Credit Card Processing

A Study By I15 Credit Card Processing Singapore Why It Is Essential To Accept Credit Card Payments For Uplifting Your E-business.

I15 is one of the best payment service providers globally, offering its merchants all kinds of payment solutions for high-risk industries.

Introduction

As per Statista, around 22.8 billion credit, debit, and prepaid cards were in circulation worldwide in 2019 and are expected to reach 29.31 billion by 2023.

In Singapore as of 2021 around 1.46 billion transactions were made using credit and debit cards. Credit card users are highest in developed countries, and developing nations will soon catch up with them. As per the World Bank, the percentage of credit card users are as follows -

So, you can say that, nowadays, it is practically difficult to conduct online business, without accepting credit cards.

The Mindset of the Credit Card Users

Several studies have indicated that people spend more when paying with a credit card. A two decades old study published by MIT's Drazen Prelec and Duncan Simester in Marketing Letters stated that shoppers spend up to 100% more when using their credit cards to pay instead of cash.

In the study, researchers utilized fMRI to concentrate on three distinct brain regions: two linked to reward and pleasure and one to a range of negative emotions.

According to Drazen's research, the ability to use a credit card directly activates reward brain networks, particularly those involved in anticipation and craving. When participants made a purchase, these areas lit up with cards but not with cash.

What Makes People Spend More With Credit Cards?

Suppose shopper wants to shop and has 200 dollars in the account. But you saw an offer of 20% extra discount on a credit card but with the condition that offers can be avail only after you spend 300 dollars. It's most probable that the shopper will spend 300 dollars to avail of the offer.

Another illustration: A person who goes for a lovely supper with his lover has budgeted $100. He will carefully select what to order if he only has $100 in cash to ensure enough money to pay for his meal and tip. With a credit card, there isn't any limit, making it easier. He will keep the pleasure up instead of spending as it's our mind's tendency.

Merchants' Benefits of Accepting Credit Card

Accepting payment from a credit card can boost a merchant's sales by 100%. More than 30% of people abandon shopping if the merchant doesn't accept credit card payments. An online business must accept payments in as many possible ways, but the most crucial is a credit card. Some of the best benefits of accepting credit card payments are -

• Accept any international payment
• Build a reputation for their company's trustworthiness in the market
• Increase sales
• Improve cash flow
• Keep up with competitions

How Can a Merchant Accept Credit Card Payment?

To accept a credit card payment, a merchant must obtain a Merchant Account from a bank or independent credit card processing company. Basically, the bank is very limited in providing the merchant account. If you don't have a proper documents or if you are a high-risk merchant then bank will deny offering you their services.

However, independent credit card processing companies like I15 can help you in this situation. If you are a high-risk merchant, then I15 can offer you the high-risk merchant account and high-risk payment gateway that facilitates you to accept credit card payments.

What Is a Credit Card Processing Company?

Credit card processors, also known as merchant service providers, provide a credit card payment solution that allows you to accept credit card payments at your business.

A credit card processing company enables you to accept credit card payments by synchronizing the many services involved in the process. The credit card network, issuing banks, and your own merchant bank account are a few of these.

How does Credit Card Processing Singapore work?

In a few seconds, how a credit card processor works. Let's understand it step-by-step.

How to Select the Best Credit Card Processing Singapore

It is not easy to pick a credit card processing Singapore as more than a thousand companies are available. The ideal credit card processor provides trustworthy, secure, and cost-effective service to the merchant.

Before selecting a credit card processor, you must ensure the availability of a few key components. You need to check the following features -

Pricing Method

There are two main pricing methods for credit card processing. One is fixed, and the other is interchangeable.

• fixed pricing - the rate for each transaction is fixed.
• interchange pricing - you have to pay the amount charged by the credit card company plus the fees of the processor.

Nowadays, the ideal credit card processor offers both options. You may choose any payment method as per your business needs.

Security and Fraud Prevention System

To prevent yourself and your customers from any fraud, you must ensure that your credit card merchant account is secured with top-notch fraud prevention technology. To secure the transaction, it must comply with AVS, CVV checker, PCI DSS compliance, fraud scoring, geolocation tracking, 3D Security, multi-factor authentication, and other fraud protection features.

Industry Support

Currently, you can get the many service provider but not all support every industry specially high-risk industry. But, no need to worry.

An independent payment service provider like I15 comes into the picture. I15 is best because of its services, industry support, and all other state-of-the-art features, not by blowing its own trumpet. I15 provides credit card processing and merchant accounts to numerous high-risk industries including -

Conclusion

We have discussed almost every aspect of credit card payment acceptance is critical for a business. With a credit card payment solution, a merchant can really boost their business.

Today, several Credit card processing services are available. Each processor offers a different set of services, contract terms, and pricing structures.

I15 is one of the best credit card processors Singapore that offer services almost everywhere, supports endless industries, and provides lightning-quick transaction processing times and cutting-edge security with their international payment gateway solutions. Due to their handling of sensitive data, sensitivity toward fraud, and anti-money laundering procedures, I15 is one of the best credit card processing Singapore.