Why PayCly is One of the Best Payment Providers in Malaysia to Thrive in High-Risk Sectors


 The Malaysian payment landscape has changed a lot since COVID; nearly 60% of consumers in Malaysia now use cashless methods for payments, according to the Consumer Payment Attitudes Study 2022. According to the same study, cashless payment adoption rates in Malaysia are second best in the Southeast Asia region with 96%. As a result, businesses in Malaysia are switching to online operations to acclimate to consumers’ preferences for paying with online payment options. However, in this move toward digitalization, many businesses, like forex, subscription-based services, or e-commerce stores, have to face problems getting genuine payment processing solutions that can help them accept payments via online payment methods. Because businesses like these that pose higher chances of chargebacks or online fraud are considered high-risk businesses, and the majority of the payment providers in Malaysia generally refuse to provide services to them due to the risk factor in payment processing.

However, there are some payment service providers in Malaysia, like PayCly, that show some courage and provide payment processing services like high-risk merchant accounts and payment gateways. In this blog, we will delve into the merchant account services of PayCly and try to identify the features or attributes of these accounts that make PayCly one of the best in the business.

Before delving into the features of PayCly’s merchant accounts for high-risk businesses, it’s important to highlight that PayCly is a local service provider that is totally aware of the local market trends. Thus, provides lot more flexible and customized payment solutions to acclimate with a particular business's requirements. This quality of Paycly is a very big reason for the image of PayCly in the Malaysian market that we see today.

The attributes of PayCly's merchant account that make it a suitable high-risk payment processing solution provider in Malaysia are:

Fraud prevention and chargeback protection

According to Statista, the number of e-commerce frauds in Malaysia increased by 63% in 2021. Malaysia has lost some 415 million MYR to scammers in the first seven months of 2022, as per a report by KPMG. According to news published in the New Strait Times in September 2022, online scams are increasing in the country, and Inspector-General of Police Tan Sri Acryl Sani Abdullah Sani said the cases involved online sales scams, online trading scams, fake loans, and SMS scams.

In such a hostile cybersecurity environment, businesses that are always on the brink of online payment fraud definitely need a payment provider that can ease things up. And PayCly does the same as it provides a merchant account for high-risk businesses with a sophisticated fraud prevention system consisting of AI and machine learning-based fraud detection tools that can sense any sort of fraud payments and eradicate them immediately. Because of machine learning experience, it can easily detect fake chargeback requests and help businesses cope with high chargeback rates. Because of its brilliant fraud management system, PayCly is counted among the best payment providers in Malaysia.

Aligning with the local payment preferences

According to the PPRO, bank-to-bank transfers are the numero uno in Malaysia when it comes to online payments; after that come cards and e-wallets, respectively. Malaysian consumers prefer local payment methods in place of global brands. The Global Payments Report 2023 by FIS suggests that local payment methods like Touch n Go, GrabPay, Boost, and ShopeePay are the most popular payment options among Malaysian consumers.

Considering the payment preferences of local consumers, PayCly provides a merchant account that can accept every card in circulation in the Malaysian market, irrespective of its network. It also provides 20+ local payment options as alternative payment methods in case a buyer wants to pay with local payment methods. PayCly has a vast banking network consisting of major banks in Malaysia to level up its bank-to-bank transfer payment game.

Multi-lingual tech support

This is the trick the majority of payment providers in Malaysia miss. Being a multi-ethnic cultural society, Malaysia requires a service provider that can provide service in the major languages of the country. Because the majority of merchants as well as consumers prefer to use a payment service provider that can provide services in their language, as suggested by a study conducted in Malaysia in 2021. Therefore, the majority of the high-risk merchants in Malaysia prefer PayCly as their merchant account provider.

Mobile compatibility

A report by PPRO suggests that 56% of Malaysians use mobile devices to complete their online transactions. According to the FIS Global Payments Report 2023, mobile commerce has been increasing in the country and is expected to reach 69% in 2026 from 65% in 2022.

Taking note of this, PayCly provides a payment platform that is totally mobile-optimized and user-friendly.

Excellent credit card processing

As we mentioned earlier in this blog, cards are one of the most used payment options in Malaysia for online payments. And the FIS Global Payments Report 2023 shows that there are three big players in the Malaysian card market: Visa, MasterCard, and American Express. And PayCly has tie-ups with all of them, which helps it provide high-risk merchant accounts with faster and safer card payment processing services.

Ending Words

In short, if you want to choose a payment provider for your high-risk venture in Malaysia, then you can rely on PayCly. Apart from the above-mentioned qualities of its merchant accounts, PayCly’s merchant accounts are known for their affordable processing fees and transparent payment structure, which makes them a good option for high-risk merchants in the lower income bracket. If all of this blog can be summed up in just one line, then it would be, choose PayCly, if you need a high-risk account for your business, because it is one of the best payment providers in Malaysia for high-risk merchant accounts and for other payment processing services too.

Visit us at: Online Payment Services for forex trading    

Originally published on : Medium Blog

 

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