Merchant account in Singapore
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merchant account providers in singapore
With the growing e-commerce business in Singapore; banks and payment gateway companies are setting up merchant account services for the online retailers. Merchant account offers solutions through which online business owners can process the online payments that are received from clients or partners in a safe and secured environment. Opening up a merchant account demands a lot of time, especially when there are too many processing companies involved in the online business. Business owners have to understand various rules and regulations of merchant account providers before signing up for the merchant account services. In order to help them overcome these hassles, we act as a mediator between the merchants and the processing companies and help them choose the right merchant account solutions for their businesses.
E commerce market in Singapore
E-commerce market in Singapore is rapidly flourishing because of hi-tech life functionality and emphasis from the Singapore government to transform the country into international customer centric hub with innovations based on customers online. As per the World Bank ranking, Singapore is the second best place to do business owing to its progressive IT infrastructure. Online shopping is speedily catching up with online sales going up in 2015 upto SGD 4.4 billion.
Online payments in Singapore
Most of the online payments are done through credit cards or debit cards. Payment through e-checks and ACH system are slowly catching up in Singapore online business. Payment with ACH is more or less same as payment done using a credit card. Just by providing the pre-approved bank account number it can offer a payment request.
Choosing the right merchant account providers for online business in Singapore:
To choose e-commerce payment gateway is a tough business. The online retailers need to have a complete understanding of rules and terms followed by the payment gateway companies, and knowledge of high risk market, low risk market, transaction fees for high volume sales, sign up fees, acceptable payment options, supported countries etc.
Procedure to be followed while choosing the payment gateway providers:
- Online business owners need to submit an application with the merchant account providers
- Sign up fees if any
- With application approval, get the website up and running
- Check with the providers about the payment options (Credit/ debit, e-checks and ACH payment options) and in which all countries
- Understand the terms and conditions followed on high risk business transactions and respective fees
- Chargeable fees on high volume sales
- POS terminals/MOTO
- Check for fraud detection tools and chargeback alerts
- Check on the client references
Benefits with us
- Over 100 countries credit/debit payment processing solutions for the merchants
- Multi currency payment options for the business owners
- Accommodation to low, mid and high risk merchant accounts
- Easy set up with an online application and KYC document to open up international merchant account
- Chargeback alerts solutions with no set up cost for fraudulent transactions
- Integration of online business transactions with the processing gateways that offer high security to the data at a reasonable cost
- Offer a secured and certified PCI DSS solutions to both merchants and merchant account providers
- Zero cost setup on e-checks and ACH solutions with highly secured gateway processors especially in U.S market
Free services in providing advance funding options to the merchants from leading lending companies.
Now to get a clear understanding of various gateway companies and to select the appropriate among them gets on to be a difficult task. Either the company has its own dedicated resource to check on their services or can contact us to make their job easy. Our tie ups with various national and international payment providers helps to make credit/debit/ e check processing business very simple and reliable.