4 Online Payment Gateway Malaysia, Great Payment Solution

What is an online payment gateway Malaysia? Payment gateway is the online payment method that you can use for your business in Malaysia. It helps to connect between you and your customer. Do I need to have a payment gateway license Malaysia if I want to use this payment method? Are you curious? Let’s read this article for more information needed.

What Is an Online Payment Gateway?

Have you ever heard about online payment gateway? Payment gateway is used as a Malaysia e commerce payment method. A payment gateway is an online payments’ service that integrates with an e-commerce platform as the channel to make and receive payments.

When using this payment gateway, customers are required to fill in some details like their credit card or debit card number, their card expiry date and also CVV.

Why Do I Need to Use Online Payment Gateway, Especially for Business?

The payment gateway Malaysia is important nowadays especially for business. Online business has been booming nowadays and payment link Malaysia is a must when we set up a business. You can try to make a payment gateway Malaysia comparison to find the best and suitable merchant for you.

Read also: Choosing the Suitable Types of Ecommerce Business Plan

The main role of an online payment gateway is to approve the transaction process between merchant and customer. Merchant payment gateway helps the e-commerce platform aggravate its existence with ease of payments to offer to its customers.

A payment gateway service can be provided by banks directly or a payment service provider authorized by a bank. The top payment gateways in Malaysia are chosen based on the strength of their security and reliability.

What Is Payment Gateway in Malaysia?

Payment gateway is the payment method that is usually used in business. You can also set up a website with payment gateway information there. WooCommerce payment gateway Malaysia is one example of payment gateway that you can find in Malaysia. How to find the best payment gateway payout for your business?

You have to do some research and compare them. Here are the things you need to consider to find the best payment gateway such as:

• Pricing and Other Fees.
• Security Rate.
• Reliability.
• Supported Currencies.
• Fraud Mitigation.
• Developer-friendly.
• eCommerce Platform Integration.

Are you curious on how payment gateway Malaysia (2021) works? Here are the steps of how it works.

• Step 1: After the customer places the order online and proceeds to make payment for the same, they have to enter credit/debit card details.
• Step 2: The card details are encrypted in a secure way with Secure Socket Layer (SSL) encryption to be sent between the browser and the merchant’s web server.
• Step 3: After this, the merchant forwards transaction details to their payment gateway, which is also an SSL encrypted connection to the payment server hosted by the payment gateway.
• Step 4: The payment gateway converts the message from XML to ISO 8583 or a variant message format and then forwards the transaction information to the payment processor used by the merchant’s acquiring bank.
• Step 5: The payment processor forwards the transaction information to the card association such as Visa,MasterCard and also American Express.
• Step 6: Next, the credit card issuing bank receives the authorization request, verifies the credit or debit available and then sends a response back to the processor (via the process same as for the authorization) with a response code (i.e., approved or denied).
• Step 7: The processor then forwards the authorization response to the payment gateway, and the payment gateway receives the response and forwards it onto the interface used to process the payment.
• Step 8: The merchant then fulfills the order and the above process can be repeated but this time to “Clear” the authorization by consummating the transaction.
• Step 9: The merchant submits all their approved authorizations, in a “batch” (end of the day), to their acquiring bank for settlement via its processor.
• Step 10: The acquiring bank makes the batch settlement request of the credit card issuer.
• Step 11: The credit card issuer makes a settlement payment to the acquiring bank (the next day in most cases).
• Step 12: The acquiring bank subsequently deposits the total of the approved funds in to the merchant’s nominated account (the same day or next day)

Which Payment Gateway Is Best in Malaysia?

Which merchant is the best payment gateway Malaysia? You have to make a Malaysia payment gateway comparison to find the best payment gateway price. Here is the comparison for you to choose the best payment gateway for your business.

Payment Gateway	Set Up Fees	Annual Fees	Transaction Fee	Supported e-wallet
ipay88	SME Plan: RM 488SOHO Plan: RM 488	SME Plan: RM500 per yearSOHO Plan: FOC	SME Plan:*2.7% per transaction or minimum *RM 0.60 whichever is higher for online banking (e-debit) SOHO Plan: *3.0% per transaction for Visa/Mastercard credit card. *2.5% for debit cards.*2.7% per transaction or minimum *RM 0.60 whichever is higher for online banking (e-debit)Zero withdrawal fees	Boost, Touch n Go, Grabpay, MCash, Maybank QR Pay, Nets QR, Paypal
eGHL	RM 499	RM 25.00 for transaction volume less than RM 15,000 per/month Waived if monthly volume exceed RM 15,000	Cards *2.5% MYR per processing + 1% non-MYR processing + MYR 0.50 for ticket size less than MYR 40.00 Non-Card *2.5% or RM 0.50 (Whichever is higher)	Boost, GrabPay, Mcash, MaybankQR Pay, TouchnGo
Razer Merchant Services (RMS)	Lite Plan：RM499Premium Plan: RM400	Lite Plan：RM99Premium Plan: RM499	Lite Plan：3.8% per transaction or minimum RM 0.60 whichever is higher for online banking (e-debit) Premium Plan: 2.4% for Visa and Mastercard	Razerpay, GrabPay, Boost, TouchnGo, Maybank MAE, Shopee Pay
Billplz	No Setup Fee	Basic – NoStandard – RM150 per monthEnterprise – RM1800 per year	FPX FeesBasic – RM1.50Standard – RM1.00Enterprise – RM0.50 Credit and Debit Card: 2.5% or lower(Standard), 1.5% or lower (Enterprise)	Boost, Paypal

Read also: What is Shopee Seller Fees and Everything You Need to Know?

Conclusion 

If you have business, using a payment gateway is a must. you have to find the best merchant for it. You have to consider the few things as mentioned above before choosing the payment gateway you want to choose.

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