Which E-commerce Payment Gateway in Singapore and Why?


 Do you have an online store in Singapore? If yes, you have many choices for your e-commerce payment gateway, making it challenging to decide which is best for your business.



By 2022, Singapore's e-commerce market is predicted to generate more than $7 billion in revenue, growing at a 16% annual pace and crossing the $11 billion mark by 2025. The primary cause of this is Singapore's 92% internet penetration rate, which translates to 5.3 million internet users.

With forward-thinking measures like the Retail Industry Transformation Map (ITM), Networked Trade Platform (NTP), and E-Commerce Booster Package, the Singaporean government is on track to become the best nation in Asia for conducting online business.

Thus, if you have decided to start an e-commerce business in Singapore, a key consideration is choosing the best payment gateway that suits your business needs and offers you the best payment methods from several local, regional, and international ones.

In this blog, we will discuss in detail "Which E-commerce Payment Gateway in Singapore and Why." So, let's start.

What is an e-commerce Payment Gateway?

An e-commerce payment gateway provides application services that authenticate and authorizes transactions between your clients and your e-commerce websites. Customer data is sent to the merchant acquiring bank through front-end technology, which is processed together with the transaction.

The processing of credit cards, debit cards, and other payment methods can be done automatically through an e-commerce payment gateway.

Top 5 e-commerce Payment Gateway in Singapore

Here, we have shortlisted the top 5 e-commerce payment gateway in Singapore. You can choose any one that suits your business requirements.

PayPal -

PayPal is in the top position. It is one of the most well-known and well-trusted payment gateways, with over 224 million users worldwide. It offers fast and secure transactions, so most merchants prefer it for online businesses.

Key Features of PayPal -

  • Various payment methods allow the merchant to accept payments via debit and credit cards such as Visa, Mastercard, American Express, etc. It also offers other alternative payment methods such as PayPal credit, iDeal, Mercado, etc.

  • Makes Payments - By controlling cash flow, processing payments quickly, and streamlining payouts, improves the supply chain.

  • Manages Risk - Secures transactions by constant fraud monitoring, PayPal seller protection, and built-in support for two-factor verification using cards (3D Secure).

  • Streamlines operations - Provides reports on sales success, analytics, and dispute resolution.

Its services are available in more than 200 countries and support up to 25 currencies. PayPal is one of the best options for both local and international businesses because of its "3S" – "Speed," "security," and "simplicity."

The main drawback of PayPal is that it is not the cheapest payment gateway in Singapore because of its high transaction fees and it only supports some high-risk businesses.

PayCly -

PayCly is one of the most popular and leading payment solutions in Singapore. It deals with high-risk businesses such as forex, IPTV, gaming, adult, etc. With PayCly, the merchant can get credit card processing Singapore, a high-risk payment gateway and high-risk merchant account at one platform.

Key Features of PayCly -

  • Various payment methods – Accept most debit/credit cards worldwide. Along with credit/debit cards, it also offers e-wallets, net banking, mobile payments, bank transfer, and cryptocurrencies.

  • Makes Payments - Manages cash flow, makes timely payments, and streamlines payouts to assist the supply chain.

  • Manage Risks – It complies with PCI DSS level-1 compliances and offers futuristic security tools such as anti-fraud and anti-chargeback. It also offers 24*7 real-time reposting.

  • Streamlines operations – It has powerful dashboards that allow the merchant to download detailed statistics reports on payments, settlements, refunds, etc.

PayCly services are available in more than 150 countries and support 100+ international currencies. It also offers international payment gateway for global businesses. PayCly also can approve the high-risk merchant account with minimal documents within three to five working days.

Stripe -

Stripe is one of the fastest-growing payment platforms globally. Millions of businesses prefer Stripe to manage their online business payments.

The developer-friendly setup of Stripe makes it simple to customize your checkout to support your customers' purchasing experiences. It focuses broadly on SaaS, non-profits, platform-based choices, and mobile e-commerce.

Key Features of Stripe -

  • Various Payment Methods – It accepts payment through various credit/debit cards such as Visa, Mastercard, and American Express and accepts mobile payments.

  • Process payments – It also supports recurring payments and instant payouts.

  • Settle and Reconcile – Streamlines and expedites the reconciliation of transactions using financial reporting.

  • Manages Payments – Examines information to offer perceptions of charges for various payment methods.

Stripe has many payment options, including Apple Pay and Android Pay. With its potent developer tools, it also offers a broader feature set. This makes it more advantageous by enabling the simplest data import from Stripe into many sorts of software.

GrabPay -

GrabPay is one of the most popular payment solutions in Singapore. Grab began as a private hire business in South-East Asia but has now evolved to include GrabExpress, GrabMart, GrabFood, and most recently, GrabPay and PayLater. Grab currently has more than 138 million downloads across eight countries in the region.

Key Features of GrabPay -

  • Various payment options - GrabPay accepts payment via debit, and credit cards, i.e., Visa, Mastercard, and PayNow.

  • Grab APIs are simple to integrate into your e-commerce website and can be managed through their Grab-Merchant partner app.

Customers can use GrabPay to earn points that can be used to pay for future purchases or other benefits. Customers who use PayLater can choose to pay in 4 interest-free instalments or at the end of the month for their goods and services. Even with these interest-free payments in instalments, merchants will still receive the entire amount due for their goods, and Grab will take on the risk of not receiving payment.

DBS PayLah -

Singapore's current favourite app, is DBS PayLah!. It is a personal mobile wallet that makes it simple to carry out transactions.

PayLah users can use the service by deducting funds from their DBS accounts. It is an excellent payment gateway option for owners of e-commerce websites as it is one of the most widely used payment applications by all ages in Singapore.

For e-commerce industries, the DBS Credit card Acceptance & PayLah Online checkout Streamlines the reconciliation procedures and allows for smooth payments.

Key Features of DBS PayLah -

  • Comprehensive – Channels and services for accepting omni-payments

  • Ease of integration - Customers can transact via DBS PayLah! and also benefit from faster processing with PayLah!

  • Exclusivity - Complete support for installing DBS PayLah! and Payment Gateways API Rapid Checkout

Any Singaporean e-commerce company can quickly improve sales, safeguard transactions, and boost credibility by using this as its best online payment gateway.

Final Thoughts -

Having the best suitable payment gateway in Singapore is essential for any online business because it is one of the most important steps in every customer's online shopping journey. You need to know your target audience and their preferred payment methods as a merchant. According to that, you have to choose the payment gateway and integrate it into your websites.

Knowing the transaction fees will help merchant to avoid excess costs. Above, we have discussed the top 5 best payment gateways in Singapore for e-commerce websites. You can talk to our expert team if you still need clarification. As "PayCly," we are always ready to solve all your queries.



Feel free to contact us through mail - info@paycly.com or directly drop your query here - https://paycly.com/apply-now.php any time to know more about our services.


Original Content - https://www.linkedin.com/pulse/which-e-commerce-payment-gateway-singapore-

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