How to choose a suitable high-risk payment gateway for Southeast Asia

 It's always been one of the biggest ironies that human beings always want a lot of options to choose from. But it is also a fact that if there are lots of options available, then there is always a big chance of making the wrong choice. Because the brightest or shiniest star is not always the biggest one in the sky. If you're wondering what the connection is between this intro and the title, I'm happy to tell you that there is a strong connection between this intro and the title of this article. As per the title, the article is about the selection of a suitable high-risk payment gateway for Southeast Asia, and there are literally lots of high-risk payment gateways available in the same region, and choosing one from them is not easy.

Because, if a person does not have any idea about the region’s ground-level conditions and payment gateway service providers, then there are very high chances of making the wrong selection. In this article, we will try to cover all the aspects that are important for choosing suitable high-risk payment processors in Southeast Asia.

High-risk payment gateway and its types

A high-risk payment gateway is a payment gateway that is used by those businesses or merchants that are classified as high-risk by payment processors, financial institutions, and banks. Due to poor credit history or operating a business in which there are very high chances of chargebacks and refunds. But the definition of a high-risk gateway is incomplete if there is no mention of a international payment gateway. A payment gateway works as a mediator between payment processors and merchants to transfer buyers' payment-related data securely.

Types of payment gateways

There are four types of gateways available

1. API-hosted payment gateway
2. Self-hosted payment gateway
3. Hosted payment gateway
4. Local bank integration gateway

Industries that need a high-risk payment gateway

There are a huge number of industries that are classified as high-risk businesses, and for this reason, they need a high-risk gateway to accept payments from customers. Here we have mentioned a very few of them

 

Adult	Background Checks	IPTV	Dating
Health and Beauty	Memberships	Nutraceuticals	Online Gaming
Pawn Shops	Skin and Hair Care	Travel	Vape
Web Design and SEO	Airlines and Booking	Business Consulting	Coins and Collectibles
Debt Collections	Fantasy Sports	Marketing	Pay-Day Lenders
Subscription Boxes	Forex Trading	Online casino	Online betting

Features to consider while selecting a high-risk payment gateway

As a high-risk merchant while selecting a high-risk merchant account and payment gateway, there are some basic features that you have to check before making any decisions. Those features or factors are listed below

Payment convenience for customers

The very first thing that can negatively affect a payment gateway is a bad user experience. If a buyer does not have the option to pay with his preferred payment method, then the user definitely rates that particular platform negatively. This is why it is very important for a merchant to select a high-risk payment gateway that has the option of multiple payment methods. It is a must for a high-risk gateway to provide alternative payment methods like e-wallets, bank transfers, and local payment apps along with traditional ones like credit cards.

Data security

Data security is the prime concern of every merchant when selecting a payment gateway, be it a high-risk or international payment gateway. It is the gateway provider’s utmost priority to provide a safe and secure environment for online payments. A merchant has to always pick a gateway that has PCI DSS compliance, an SSL certificate, and fraud detection tools for anticipating any harm-causing activities.

Merchant-friendly features

If a merchant is choosing a gateway, then one of the prior things to consider are merchant-friendly features like 24/7 customer support, a powerful dashboard, real-time reporting, fraud management, etc., for smooth functioning.

Factors that can create an impact on the selection of a high-risk payment gateway in Southeast Asia?

The ground-level conditions of a country definitely create an impact on the market and customers of that particular country, and there is nothing different in Southeast Asian countries. Here we are mentioning a few factors that have the capability to affect payment gateway services in southeast Asia.

Changing payment method preferences

Now people in southeast Asia are changing their preferred payment methods. According to Statista, in Southeast Asia in 2021, the cashless payment adoption rate was 93%. This rate is an average for the whole region. It is even higher in some countries like Thailand, where it is 94%, and in Vietnam and Indonesia, it is 95%. The countries with the highest cashless payment adoption rates are Malaysia and Singapore, at 96% and 97%, respectively. These numbers are showing that this region is moving quickly towards cashless payment, and if a high-risk payment gateway provider provides the best credit card processing services and APM (alternative payment methods), then this region will become an ocean of opportunity for a gateway provider, and for merchants, the formula is very simple. They just have to look for a payment gateway provider that has every type of cashless payment method.

The vulnerable data security environment

Southeast Asia is in the moderate category of account breaching. From the 3rd quarter of 2022 to the 4th quarter of 2022, the account breaching rate was 52 per 100 accounts in Indonesia. In Thailand, 68 out of 100 accounts were compromised during the same time period. The number is even higher in Vietnam, where it is 83 per 100 accounts. The numbers show how vulnerable the environment is in the region for data security. In these conditions, if a high-risk payment gateway provider does not have enough security features, why would a merchant choose it?

Source https://surfshark.com/research/data-breach-monitoring

Why would PayCly be a worthy option for a high-risk payment gateway provider in Southeast Asia? 

Paycly has all the abilities necessary to be a worthy option for a payment gateway for high-risk merchants in the SEA region.

●      This Singapore-based gateway provider is local to the region, so it is a tailor-made option for acclimating to the conditions of the region.

●      It supports multiple payment methods and currencies, which is very vital for the region’s changing payment preferences.

●      Paycly has top-notch security to tackle the harsh data security conditions of the region.

●      Along with that, it has many merchant-friendly features, like live reporting, 24/7 customer support, a fraud management team, and a high-risk merchant account instant approval.

All these factors help paycly to become a worthy option for a high-risk payment gateway in Southeast Asia.

Talking about instant approvals, if you are a high-risk merchant and looking for an account with no time, then you must apply on paycly. Here is the procedure to apply with paycly.

How to apply for a high-risk merchant account?

One can easily apply for a high-risk merchant account with paycly following the below-mentioned steps.

●      First of all, visit the official website of the paycly.

●      After arriving on the homepage, click on the "Apply Now" button placed on the right corner of the page.

●      Then you will find an application form for a merchant account on your screen.

●      You have to fill out all the requested details in that application form.

●      After finishing up the form-filling procedure, you have to click on the submit button given below that form.

●      After hitting the submit button, you have successfully applied for a merchant account with PayCly.

FAQs

What problems do payment gateways solve?

The payment gateways make sure that the data shared between the merchants and customers is secure. A payment gateway encrypts all the details so anyone (who can cause harm through that data) cannot access them.

Which payment methods are called bank payment methods?

Credit card transfers, direct debits, checks, and all types of card payments are bank payment methods. Because they all have the same basic payment process in which funds are transferred from the buyer’s account to the merchant’s bank account.

How many types of payment gateways are there?

There are four types of payment gateways.

●      The first one is an API-hosted payment gateway.

●      The second one is a self-hosted payment gateway.

●      Third is a hosted payment gateway.

●      The fourth one is the local bank integration gateway.

What is the importance of a payment gateway?

A payment gateway’s main role is to securely transfer data from merchants to payment processors, and due to this secure data transmitting environment, payment gateways are important.

Visit us at: High risk payment processing companies