Best Payment Gateway Singapore For Online Businesses To Accept Overseas Payments

 

Wants to expand your online business in Singapore? Well, you need the best payment gateway Singapore for your online businesses.



Starting your own online business is always an exciting journey for any merchant. But, while making your online websites and developing your brand, you must pick the best online payment gateway for your businesses. The best Singapore payment gateway helps you to gain your customer's trust.

It looks like a small decision, but it is a game changer for any online business. A poor gateway can result in a poor checkout procedure on your website, costing your new company potential sales.

According to a recent Baymard survey, 18% of American adults who were shopping online abandoned their cart because the checkout process took too long or complicated. In the same way, 17% said they didn't trust the site with their credit card information, and 7% said the payment gateway needed to offer more options.

So, with this figure, you can imagine the importance of the payment gateway. In this blog, we will discuss Singapore's best payment gateway. So, let's start.

The e-commerce Landscape in Singapore's

Before establishing an online business in Singapore, you ought to know about Singapore's e-commerce market.

As of 2021, the country had 3 million e-commerce users, and by 2025, that number is expected to increase to 4.1 million. Additionally, it is anticipated that by 2025, e-commerce sales will have increased to US$10 billion from US$8 billion in 2021.

This ratio is reinforced by the fact that 90% of Singaporean consumers choose to make their purchases using e-commerce platforms, compared to 43% who do so through brick-and-mortar establishments.

These figures indicate a flourishing and rapid growth of Singapore's e-commerce sector.

What's the Reason Singapore is the First Choice for Merchants for their Online Businesses?



The global e-commerce market has expanded significantly, and various causes have fuelled this growth.

A few factors contributing to the wider adoption of e-commerce are deploying effective payment systems, data analytics, and social media platforms to increase brand awareness and product visibility.

E-commerce is no different in Singapore. Here are a few factors influencing why merchants pick Singapore for their company.

  • Flexible and Effective Payment Methods -

Singaporeans have great flexibility thanks to the variety of payment options available, especially cashless ones, which promote online shopping. By 2024, mobile wallets are predicted to surpass credit cards, which formerly accounted for the largest portion of the payments market.

Some of the most popular payment methods in Singapore are -

Credit cards

Debit card

BNPL (Buy Now Pay Later)

Charge and deferred debit card

Digital wallets

Direct debit

Prepaid cards

Instalments

Bank transfers

Cash



  • Rapid Digitalisation -

The digital economy is flourishing. Most customers move online for their purchases. This switch in customer behaviour has led to the rise of e-commerce businesses.

  • High Internet and mobile Penetration Rates -

Singapore has a high internet and mobile penetration rate. According to the Statista data- the penetration rate is 90.73%. Singapore is one of the fastest internet speeds available to facilitate usage. As a result, more customers have access to the Internet and can conduct business there. It increases the number of people using the Internet, which has fuelled the expansion of e-commerce.

  • Technology Advancement -

E-commerce has expanded significantly as a result of technology. The development of smartphones and other mobile devices has increased the number of people who can access the Internet and conduct online commerce.

Additionally, businesses have provided customers with unique and practical shopping experiences thanks to technology. It has boosted the demand for e-commerce services.

Top 5 Payment Gateway Singapore for Online Businesses

In Singapore, you can get many payment gateways for your businesses. But here, we will discuss the best 5 Singapore payment gateway that support your online businesses and help you to earn more and more profits. So, let's start.

PayCly –

On our list, PayCly is in the top position. It is one of Singapore's most popular and leading payment service providers. Its services are available worldwide, so most merchants prefer PayCly as their payment gateway in Singapore. The best point about PayCly is that it supports all types of businesses, such as high-risk, low-risk, or mid-risk. It offers complete payment solutions, which means merchants can get the payment gateway, credit card processing, and merchant account in one place.

Let's check some of the best features of PayCly -

  • It can accept multi-currency from worldwide.

  • Support various payment methods, such as credit/debit cards, net banking, digital wallets, mobile payments, and crypto-currency.

  • It has invoicing support also.

  • 24*7 real-time support.

  • It offers the best customer support services in the world.

  • The integration process is simple and hassle-free

  • It has a PCI-DSS level-1 complaint. It offers security tools like – anti-fraud tools and anti-chargeback tools.

  • The pricing structure is simple and affordable.

  • Support recurring billing also.

PayPal –

On our list, PayPal is in the second position. Almost everyone is familiar with PayPal. It is one of the most popular payment service providers, with approximately 400 million active accounts worldwide. It is one of the trusted online payment gateway in Singapore for both merchants and customers. But, the only point is that PayPal does not support high-risk businesses such as adult, casino, forex, etc.

Let's check some of the best features of PayPal -

  • Its services are available in more than 200 countries.

  • Support 25+ currencies.

  • Its transaction fees are high. 3.9% plus SG $0.50 for local sales and 4.4% + a fixed fee for international sales.

  • Offers futuristic security tools.

  • It has various payment methods such as credit/debit cards, Internet bank transfers, ACH, etc.

Stripe -

Stripe is in the third position on our list. It is the world's most widely used payment gateway. Most start-up companies and large tech companies prefer Stripe as their payment gateway. It has a global presence.

Let's check some of the best features of Stripe -

  • Its setup is completely free.

  • Support all the popular payment methods.

  • Offers advanced fraud management tools.

  • It supports all major currencies.

  • Excellent customer support services.

DBS PayLah -

DBS PayLah is one of Singapore's most papular local payment service providers. It is one of the best service providers for local customers. The payment gateway directly debits the money from a customer's DBS account. It also allows quick and seamless payments.

Let's check some of the best features of DBS PayLah -

  • Its one-time setup fee is SG $800; its annual fee is SG $1000, and a 3% fee is on credit/debit transactions.

  • Offers all the popular Singapore payment methods.

  • It has advanced fraud management tools.

  • Cover all PCI DSS issues.

  • It has the best customer support services.

WorldPay -

WorldPay is another popular payment gateway in Singapore. Its services are available worldwide. Most merchants prefer WorldPay as their payment gateway. It allows quick and seamless payments.

Let's check some of the best features of WorldPay -

  • It accepts most of the popular credit/debit cards.

  • It supports multiple currencies.

  • Support recurring billing also.

  • Its monthly fee is SG $ 35/month, and credit/debit card transactions incur a 2.7%+ SG $0.37 charge.

  • It has excellent customer support services.

Final Thoughts -

In the upcoming year, Singapore will become the hub of online businesses. So, it is the best time to expand or start your online businesses in Singapore. But, to start your online business, you need a suitable payment gateway.

So, there you have it – Singapore's top 5 payment gateway. We hope this blog will help you to choose the best payment gateway according to your business's needs.

If you have any queries here https://paycly.com/apply-now.php regarding the online payment gateway, do not hesitate to contact the expert team. You can contact us through mail - info@paycly.com or live chat.



Original Content - https://www.linkedin.com/pulse/best-payment-gateway-singapore-online-businesses-


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