Southeast Asia is geographically a totally different region from the rest of the Asian continent. Surrounded by mainland China, the Indian subcontinent, the Pacific and Indian Oceans, and Australia. With a land area of 4.5 million km square, a population of 687 million, and a GDP of 3.35 trillion U.S. dollars (2021), SEA is the most suitable and best-emerging place for businesses. Especially for high-risk businesses like e-commerce, forex trading, subscription-based services such as IPTV, etc. But the problem that every business that is trying to establish itself in this region faces is finding a suitable high-risk payment processor. There is an enormous list of payment solution providers in the region, but most of them are biased toward some specific services or business industries.
If you are a local of this region and looking for a
high-risk payment gateway solution for your business, then this article is for
you. Here you will get some tips about the selection of a high-risk payment
gateway for your high-risk business, as well as some of the best options for a
high-risk gateway in this region.
Why a
high-risk business is a high-risk business?
There is no such thing as a high-risk business. It is just
a phrase used by banks and financial institutions for those businesses that
have a financial condition or history that forces banks to think while
providing payment processing services. Such as a business’s poor credit
history, high chargeback rates, or previous unpaid chargebacks. These kinds of
things automatically raise a red flag for a business on its way to getting
payment solutions. And this is the reason why a business with a high chargeback
ratio, a bad credit score, unpaid chargebacks, or a high volume of transactions
is included in the list of high-risk businesses by banks and financial
institutions.
Factors to
consider when choosing a high-risk payment gateway for your business in Southeast
Asia
The selection of a payment gateway is dependent on its
utilization by a merchant. If a merchant is looking for payment gateway
solutions for business operations in a certain country. Then the factors that
are going to be considered while selecting a gateway will be entirely different
from those that are considered for a gateway for business across borders.
Points to be
noted in a payment gateway for domestic business operations
Security features
As a high-risk merchant in Southeast Asia, if you are
looking for a high-risk payment gateway solution for your business then you
have to check the security features first in a gateway. However, according to
data from SurfShark, there was a drop in data breaching in the last quarter of
2022 in almost every country in this region except Brunei and Vietnam. But
still, countries in this region are in the high-risk category for data
breaches. Indonesia is among the top 5 countries with the most data breaches in
the world. This is why you should choose a high-risk payment gateway solution
for your business in any of the Southeast Asian countries. Then you must check
that the gateway has some kind of fraud management technology. It must be PCI
DSS compliant and have an SSL certificate for data security.
Payment options
Options to accept payments are very important for a
merchant to check while selecting a gateway for business in any of the ASEAN
countries. Because every country in this region has a different choice for the
preferred payment option, despite the fact that they all lie in the same zone.
e.g., Singaporeans prefer to pay with cards, Indonesians prefer digital
wallets, and Malaysians like online banking to pay. That’s why you should
always look for a payment gateway that provides local payment apps or methods
as an alternative payment method to accept payments.
Tips for the
selection of a high-risk payment gateway for your business across the border
Acceptance of multiple currencies
It is a primary need for every overseas high-risk payment
gateway to accept payments in different currencies. Southeast Asia (ASEAN)
might be a combined economic zone like the European Union. But it does not have
a common currency like the euro, and every nation has its own currency. So if
you are a businessman searching for a gateway for the entire SEA region, then
you must consider a payment gateway with multiple currency support.
Multi-lingual support
Like currency, every Southeast Asian nation has a separate
language too. For customers' trust and loyalty, it's important for a business
to partner with a payment solutions provider that provides multi-lingual
support for the checkout page.
Wide coverage area
A gateway with coverage of the entire Southeast Asia region
will be the perfect high-risk payment gateway solution for your business. If
you are searching for an international payment gateway in SEA. But nothing is
wrong with it getting some additional benefits like market opportunities beyond
this region. This is why you should always look for a payment gateway that has
wide global coverage for business opportunities in new markets.
Payment methods
A payment gateway for cross-border business might not be
that good if it does not have local payment options for each country in
Southeast Asia. Because the majority of the population in ASEAN countries
prefers to pay with local payment apps. e.g., in Vietnam, a local payment app
called Momo is very popular, and in Singapore, DBS Paylah and GrabPay are
preferred by the locals for online payments.
Data security
As we have already mentioned, Southeast Asia is one of the
regions with the most cybersecurity concerns for businesses. As a consequence
of this, a payment gateway with PCI DSS compliance and an SSL certificate are
important for ensuring the data security of the business and its customers.
Some top
high-risk payment gateway solutions for your business in Southeast Asia
Paypal
Paypal is a global leader in payment solutions, with a
presence in more than 200 countries, regions, and overseas territories. It is
available in every Southeast Asian country and supports 25 major currencies to
accept online payments. For cross-border business, it is one of the best
payment gateways in the world.
2Checkout
2Checkout a Florida-based American payment solution
provider is also available in every important country and territory in the
world. It provides merchants with the option to accept payment from 45+ methods
and supports 100+ major currencies for payment acceptance. Available in more
than 30 languages, this payment gateway provider is available in every single
country in Southeast Asia.
Paycly
Paycly is the only local payment gateway on this list. It
is a Singapore-based payment solutions provider that is known for providing
services to high-risk merchants for both domestic and overseas businesses.
Paycly is available in more than 150 countries across the globe, with support
for more than 100 currencies and payment options. This PCI Level 1 compliant
platform is Southeast Asia’s No. 1 high-risk payment gateway provider.
Why paycly
is the best high-risk payment gateway solution for your business
If you are a local merchant in Southeast Asia. Then Paycly
is the perfect high-risk payment gateway solution for your business. Because it
is a native service provider. So it knows the region and the needs of the
merchants in this region very well. The benefit of being local to the region is
that PayCly is a tailor-made payment solution for merchants in Southeast Asia
that does not need any kind of modification or improvement according to the
region in comparison to other gateways headquartered outside of the region.
Paycly has a lot of advantages if a merchant chooses to partner with it for
payment processing.
Partnership
Perks of PayCly
●
Multiple currency support with more than 100
currencies for payment acceptance
●
Multi-lingual for the checkout page for making
a place in every market in Southeast Asia
●
A dedicated unique MID (merchant ID) for easy
identification and data management
●
Global coverage of more than 150 countries for
business opportunities in new markets
●
100+ payment methods to accept payments,
including the local payment options of every ASEAN country
●
A fraud monitoring team with the support of AI
(artificial intelligence) and ML (machine learning) for fraud prevention
●
Direct payment links to accept payments via
social media or any messaging app or platform
●
A powerful dynamic dashboard for real-time
reporting and a detailed view of the statistics related to the business. Such
as reports on payments, settlements, refunds, etc.
●
PCI DSS Level 1 compliance and SSL
certification to ensure data security.
●
Instant approval for high-risk merchant
accounts with minimum paperwork.
Here is the procedure to apply for a high-risk merchant
account.
How to set
up a Paycly high-risk merchant account?
You can quickly sign up for a high-risk merchant account on
Paycly by following these steps.
●
Check out the homepage of the website.
●
Next, select "Apply Now" by clicking
in the top-right corner of the page.
●
The gadget will then show the enrollment
document.
●
Fill out that form entirely with all the
required information.
●
Then, on the subsequent screen, you must click
"Submit."
With these pointers in mind, you can get a high-risk Paycly
account instantly.
Require
papers for the merchant account
●
Article of incorporation
●
Identity proof such as a passport or driving
license along with a photocopy
●
Merchant’s residence address
●
Business’ latest financial statement, ideally
between three to six months
●
Evidence of the address of the business
●
EIN Documents
●
Canceled check with the accurate name of the
business
Summing
up
At last, we hope that by now it is clear to you why Paycly
is the only option for a high-risk payment gateway solution for your business
in Southeast Asia. So if you have committed to starting a business then you
must choose PayCly as your payment partner for its excellent services and
trustworthiness in payment processing.
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