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| 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
|  Formerly was NBePay |  |  |  More Details | ||
Package
| MOLPay Lite | MOLPay Premium | e-GHL Merchant Plan | Soho Plan | SME Plan | Premier, 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 499 | First year: NIL Subsequent years: RM 399 (will be waived if previous year's total transaction is more than RM 6000) | No annual fee | RM 500 | No 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
| - |   | | | |   |
Country of origin
| Malaysia | Malaysia | Malaysia | Malaysia | Malaysia | USA |
Reliability
| High | High | High | High | High | High |
Minimum Amount for Withdrawal
| RM 100 (RM 2 per withdrawal) | RM 100 (No withdrawal charge) | RM 100 | RM 100 | RM 100 | See 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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