E-Commerce Payment Gateway Study In Malaysia

Posted by Kris | Sunday, August 02, 2015 | , | 1 comments »

Transfer Money Online Studies

Currently, I am doing a study on different E-commerce payment gateway providers in Malaysia. As you all know, in Malaysia, this sector is dominated by a few big players as shown below. 

I want to find a solution provider that will suit a small and local SME businesses. And furthermore, I don't care whether the payment providers are able to receive payment from abroad. And I also want to look at the maintenance fees, and rates being charged. 

Here are my findings that I wish to share, luckily did not need to search more as there is already a E-commerce website page that compares all those major providers. Do let me know if there is any-more well-known payment providers that I missed. 

Table below credit to sitegiant.my

To summarize:

1. Most providers provide different levels of fees and service price differentiation in its packages by a) If your business generates high amount of e-commerce, you will pick a plan that have lower percentage service fee deduction but you will need to pay a fixed annual fee. This assumes that your savings from per transaction fees easily surpassed the fixed annual fee. Make sense right?

Example:RM500 setup fee by Ipay888 below, if your business have > RM50,000 then you break even with the 3% (Soho Plan) vs the 4% (SME plan)

2. Some differentiate their packages/product by enabling or disabling credit card payments option. (MOLPay Lite vs MOLPay premium)

3. MOLPay, E-GHL, IPay88 all support local Malaysian bank online transfer but you will get the money transferred weekly. If you have cashflow problems each week, then this will be a turn-off. But heck, if your business model have weekly cash flow problems, then you URGENTLY NEED to check your business model or pump in more operating cash. 

4. PayPay as expected is the only one below can accept payment from overseas, as expected as it is a global giant player in the payment gateway provider space. However, it cannot do Malaysian bank online transfers. But, you can withdraw your money/revenue anytime you want. The minimum amount for Malaysia is currently RM40. (I clicked the link below)

Providers
MOLPay
e-GHL
iPay88
Paypal
Logo
molpay logo
Formerly was NBePay
e-ghl logoipay88 logopaypal logo
More Details
Package
MOLPay LiteMOLPay Premiume-GHL Merchant PlanSoho PlanSME PlanPremier, Business
Setup Fee
RM 499
RM 400
 Exclusive Deal!!!

(for Sitegiant's customer only)
(additional RM 900 processing fee imposed by bank for credit card gateway)
RM 399
(special cases will impost RM 900 processing fee by bank for credit card gateway)
**Waived
RM 488
(additional RM 900 processing fee imposed by bank for credit card gateway)
RM 488
(additional RM 900 processing fee imposed by bank for credit card gateway)
No setup fee
Annual Fee
First year: NIL

Subsequent years:
RM 99.00
RM 499First year: NIL

Subsequent years:
RM 399
(will be waived if previous year's total transaction is more than RM 6000)
No annual feeRM 500No annual fee
Transaction Fee
3.8% 3% per transaction or minimum RM 0.60 whichever is higher* for online banking (e-debit) and Mobile Money

3.8% 3% for MEPS Cash and Webcash
3% per transaction for credit card

3% per transaction or minimum RM 0.60 whichever is higher* for online banking (e-debit) and Mobile Money

3% for MEPS Cash and Webcash
2.8% for Visa, MasterCard transaction

RM 1.50 for FPX/Online Bank Transfer transaction
4% per transaction for credit card

4% per transaction or minimum RM 0.60 whichever is higher* for online banking (e-debit) and Mobile Money

4% for MEPS Cash and Webcash
3% per transaction for credit card

3% per transaction or minimum RM 0.60 whichever is higher* for online banking (e-debit) and Mobile Money

2% for MEPS Cash and Webcash
Malaysia
3.9% + 2.00 MYR

Overseas
4.4% + 2.00 MYR


More Details
Supported Currencies
RM (MYR)RM (MYR)RM (MYR)RM (MYR)RM (MYR)RM (MYR), US, Euro, Singapore $ and more
Withdrawal Method
Transfer to local bank (weekly)Transfer to local bank (weekly)Transfer to local bank (weekly)Transfer to local bank (weekly)Transfer to local bank (weekly)Transfer to local bank (on request)
Receive money in local bank
Supported Cards
-visa mastercardvisa mastercardvisa mastercardvisa mastercardvisa mastercard discover amex
Country of origin
MalaysiaMalaysiaMalaysiaMalaysiaMalaysiaUSA
Reliability
HighHighHighHighHighHigh
Minimum Amount for Withdrawal
RM 100
(RM 2 per withdrawal)
RM 100
(No withdrawal charge)
RM 100RM 100RM 100See PayPal details here (RM40 if you click)
Malaysia Online Bank Transfer 
Alliance Online, Am Online, CIMB Clicks, EON Online, Hong Leong Online, Maybank2u, RHB Online, FPX (Maybank2U, HL Online, RHB Online, Bank Islam, PbeBank, CIMB Clicks)Alliance Online, Am Online, CIMB Clicks, EON Online, Hong Leong Online, Maybank2u, RHB Online, FPX (Maybank2U, HL Online, RHB Online, Bank Islam, PbeBank, CIMB Clicks)Cimb, Maybank, RHB, PublicBank, HongLeong, Bank Islam, AffinBank,FPX (Maybank2U, HL Online, RHB Online, Bank Islam, PbeBank, CIMB Clicks)Alliance Online, Am Online, CIMB Clicks, EON Online, Hong Leong Online, Maybank2u, RHB Online, FPX (Maybank2U, HL Online, RHB Online, Bank Islam, PbeBank, CIMB Clicks)Alliance Online, Am Online, CIMB Clicks, EON Online, Hong Leong Online, Maybank2u, RHB Online, FPX (Maybank2U, HL Online, RHB Online, Bank Islam, PbeBank, CIMB Clicks)N/A



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1 comments

  1. Happy walker // 9:33 PM  

    Thanks for sharing this