With the continuous growth of the e-commerce industry in Singapore; many banks and payment gateway companies are setting up merchant account services for the online retailers. Having a merchant account for your online business offers solutions through which online business owners can process the secure online payments that are received from clients or partners in a safe and secure environment. 

However, getting access to a reliable merchant account demands a lot of time, especially when the business is considered High-risk. Now you must be thinking about what exactly is a High-risk business? Do not worry. At Paycly, we pledge to resolve each of your queries.

There are various reasons why an acquiring bank may consider businesses as ‘high risk’ because of certain circumstances. High-risk businesses will be unable to secure a standard account with most acquirers. They will instead have to go with a high-risk merchant account, which typically means that the business will incur various restrictions and very high processing fees that will adversely affect the bottom line. 

In simpler words,  a business is generally classified as high risk when both its chargeback potential and the likelihood that it will shut its doors and disappear over-night are considered high based on the history of that type of business. Business merchants who are selling their products or services that fall under the high-risk products will have to face many challenges and have to struggle a lot to avoid any negative repercussions doled out by acquirers and processors. 

Few examples of some high-risk products and industries, but not limited to:

• Online gambling or casinos
• Pharmaceuticals or drug stores
• Adult materials, products or services
• Bitcoins or Forex trading
• Dating services
• E-cigarettes
• PC Tech Support

Nowadays, most of the business owners have to understand various rules and regulations of merchant account providers before signing up for the merchant account services for their high-risk business. In order to help them overcome these hassles, our team at PayCly acts as a mediator between the merchants and the processing companies and help them choose the right merchant account solutions for their businesses and offer you the best Merchant Account for your Business.

Benefits of High-Risk Merchant Account in Singapore

• It helps in increasing your approved transaction rate
• It gives a boost to your payment success rate
• It controls and mitigates the risk of frauds and chargebacks
• It provides highly secured transaction
• It offers multilingual page & responsive web design
• It gives multiple payment options
• It helps in making the checkout process simple and convenient for your customers
• It offers extremely affordable pricing
• It integrates with other channels such as websites, IVR, mobile device

Why choose PayCly’s Merchant Account Service for your High-risk Business in Singapore?

• Fast Transaction
• Cost-Effective
• Multi-Currency Exchange
• Secure Environment
• PCI – DSS Complaint
• Multiple Options
• Fraud Transaction Control

Documents required for acquiring a merchant account for your High-risk business today:

There are certain documents that you need to carry at the time of availing the merchant account-

• Valid KYC of the Director
• Previously owned a payment processor statement of 3 months (if any)
• Recent bank statement or credit card statement of last 3 months

These are some of the basic documents that are a must for opening up a merchant account. In case, if any other document is required for the further process, our expert team will assist you for the same. However, once the whole process is completed, and all your documents are verified, you will get your business account within 5 to 7 business weeks.

If you are an industrialist with a high-risk industry seeking accurate gateway then look for a solution provider like PayCly. Just contact the experts for solutions and they will offer you way-outs related to your dealings. As a merchant, you can go for a High-Risk International Merchant Account for improving your transactions. 

Secure your gateway via a global account 

If you are a businessman with a high-risk corporate, you can look for a global account for safeguarding your gateway. 

• Improve your deals with credit card processing 

If you are a merchant with a high-risk industry, you can improve your dealings with credit card processing. You can go for well-known cards such as Visa, MasterCard, and many more for instant transactions. As a corporate owner, you can process your payment from anywhere, and at any moment. You drive several customers to your webpage. Clients from all over the globe find your website reliable and can, therefore, purchase the stuff. Customers can easily transfer the money from their gateway to yours without a delay. 

• Different currencies offer accurate global payouts 

If you are a merchant, you can look for diverse currency options for exact global payments. You can seek the UK Pound, the USA Dollar, and the Singapore Dollar for global payment processing. As a merchant, you drive numerous offshore customers to your webpage and thus they purchase your product due to different coinage options. Global customers can rely on your website and easily transfer the funds from their gateways to yours. Thus you manage all your international payouts well without any discomfort. 

• Fraud detection tools end scams 

If you are a merchant with a high-risk corporate, you can look for fraud detection tools to end the scams. With a fraud verification device, you can go for PCI-DSS compliance, SSL integration and many more offer you secure gateway avoiding fraudsters who might try to obtain your website info. Thus you can secure your payouts without any hassle on the way. 

• Global way-out for better payment processing

If you are a merchant leading a high-risk industry, you can look for a global way-out for better payment processing. You can secure your gateway through international way-outs. With a global account, you can get several prospects in your business. You can go for diverse nations for promoting your stuff or get associated with diverse clients from abroad. Thus you excel in your dealings as you obtain faster payouts from your customer’s end. Thus you get better payment processing by going for an international account without unease. 

Thus as an industry owner, you can go for a High-Risk International Merchant Account for enhancing your deals without any hamper.PayCly has years of experience in providing a High-Risk Merchant Account in Singapore to customers over a wide range of the geographical region. With Paycly, now you don’t have to worry about your online transactions. We offer a High Risk Merchant Account for your business.