When you buy goods and services online, you pay for them with a digital payment method. Because of the increased usage of internet-based banking and shopping, a variety of e-commerce payment systems have emerged, and technology has been developed to increase, improve, and safeguard e-payment transactions. By decreasing paper effort, transaction expenses, and staff costs, paperless e-commerce payments gateway Singapore have revolutionized payment processing.
PayCly is one of Singapore’s most popular payment service providers, can help you reach out to more local customers. We integrate software into your business platform that deducts the payment from the shopper’s DBS account, resulting in rapid and painless transactions. It’s simple to incorporate into your e-commerce platform and supports omnichannel payments.
Here are some of the factors that you should consider while choosing a payment gateway service provider.
Fees for transactions
Fees such as transaction fees, monthly fees, and startup fees are among them. The smaller the fees, obviously, the better! Although the difference in transaction costs between payment gateways is less than 1%, with an increase in the purchase price and volume, they could add up to a significant sum. This is especially effective if your company is in the luxury or premium goods industry.
Accepted card types (Mastercard, Visa, Nets)
Of course, you must ensure that the payment gateway provides your target audience with payment options. The majority of Singaporeans are comfortable making internet purchases with their credit cards. However, whether you’re marketing to the local or worldwide market is a crucial factor to consider. Determine how your target audience likes to pay and make sure the payment gateway can accommodate it.
Payments made on the spot
It’s the appearance and functionality of the payment page. Customers shouldn’t have to perform any more work to place an online order while using a payment gateway. It should be simple to operate. As a result, it’s critical to employ a reliable payment gateway to boost website credibility, especially for new firms.
Integrate Payment Gateway in Website
Payment gateway integration is ultimately determined by your company’s requirements. Is modification required, or will a standard hosted gateway suffice? If your company is fresh, simple, and straightforward, integration may be the best and most tempting solution. Instead of spending days integrating your payment gateway into your website, you can devote more time and effort to the success of your product launch.
Recurring vs. One-time Payments
Some payment gateways include the ability to collect recurring payments, which is a handy feature. Consider having to manually enter your payment information each month. Conversion rates will undoubtedly drop as a result of such a time-consuming approach. If your company sells subscriptions, the ability to set up recurring payments is really handy. Billing information may be securely saved, and payments can be made automatically, saving your customer’s time and effort.
What are the different kinds of payment system in use today?
Using Your Credit Card
Credit cards are the most common method of payment for e-commerce transactions. It’s easy to use; the consumer simply enters their credit card number and expiration date in the relevant spot on the seller’s website. By comparing the CVN number to the cardholder’s information, the CVN system aids in the detection of fraud.
Debit Card
Debit Card Debit cards are India’s second most popular e-commerce payment method. Customers who wish to stay within their budget when shopping online prefer to use their debit cards. With a debit card, the consumer can only pay for acquired items with money that is already in his or her bank account.
E-Wallet
E-Wallet is a kind of account that allows customers to stores numerous information with respect to credit cards, debit cards, and bank account details. This eliminates the need to manually enter account information each time a payment is made.
Netbanking
Another popular method of e-commerce payment is through PayPal business. It’s a straightforward method of paying for online goods using the customer’s bank account. It works in a similar way to a debit card in that it pays money from the customer’s bank account. Net banking does not necessitate the usage of a card for payment purposes, but it does necessitate the user’s registration with his or her bank. The customer only needs to enter their net banking id and pin to complete the transaction.
Payments via mobile device
Mobile phones are one of the most recent methods of making internet payments. Instead of using a credit card or cash, the consumer just sends a payment request to his or her service provider through a text message to set up the mobile payment system, the consumer only needs to download software from his or her service provider’s website and attach his or her credit card or cell billing information to it.
PayCly is providing Payment Gateway Singapore to allow merchants to pay with credit cards. PayCly is perfect for new business owners since it distributes money immediately, allows for easy transaction information verification, and provides full encryption.