Credit cards are one of the leading payment methods in the ASEAN region. In this region, Singapore is at the top of the list for using credit cards to make payments. In 2021, 42% of the total e-commerce payments in the country were made by credit cards. (According to a stat by 2c2p). In a country with such a massive credit card penetration rate, credit card processing services become a necessity for a merchant or business. But it is not an easy task to select a high risk merchant service provider when there are uncountable options available. In this article, we will try to unveil the best credit card processing Singapore service providers. But before that, let’s understand credit card processing and how it works.
Credit card
processing (what is it and how does it work)?
Credit card processing is a procedure to make cashless
payments using a credit card. It works as a bonding thread between the
cardholder, or the buyer, the card processor, and the merchant. It starts when
someone taps or swipes a credit card for payment. Then the card details of the
person are shared with the merchant, who shares them with the card processors.
Card processors authorize and authenticate the payment and share the details
with the merchant, which resends those details to the bank after batching. In
the final stage, the bank clears the transaction and transfers funds to the
merchant’s account.
Credit card
processing service providers (Card Processors)
Credit card processing services are provided by card
processors. Card processors are financial networks that act as a mediator
between the merchant and the involved financial institutions to manage the
credit card transaction process. A card processor authorises the credit card
transaction and ensures the timely transfer of the funds to the merchant’s
account. But to collect a cardholder’s vital details and share them with card
processors, merchants need a safer option, and that option is a payment gateway
or a high-risk payment gateway. Which collects all the information on the
merchant’s behalf and shares it safely with the card processors.
Services
providers of credit card processing Singapore
In Singapore, there are hundreds of international payment
gateway service providers that also provide credit card processing services.
There is a huge list of service providers for credit card processing in
Singapore, but here we are mentioning just some of them.
Stripe
Stripe is a world-recognized payment solution provider,
that is an American-based company. It is very popular among startups because of
its low charges. In Singapore, it is among the list of top high-risk merchant
account providers and service providers for credit card processing Singapore.
|
Services |
Payment gateway, credit
card processing, online payments |
|
Setup fee |
Free |
|
Supported currencies |
Upto 100 |
|
Charges on refund |
N/A |
|
Charge per transaction |
3.4% + $0.50 per successful
card charge |
Razer
Razer merchant service is not just in Singapore, although
it is one of the leading service providers in the ASEAN region. Razer supports
over 110 payment methods across the entire southeast Asian region.
|
Services |
Payment gateway,
credit card processing, online payments |
|
Setup fee |
Depends on plan |
|
Supported currencies |
MYR, SGD, IDR, VND,
PHP, THB, AUD, DKK, CHF, and USD |
|
Charges on refund |
N/A |
|
Charge per
transaction |
Varies per currency,
mostly between 1% and 3%. |
Paypal
Paypal does not need any introduction in the fintech world,
where it has been on the market since the 1990s. It is one of the world’s
largest payment solution providers, and in Singapore, the conditions are not
different, where it is a leading payment gateway provider and credit card
processing Singapore service provider.
|
Services |
Payment gateway,
credit card processing, online payments |
|
Setup fee |
Free |
|
Supported currencies |
100+ |
|
Charges on refund |
N/A |
|
Charge per
transaction |
Domestic 3.9% + SGD
2.00 Cross border 4.4% +
Fixed fee based on the currency received |
Paycly
Paycly is an emerging star of the Southeast Asian region in
the sky of payment solutions. It is one of the leading payment gateway and
credit card processing service providers in the region.
|
Services |
Payment gateway,
merchant account, credit card processing, and invoicing solution |
|
Setup fee |
|
|
Supported currencies |
100+ |
|
Charges on refund |
|
|
Charge per
transaction |
These are only a few of the credit card processing
Singapore service providers. Along with the card processing, all of them are
high-risk payment gateway providers, that provide international merchant
account for worldwide trading. But most merchant account providers take a few
days to approve a high-risk merchant account. But with paycly, a merchant can
easily get a high-risk merchant account instant approval just after applying.
Application
procedure for the merchant account on Paycly?
By following the below-mentioned steps, you can easily
apply for a merchant account on paycly.
●
First of all, visit the official website of
paycly.
●
After that, click on the "Apply Now"
button, which is on the right corner of the page.
●
After clicking on "Apply Now," you
will find an application form for the merchant account.
●
Now you have to fill out all the asked details
in the form.
●
After filling out that form, click on the
below-given submit button, and then your job is done.
Conclusion
If you have read the entire article, then you have probably
realized that most of the card processing service providers in the country are
overseas, and they charge a little bit more due to this in comparison to the
country’s own service providers. Paycly (an indigenous payment solutions
provider) could be a better option to replace them as a payment gateway and
credit card processing Singapore service provider.
FAQs
What are the steps of credit card processing?
The very first step of credit card processing is
authorization, and after authorization, authentication is done by the
processor. The third part of credit card processing is batching; after that,
clearing and settlements are done, and in the last stage, the funds are
transferred to the merchant's account.
What is a credit card transaction limit?
A credit card transaction limit is the maximum amount that
can be spent on a credit card. The credit card limit is fixed by the card
issuing company.
How does credit card processing work?
Credit card processing works in a cycle that starts when a
cardholder makes a transaction through a credit card, and then the card
processors authorize and authenticate the transaction. After authentication and
authorization, the batching is done on the merchant’s side. After that, the
payment clearance and settlements are done, and the funds are transferred to
the merchant’s account.
What is the popular payment method in Singapore?
In Singapore, credit cards are the most popular and
preferred method to pay for goods and services. According to Statista, in 2021,
34% of people pay by using a credit card in Singapore. Credit cards are so
popular in Singapore that more than 73% of the country’s total population has
at least one credit card.
Visit us at: Credit card processing for high risk
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