Credit cards were the most widely used payment method globally for a significant time, and they are still the most widely used payment method worldwide. But now digital wallets are filling the gap and breathing under the neck of credit cards. Despite this fact, the majority of developed countries still choose credit cards as their preferred payment method. One such country is Singapore, where 41.74% of people aged 15 and older have a credit card, according to a survey by The Global Economy. Singaporeans love to pay with credit cards. This fact gets mentioned in a report in The Straits Times, which says that credit cards will represent 36% of all point-of-sale (POS) transactions with a monetary value here in 2022, followed by debit cards at 21% and cash at 19%. Digital wallets were in second place with 32% of e-commerce transactions, but credit cards accounted for 42% of all purchases. Cash on delivery accounted for just 1% of the entire transaction value, while debit cards lagged at 11%. Given these statistics, choosing the best credit card processing Singapore becomes a necessity for a Singaporean merchant, especially for high-risk merchants. If you are a high-risk merchant in Singapore, by going through this article, you can easily get the best credit card processing service for your business.
Why do
high-risk merchants find it difficult to get a credit card processor?
Usually, credit card processors provide services to every
business except some that are categorized as high-risk by banks. Merchants
involved in such businesses are known as high-risk merchants. These merchants
find it difficult to get credit card services because the business in which
they are involved has some traits that are not considered good from the
perspective of payment processing. As a result, the majority of card processors
deny providing credit card services to high-risk merchants. A few of those
traits are mentioned here:
High
chargeback ratio
Chargebacks are the worst thing for a credit card
processor. And it is one of the prime reasons for a business to be named
"high-risk". A card network has to go through a long procedure to
check for a payback claim, and if a merchant defaults, the card network will
become responsible for the payment. This risk becomes unbearable for high-risk
businesses due to the high chargeback ratio. As a consequence of this, the
majority of credit card processors deny providing services to high-risk
merchants.
Transactions
in high volume
Credit card processors usually hesitate to provide services
to businesses that have a high rate of transactions on a daily basis. Such
businesses are more vulnerable to payment fraud-related activities as compared
to others. This is the reason why merchants with such businesses have to face
difficulties in getting the best credit card processing Singapore.
Unregulated
business market
A merchant with a business that does not have a regulated
market, an authorized body, or any kind of specified regulations prior to the
business activities faces a tough time getting credit card processing services.
Card processors avoid the risk element of such businesses due to the lack of
market regulations.
Businesses
in a volatile market
Market volatility is also a major reason why high-risk
merchants remain shy about credit card processing services. A business with a
volatile market remains always on the verge of collapse, considering the fact
that the majority of credit card processors choose to stay away from such
businesses and merchants.
Considerable
points for a high-risk merchant to choose the best credit card processing
Singapore
Banking
network
The banking network is the backbone of a credit card
processing service provider. A card processor with a large banking network can
be the best credit card processing Singapore for high-risk merchants. Because a
credit card processing service with an extensive business has numerous acquirer
banks that work as stand-by banks to fill the place of the main acquirer bank
in between any kind of troubleshooting to process the payment without any
interruption. This is why a high-risk merchant has to prefer a credit card
processor with a large banking network that has partnered with major domestic
and international banks in Singapore.
Chargeback
protection
As a high-risk merchant in Singapore, you have to look for
chargeback protection from an online credit card processing service provider.
Because it is a major concern for financial loss for merchants and processors
due to fake chargeback requests. These fake payback requests are a major
portion of the overall chargeback requests. Thus, the best credit card
processing Singapore for a high-risk merchant could be one that can provide
protection against those fake chargeback requests by using AI and fraud
detection tools to prevent such fraudulent attempts.
Multiple
currency support
For a high-risk merchant, possibly the best credit card
processing Singapore could be one that can provide multiple currency support.
Because a high-risk merchant is frequently involved in cross-border
transactions. And international transactions consume more time and incur a
little extra fee due to the currency conversion for payment processing. But if
a card processor provides support for foreign currencies for payment transactions,
then all these things are not required for payment processing, which can save
time and money for a merchant. Thus, a high-risk merchant has to choose a
credit card processor that can provide multiple currency support.
Payment
settlement time
The payment settlement time of a credit card processor has
great significance for merchants when selecting a service provider. Because
delayed or late payments are not liked by anyone. Thus, a credit card
processing service provider with quick payment settlements should be the
priority of a high-risk merchant.
Data
protection and fraud management
Singapore is a country where cybersecurity is a major
concern. According to the International Trade Administration, in Q2 2022, there
were around 2 million cyberattacks in Singapore. The two most frequent assaults
were ransomware (35 percent in volume in 2021) and data theft (10 percent).
Considering the fact that the best credit card processing Singapore could be
for a high-risk merchant that can provide PCI DSS-secured transactions (which
is the highest payment card data security standard in the world). Because
high-risk businesses are more prone to online fraud.
Pricing and
fee structure
The best credit card processing Singapore for a high-risk
merchant could be the one that can provide services at competitive pricing.
While selecting a credit card processor, a merchant has to look for a pricing
structure that does not have any hidden charges.
How can we
help you get the best credit card processing Singapore?
Honestly, we can’t help you much to get the best high risk credit
card processing Singapore. Although, if you want, we can be the solution to
this problem. We (PayCly) are one of Singapore’s best credit card processing
service providers. And PayCly is a specialist in providing services to
high-risk merchants and businesses. PayCly is not just Singapore’s but the
entire region of Southeast Asia’s best credit card processor. Here are a few
reasons why PayCly could be the best credit card processing Singapore for a
high-risk merchant:
●
PayCly has a coverage area of more than 150
countries.
●
It supports more than 100 foreign currencies
for payment processing.
●
PayCly has an extensive banking network with
major national and international banks in Singapore.
●
Compliance with PCI DSS for ensuring data
security.
●
A fraud management team with AI, machine
learning, and fraud detection tools to detect and eliminate any possible fraud
attempt, such as fraud chargeback requests.
●
The best competitive prices in Singapore, a
transparent fee structure with no hidden charges.
●
Support for every card network in Singapore.
PayCly is arguably one of the best credit card processing
Singapore that provides services. A high-risk merchant can easily get the
services of PayCly by just following the given instructions.
How can I set up a
merchant account with PayCly?
To create a PayCly merchant account, the following
conditions must be met:
●
Visit the website's home page.
●
"Apply Now" is an option in the
drop-down menu in the top-right corner of the screen.
●
The registration form will immediately display
on your smartphone's screen.
●
The application must have all required fields
filled out.
●
To continue, select "Submit."
Following these suggestions, you can select one of the best
credit card processing high risk merchant Singapore.
Visit us at: High risk payment processors
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