The vast majority of transactions take place in cash in poor nations all over the world, and Thailand has been no exception to this rule. Its cause is fairly simple to understand. The three main causes of excessive cash transactions are a lack of technology, infrastructure, and knowledge. But in Thailand and other developing nations, there has been a widespread trend toward digital transactions due to the amazing expansion of cell phones, the internet, and technological advancement.
Recall the data from six to seven years ago, when it was estimated that close to 70% of the people of the nation preferred cash. The tide has been steadily shifting in favour of online payments due to the growth of the internet, the low cost of internet data, and technological developments. The rise to online purchases has been fueled by Thais’ growing obsession with their smartphones, especially the middle class.
Do you have questions about how to start taking payments online? Bravo for you! More consumer purchases will be made online in 2020 than ever before. In particular, mobile payments are becoming more popular. PWC reported that during the past ten years, the number of consumers making mobile purchases has more than doubled.
International Payment Gateway Offers a wide range of payment alternatives is essential for online retailers. According to the 2016 Annual Billing Household Survey, 3.6 different payment methods are used on average by customers to pay their monthly bills.
What does PCI DSS mean and how does it apply to your company?
A multinational association called PCI DSS (Payment Card Industry Data Security Standard) is involved in the promotion of credit cardholder data standards in companies all over the world.
The major goals are to improve, spread, and aid in the creation of standards for secure payment involvers.
Principal credit card companies made the following determination:
- Financial Services at Discover.
- United States Express.
- MasterCard International
What conditions had to be met for the PCI council to be established?
Criminals abound, and the internet payment sector is no exception. To begin with, credit card businesses have had several data losses that resulted in the loss of a sizable amount of credit card information. Then they decided to stop the trick before it stopped them since they were tired of it.
The Privacy Rights organization estimates that 11 billion significant informative records have been compromised.
In contrast, payment institutions began putting their security criteria into practice. A unified PCI DSS standard has been implemented as a result of this tendency.
The best Online Payment Gateway methods for taking money on your website in Thailand
There are many possibilities to think about with the quick development of payment technologies. The most common methods for accepting payments online in 2020 are all listed below.
1. Allow online credit cards and debit cards
The e-commerce market is dominated by credit cards. In fact, 48% of poll participants said they prefer using credit cards and PayPal for online purchasing over debit cards. The most extensively used credit cards worldwide as of 2020 are Visa, MasterCard, and American Express. Processing fees for credit/debit cards typically cost 3% each transaction.
Payment cards are still the most popular method of payment, with a share of 53% in Europe and 49% in the USA, despite the rising popularity of e-wallets and crypto currencies. Keep in mind that accepting credit/debit cards necessitates a merchant account, unlike alternative payment methods. Learn more about merchant accounts and how to apply for one.
Credit card use is not the only option, despite the great numbers. Cards won’t be helpful to businesses looking to expand in Africa, Latin America, or the Asia-Pacific region. As was already said, the card infrastructure in the regions isn’t very well established. Unbanked consumers make up a large portion of the problem.
2. Recognize eChecks via ACH processing
American businesses frequently offer their consumers the opportunity to pay with e-checks. If you are not targeting the United States, skip this section because ACH transfers are only accepted there.
A bank-to-bank electronic transfer known as an ACH is orchestrated by the Automated Clearing House network. Although the customer’s bank account is debited for both ACH and credit card payments, the payment method varies greatly. A consumer writes out his credit card information when paying with a credit card. He then confirms the transaction.
3. Recognize in-app purchases
For the majority of customers and businesses, mobile payment is already a part of daily life. It enables us to instantly receive the email receipt and payment confirmation. With access to cash flow reporting, client account management, and a user-friendly invoicing system, mobile payments also assist businesses. Once a customer connects his credit card to a particular app, he can make repeat purchases without requiring further authorization.
4. Email invoicing using Click-to-Pay
An excellent payment alternative to think about is emailing your clients an invoice. First, clients can pay invoices via email at any time and from any location. Second, you can rapidly manage your data and unify your reporting with a completely integrated experience that includes everything from email to a client database for web payments. When your client pays the invoice, your system immediately marks it as paid.
5. Arrange for recurrent payments
The simplest kind of payment is recurring billing. When a customer enters his credit card information and accepts the terms you give, the fixed amount is automatically debited on a regular basis. Recurring billing is common in industries like gyms, spas, and daycare centres, for instance. You must locate a PSP that provides this payment option if you want to receive regular billing. We at PayCly offer free recurring billing. We will set up recurring billing on your website after you complete the form.
6. Accept wire transactions over the internet
A direct bank-to-bank transfer is a wire transfer. Wire transfers are renowned for their speed and security. According to the same AFP research, the average cost to process an EFT or wire payment is $14.42.
$27.50 is the cost of a domestic outgoing wire transfer. An international incoming wire transfer typically has a $18.00 wire transfer fee. The cost of a wire transfer abroad is $47.50. It costs nothing to get a wire transfer. To receive money by wire, certain banks and credit unions impose minor fees.
Why choose PayCly for getting Payment Gateway Thailand?
The top payment gateway PayCly is the most well-known payment processing provider. It now manages payments all over the world and gives small businesses access to some of the most flexible programmes.
Contrarily, interacting with PayCly is similar to dealing with any other sizable supplier. Although their payment gateway solution is very dependable, customer help can be hit-or-miss, particularly if you have account troubles.
Popular debit and credit cards are supported by PayCly in addition to more than a hundred different currencies (including PayPal). Additionally, it places a high priority on your online security by conducting thorough fraud screening on both you and your customers.