malaysia can’t thrive without the credit card processing service. Credit cards are used for domestic and international transactions. Thus, we can say that there are two types of domestic and international credit card processing services. But generally, a processor provides services for both. In credit card processing, payment settlement takes time, but not a certain period. Although it depends on the payment processor and card network on how much time a credit card processor can settle the payments.
In the business world, there is a saying that "time is
money". It is a fact and the main reason for an online merchant to search
for a credit card processor with quick payment settlements. If you are also one
of those merchants who is looking for the fastest international credit card
processing service in Malaysia, then you have come to the right place.
A brief
introduction to credit card processing
Credit card processing is a procedure for payment
settlement between the credit card company and the merchant taking the
payments. In which the requested funds are transferred from the cardholder's or
customer’s account to the merchant's account.
When this procedure is conducted to collect payments
outside the border of a country or for overseas payments then it is called
international credit card processing.
The process
The literal meaning of authorization is obtaining someone's
permission to use a resource. So is this stage, in which a payment processor
approaches the card association to request authorization before launching a
transaction for the purchase made by the cardholder. In short, cardholders give
the merchant their card information, then the merchant sends that information
to the payment processor, and the payment processor then requests a transaction
from the card network or association.
The second step in the processing of credit cards is the
authentication phase. In this stage, the card network will request
authorization from the cardholder's bank after gaining consent for a
transaction. The issuing bank will confirm the account of the cardholder and authorize
the card network to perform transactions after that.
The Payment settlement is the third and last phase, in
which the merchant's point of sale (POS) sends batch authorizations to the
payment processor. The card network then transmits them to the cardholder's
bank after receiving them from the processor. Ultimately, the appropriate
amount is sent to the merchant's account by the cardholder's bank after
deducting the card network fee.
Signs of a
top-class international credit card processing service
Competitive
Pricing
Prices are the main feature of every product or service. A
customer always prefers a product or service with a reasonable price according
to the product's or service's worth. A reasonable price according to the
offered features of a card processing service is the best package for any
merchant.
Recurring
billing
It is also known as an automatic payment. In recurring
billing, a cardholder allows the merchant to charge their credit card regularly
until the cardholder cancels the arrangements. Recurring billing is a great
option for buyers and merchants because of the convenience and time savings.
Because of recurring billing, the customer and merchant do not have to follow
the same procedure for transactions on a regular basis.
Data
security
It is the key factor in an international credit card
processing service. Information is the ultimate thing in a credit card payment.
So to safeguard this sensitive information, a credit card processor must be
compliant with PCI DSS (the highest standard of data security).
Fraud
prevention and management
In credit card processing, chargebacks are a normal thing
until they are genuine. Because there are a huge number of fake chargebacks
that are posed by the buyers on a merchant. A credit card processor’s work is
to identify such fraud actions and have some kind of management for these types
of fake chargebacks.
Quick
process
In credit card processing, quick processing is the hot
favorite feature of merchants. Especially in international credit card
processing, where payment settlements usually take more time because of the
cross-border verification stages.
Large
banking network
An enormous banking network is the primary need of a credit
card processor. Especially for international credit card processing, where the
process takes a little extra time in payment settlement. In a situation like
this, a large banking network can ensure that there is no delay due to the
bank's failure and be helpful to speed up the process eventually.
Select the
best international credit card processing service in Malaysia for your business
PayCly is the best international credit card processing service
provider in Malaysia. Because it has proven it through its work. Paycly has
every feature that is required for a credit card processor to be the finest. It
provides merchants with everything from data security to recurring billing,
fraud prevention, and quick services. That too at a very reasonable price in
comparison to the offered services and other service providers.
Additional
benefits of PayCly’s international credit card processing service
➢
100 plus currencies to accept payments.
➢
Multi-lingual support is provided for the
cardholder's convenience while making payments.
➢
Fraud management with AI and machine learning
and a specialized team of professionals to monitor every small detail.
➢
Broad international coverage with more than 150
countries.
➢
A dedicated MID (merchant ID) for easily
identifying and managing a merchant’s data.
➢
Instantly approved high-risk merchant account
with the barest minimum paperwork.
And here are the instructions for opening a high-risk
merchant account with PayCly.
How to open
a PayCly high-risk merchant account?
You may rapidly open a high-risk merchant account on PayCly
by adhering to these steps.
●
Visit the website's home page.
●
Next, select "Apply Now" by clicking
in the top-right corner of the screen.
●
The gadget will then display the enrollment
form.
●
Fill out that form entirely with all the
required information.
●
Then, on the following page, you must click
"Submit."
You may easily open a high-risk merchant account on PayCly
by following these instructions.
Last words
As we mentioned at the beginning of the article, this is
going to be helpful for you if you are a Malaysian merchant looking for an
international payment processing service provider. If we go according to the
stats and facts in this article, then PayCly automatically becomes the best
option as a credit card processor for Malaysian merchants, with a transparent
pricing structure without any hidden charges and excellent credit card
processing services.
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