Are you excited to start your online business in Thailand? Well, for this, you need a suitable payment gateway Thailand.
Thailand is renowned for its natural beauty and tourism, but another factor currently puts this nation in the spotlight. This cause is solely due to Thailand’s expanding online industry. Online shopping is well-known to be popular in Thailand.
As the COVID-19 epidemic draws close, the rising tendency to use digital payments is anticipated to persist long after the pandemic stops. In Thailand, Statista reports says that the total value of transactions in the digital payments sector reached USD 15,927 million in 2021 and is anticipated to rise at a projected pace of 10.9 percent per year (CAGR 2021–2025), reaching a projected total of USD 24,127 million in 2025.
A significant factor in the success of online retailers among consumers in Thailand is the choice of payment service providers. Customers must finish their purchases for online shopping, when the payment is completed, and to do so, each merchant needs a reliable payment gateway Thailand.
Here, this blog will discuss payment gateway Thailand’s and how it works. So, let’s start with the definition of a payment gateway Thailand.
A payment gateway is a merchant’s technology to accept credit or debit card payments. In other words, a payment gateway is a network through which customers transfer funds to the merchant in exchange for goods and services.
When using a payment gateway Thailand, customers and businesses must work together to execute a transaction. The primary duties of the payment gateway Thailand are to confirm the cardholder’s information and determine whether or not there are sufficient funds in the customer’s account.
How Payment Gateway Thailand Works?
Before we move to the actual process of the payment gateway Thailand, you need to understand the key entities of the payment gateway.
Merchant Account:
Businesses keep their receivables funds in a merchant account, which is a separate bank account. The payment from your consumer is initially sent to your merchant account, where it remains until you transfer it to your company’s regular bank account. You must have a payment gateway and a merchant account to accept payments online.
Payment Processor :
When a consumer purchases a good or service, a payment processor is a service that authorizes the customer’s card information to ensure sufficient funds are in the client’s account to make the payment. If they do, the transaction is approved by the payment processor, and the money is transferred to the company’s account; otherwise, it is rejected.
The below steps help to learn how payment gateway Thailand work.
At first, the merchant should set up their online websites and connect them to a suitable payment gateway Thailand.
While making the purchase, customer should enter their card details and click on the payment link or submit buttons.
The card information is encrypted and transmitted through a secure network to the payment gateway so that only the cardholder and their bank can access the details.
The payment gateway Thailand then confirms your customer’s card information and determines whether they have enough funds in their account to complete the transaction. In that case, the payment gateway completes the transaction. The payment gateway also stops fraudulent activity with the use of anti-fraud measures.
The payment gateway Thailand subsequently assumes control and requests permission to begin the transaction from the customer’s issuing bank. These funds are subsequently transferred from the issuing bank to the merchant bank, which deposits them into the merchant account.
A notification with the transaction’s status will be delivered to the merchant. Your chosen payment gateway will impact how quickly you receive payments. Most payments are received instantly, practically as soon as the transaction is finished; however, if there are any processing mistakes, some payments could take up to 21 days to arrive.
The payment gateway in Thailand must have the following characteristics -
In Thailand, almost every payment gateway is available with PCI DSS compliances. Most of the gateway also offers futuristic security tools like anti-fraud and anti-chargeback.
Payment gateway Thailand must offer you several payment options. Its most popular payment methods are credit/debit cards, net banking, bank transfer, mobile payments, e-wallets, etc.
As Thailand is a place of tourism, most of the payment gateways Thailand can accept the multi-currency from worldwide.
Most payment gateways Thailand have a fast transaction speed, so the funds can be hassle-free transferred from the customer’s accounts to the merchant account as quickly as possible.
The best payment gateway in Thailand offers you detailed reporting. With the help of the detailed report features, the merchant can hassle-free make intelligent business decisions.
For any business in Thailand, invoice solutions are like a blessing. It facilitates the payment process’ streamlining and can provide a practical means of receiving payments. More control is also added over the tracking and internet processing functions.
How PayCly Help You To Succeed Your Business in Thailand?
PayCly is a complete payment solution in Thailand. It is one of the most favourable payment gateways Thailand. Along with the payment gateway, it also offers you the payment processor and merchant account. PayCly is compatible with all types of businesses that why most merchants prefer it.
For example — If you are running a high-risk business, then PayCly offers you a high-risk merchant account, high-risk payment gateway, and high-risk payment processing. It also offers an international payment gateway for global businesses.