If you operate any kind of online business in Malaysia, a payment gateway is essential since it can provide your customers with a secure way of making payments on your website.
It goes without saying that choosing a secure and reliable payment gateway is key to the success of your online business.
So, whether you are doing business on an eCommerce website (e.g., Shopify, Magento, EasyStore), running an online game with in-game purchases, or any other kinds of online business and want to start accepting payments from customers in Malaysia or around the world, this blog post today will suggest the best payment gateway in Malaysia for you to consider:
Criteria to Look Out For in Best Payment Gateway in Malaysia
Pricing and Other Fees
When it comes to the best payment gateway in Malaysia, fees are undoubtedly one of the most important considerations. The last thing you want is for your profits to be slashed as a result of extremely high fees.
Security Rate
It is apparent that security is the key feature of any payment gateway. Your payment gateway partner should have all security protocols in place and are compliant with local regulations.
Security is, needless to say, another very important aspect of any payment gateway. All safety protocols should be in place and all local applicable regulations should be in line with your payment gateway partner.
Reliability
A credible payment gateway contributes to a positive consumer experience. Far too many failed payments will bring your consumers a bad experience and drive them to your competitors.
Supported Currencies
Your shoppers would be able to make purchases in their currency if the payment gateway accepts the currency you're selling in. Aside from that, you'll save money on settlement conversion costs.
Fraud Mitigation
The best payment gateways not only protect your customers' payments but also prevent retailers from fraud cases.
Developer-friendly
Developer-friendly payment gateways make it simple and economical to customize the payment gateway to the needs of your internet site.
Options for Payment
The payment gateway should provide solutions that are compatible with the business model. For example, if you choose to accept recurring payments or payments installments, partnering with a gateway that supports these is convenient.
eCommerce Platform Integration
If you are integrating the payment gateway with an eCommerce platform, check to make sure whether a native integration is available. Native integrations facilitate the reduction of payment errors on the customer's end.
List of Best Payment Gateway in Malaysia
#1 iPay88
iPay88 is one of the pioneers and the best payment gateway in Malaysia, hence it's one of the most well-tailored local payment gateways available.
You can accept payments via FPX, credit cards, and even common e-wallets with iPay88. Based on the package you choose, you will accept single payments, recurring payments, as well as payment plans with installments.
If you have an eCommerce store on a website like WooCommerce, Shopify, EasyStore, you'll be delighted to know that iPay88 integrates with them all.
The comprehensive feature suite of iPay88 makes it ideal for both startups and big companies. iPay88's wide ranges of capabilities allow it to serve e-commerce businesses, marketplaces, applications, and more.
The transaction fees charged by iPay88 are also very reasonable. However, you will be charged an annual fee, so take a careful look at this point.
Pricing and Other Fees
Setup Fee
SME – RM 488
Startup – 488
Annual fee
SME – RM 500
Startup – Zero Fee Lifetime
Charges on Refunds: No extra charge
Commission per transaction
SME – 2.9%
Startup – 3.5%
Accepted Payment Methods
Visa, MasterCard Credit/Debit Card
FPX, Malaysia Online Bank Transfer Alliance Online, CIMB Clicks, Am Online, installments Online, EON Online, RHB Online
Other Payment Methods: PayPal, Grabpay, TouchnGo pay, Boost Wallet, KipplePay, Vcash Wallet, ...
Supported Currencies
Only RM (others currencies including USD are supported in iPay88 multi-currency gateway)
Approvals & Onboarding Time
For internet bank transfer: 7 – 14 working days
For credit card gateway: 1 - 2 months
eCommerce Platform Integration: Shopify, EasyStore, WooCommerce
#2 Worldpay
Best Payment Gateway in Malaysia: Worldpay
Worldpay is the most well-known payment processing provider in the United Kingdom and also the best payment gateway in Malaysia. It now handles about half of all payments in the UK, offering some of the most flexible plans for small companies.
Dealing with Worldpay, on the other hand, is like dealing with any large provider. Customer support can be hit-or-miss, especially if you have account issues, but its payment gateway product is very reliable.
Worldpay not only supports over a hundred currencies but also popular debit and credit cards (including PayPal). Moreover, it also prioritizes your online security with robust fraud screening for both you and your buyers.
Besides all the above features, this gateway allows you to send payment links to shoppers, which means you don't need a website to receive online payments, saving time hunting down invoices.
Those reasons explain why Malaysia eCommerce store owners often choose to go for Worldpay.
Pricing and Other Fees
Setup Fee: Free
Annual fee:
Free – Pay as you go Plan
Monthly subscription plan at £19.95 per month
Charges on Refunds: No extra charges
Commission per transaction: 2.75% + £0.20
Accepted Payment Methods:
Credit/Debit CardVisa, MasterCard, Discover American ExpressMalaysia Bank Transfer
Other Payment Method Contactless, Apple Pay, Wallet Galore, Amazon pay
Supported Currencies: up to 120 International Currencies
Approvals & Onboarding Time: 5 working days
eCommerce Platform Integration: Magento, BigCommerce (hosted), WP Commerce, Shopify, WooCommerce
#3 eGHL
Best Payment Gateway in Malaysia: eghl
GHL Systems Berhad (eGHL) was established in March of 2013. It provides a secure online, saving payment solution for online businesses in Southeast Asia, including both card and non-card payment channels. eGHL complies with Malaysia's Financial Services Act 2013 and is governed by the Central Bank of Malaysia as a non-bank acquirer.
The eGHL payment gateway is completely PCI Level 1 compliant and designed with industry-leading technology. Simply integrate and start receiving payments for all eCommerce shopping cart application software types.
It integrates with prominent Malaysian eCommerce sites such as EasyStore and SiteGiant. You can also integrate eGHL with Shopify, but the link would not be natively supported.
Pricing and Other Fees
Setup Fee:
Starter – RM 399
Small Biz – RM599
Annual fee
Starter – 1st year waived; 2nd year onwards RM 399Small
Biz – 1st year waived; 2nd year onwards waive if transaction volume exceeds RM60000 per year)
Charges on Refunds
The commission per transaction:
Starter – 2.8%
Small Biz – 2.5%
Accepted Payment Methods*
Visa, MasterCard Credit/Debit Card
Malaysia Online Bank Transfer Maybank2U, RHB Online, HL Online, Standard Chartered, Alliance Online, CIMB Clicks, Bank Islam, UOB, PbeBank, Ambang, Affin Online, Bank Muamalat, Bank Rakyat, OCBC, KFH
Other Country Debit
Supported Currencies: Only RM
Approvals & Onboarding Time: 7 – 14 working days
eCommerce Platform Integration: EasyStore, SiteGiant, WooCommerce
#4 Billplz
Billplz is another rapidly growing and one of the best payment gateway in Malaysia that has gained popularity owing to its low transaction fees and a wide variety of payment methods.
Billplz's integration with PayPal is one of its distinguishing features. When you receive payments from Billplz's PayPal, you will be charged a special transaction fee of 3.2 percent rather than PayPal's standard rate of 3.9 percent + RM2. This is applied for both domestic and foreign payments.
Billplz also integrates with EasyStore, a famous local eCommerce platform.
Pricing and Other Fees
Setup Fee: Free
Annual fee: Free
Charges on Refunds
The commission per transaction: RM 1.50 per transaction
Accepted Payment Methods
Visa, MasterCard Credit/Debit Card
Malaysia Online Bank Transfer Alliance Online, Am Online, CIMB Clicks, EON Online, Hong Leong Online, Maybank2u, RHB Online, FPX
Supported Currencies: RM only
Approvals & Onboarding Time: 2 weeks
eCommerce Platform Integration: EasyStore, WooCommerce
Read more: Top 5 Best Payment Gateway For Small Business in 2021
#5 Stripe
Best Payment Gateway in Malaysia: Stripe
Stripe is one of the world's fastest developing payment systems. It is compatible with a wide range of popular websites and applications online due to its developer-friendliness.
In Malaysia, you can accept payments from customers not only by credit and debit card but also by FPX.
Stripe also makes it very easy to set up recurring payments. However, Stripe installment favored plans are not yet available in Malaysia. Payments via e-wallets are also not yet accessible. If you need them, you must use another payment gateway or directly integrate with the e-wallets.
Although Stripe's transaction fee is higher than that of other local payment gateways, there is no annual fee. Stripe's features make it an excellent option for Malaysians who sell locally and/or globally online.
Above everything, you can sign up for Stripe on your own and begin accepting payments electronically without the assistance of a sales representative.
Pricing and Other Fees
Setup Fee
Annual fee
Charges on Refunds
Commission per transaction
Accepted Payment Methods
Supported Currencies
Approvals & Onboarding Time
eCommerce Platform Integration: Magento, Shopify, EasyStore, BigCommerce WooCommerce, and more
#6 Paypal
Best Payment Gateway in Malaysia: Paypal
PayPal was one of the first payment solutions of its kind since it debuted in the 1990s. PayPal was a driving force behind the world's first wave of payment democratization.
PayPal is still a popular payment method today. However, because of its high processing costs and a lack of locally favored payment solutions, PayPal is not commonly used in Malaysia. You can only accept payments via PayPal, credit cards, and debit cards.
However, for Malaysians who sell internationally, especially in the United States and the United Kingdom, PayPal's brand name will add prestige to your store and improve your conversion rates. You do not have to pay annual rates, as in Stripe. You just have to pay for the services you used.
PayPal is indeed a self-service platform; you can sign up and begin accepting payments without the assistance of a sales representative.
Pricing and Other Fees
Setup Fee: Free
Annual fee: Free
Charges on Refunds: No extra charge
Commission per transaction
Domestic 3.9% + RM2.00
Cross border 4.4% + Fixed fee based on the currency received
Accepted Payment Methods: Credit/Debit Card Visa, MasterCard, Discover American Express Malaysia Bank Transfer
Supported Currencies: 24 Currencies (USD, RM, Euros, GBP, Yen, SGD, d more currencies)
Approvals & Onboarding Time: Immediate
eCommerce Platform Integration: Magento, Shopify, EasyStore, BigCommerce WooCommerce, and more
#7 MOLPay
Despite Razer's recent emergence in the payment gateway market, the infrastructure and technology behind it are not. Razer's payment platform is based on MOLPay.
Though Razer's payment options are competitive with those of iPay88, it does offer some advantages. Mobile SDK support for in-app payment processing and offline cash payments through 7-Eleven are among them.
Razer's extensive feature set makes it an excellent option for e-commerce, entrepreneurs, software developers, and other businesses. Its fees are also fairly low. However, you must still pay subscription fees for RazerPay.
Pricing and Other Fees
Setup Fee
Premium – RM400
Lite – RM499
Annual fee
Premium – RM 499
Lite – Zero Fee Lifetime
Charges on Refunds; No extra charges
Commission per transaction
Premium – 3%
Lite – 3.8%
Accepted Payment Methods:
Visa, MasterCard Credit/Debit Card Malaysia Online Bank Transfer Alliance Online, Am Online, CIMB Clicks, EON Online, Hong Leong Online, Maybank2u, RHB Online, FPX Other Payment Methods Razer Cash at 7-Eleven, Razer ATM
Supported Currencies: RM only
Approvals & Onboarding Time: 7 – 14 working days (for internet bank transfer)1 to 2 months (for credit card gateway)
eCommerce Platform Integration: Shopify, EasyStore, WooCommerce
Source here: https://store.magenest.com/blog/best-payment-gateway-in-malaysia/
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