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SME Friendly Payment Gateway Options to Boost Your Business

Online transactions are necessary for small and medium businesses to stay ahead in a competitive market. Such transactions contribute greatly to the business revenue and help to expand the growth.

You can boost your business by using payment gateways. Here are a few options that you can incorporate into your business.

iPay88

You can get access to payments by card, e-wallets and online banking through iPay88.

  
iPay88 Features
Setup Fee RM488 (SME and Start-up)
Annual Fee RM500 (SME) Zero fees for lifetime (Start-up)
Transaction Fee 2.9% on Visa/MasterCard (SME) 2.9% or RM0.60 (SME online banking) 3.5% on Visa/MasterCard (Start-up) 3.5% or RM0.60 (Start-up online banking) RM900 – One-time application fee for credit card gateway payable to bank
Accepted Currencies RM
Payment Remittance Weekly bank transfer to bank account
Application Approval Time 7 to 14 working days (Internet bank transfer) 1 to 2 months (Credit card gateway)

MolPay

You can get complete coverage of around 130 payment methods used in Malaysia and Southeast Asia.

  
MolPay Features
Setup Fee RM400 (Premium) RM499 (Lite)
Annual Fee RM499 (Premium) Zero fees for lifetime (Lite)
Transaction Fee 3% on Visa/MasterCard (Premium) 3% or RM0.60 (Premium online banking) 3.8% on Visa/MasterCard (Lite) 3.8% or RM0.60 (Lite online banking)
Accepted Currencies RM
Payment Remittance Weekly transfer to bank account
Application Approval Time 7 to 14 working days (Internet bank transfer) 1 to 2 months (Credit card gateway)

Billplz

You can send mass payments to multiple recipients easily.

  
Billplz Features
Setup Fee Free
Annual Fee Free
Transaction Fee RM1.50 per transaction (Online banking through FPX)
Accepted Currencies RM
Payment Remittance Next day (Excludes Friday, Saturday, Sunday and all federal holidays)
Application Approval Time Immediate

eGHL

You can get access to secure payment channels through a direct contract with the respective bank.

  
eGHL Features
Setup Fee RM599 (SME) RM399 (Start-up)
Annual Fee Waived for the first year Waived for second year onwards if transactions are more than RM60,000 every year (SME) RM399 from second year onwards (Start-up)
Transaction Fee 2.5% on Visa/MasterCard (SME) 2.5% or RM0.70 (SME online banking) 2.8% on Visa/MasterCard (Start-up) 2.8% or RM0.70 (Start-up online banking)
Accepted Currencies RM
Payment Remittance Weekly transfer to bank account
Application Approval Time 7 to 14 working days

PayPal

You can get access to transactions in 24 different international currencies.

  
PayPal Features
Setup Fee Free
Annual Fee Free
Transaction Fee 3.9% + RM2 (Domestic) 4.4% + fixed fee based on received currency (Overseas) 3.4% + RM2 (eBay within Malaysia) 3.9% + fixed fee based on received currency (eBay overseas)
Accepted Currencies 24 international currencies
Payment Remittance Instant Allows direct withdrawal to Malaysia banks and Visa debit cards on request
Application Approval Time Immediate
 

Advantages of payment gateways in SMEs

  • It is easy and affordable to conduct business online.
  • You can provide convenient customer service.
  • Some payment gateways allow you to accept international payments.
  • You can keep a track of your business transactions.
  • All payment gateways are secure as they comply with PCI security.
  • You can earn more revenue as many prefer e-commerce services.

With the rapid expansion of the e-commerce space in Malaysia, SMEs now have more options to make or receive payments.

 
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