Today I’m going to share with you a few free payment gateways in Malaysia and also some paid payment gateways in Malaysia which means that you have to pay annual fees. These payment gateways can be used on your website to collect payments.
Do you want to start selling stuff like physical goods or your services online and you don’t know what a payment gateway is?
These payment gateways I’m sharing are particularly for Malaysian but for the free payment gateway you can check. If you are from different countries you can check whether it’s available by going to the same domain or url that I’m going to share with you.
Watch “Free Payment Gateways in Malaysia for WordPress or Any Websites” full video below.
What is a Payment Gateway?
First, before we start about what a payment gateway is, a lot of my clients when they want to start building their website to sell stuff they get very confused. They asked whether the website or the web store that we built for them are able to provide payment gateway.
A payment gateway is a different thing. To briefly explain, our website or web store is like a physical shop so when you go to the physical shop you can look at the products and understand the products and the time.
When you decide to buy, you will go to the checkout counter and the sales personnel will start to ask how you want to pay it, either by credit card or cash. Once you want to pay by credit card or debit cards or bank cards then they will have this machine that lets you swap the card.
Now if you have less than 250 ringgit you can actually use the wave. That machine is like a payment gateway. The money that goes through the credit card is not collected by the shopkeeper or the shop itself, it actually goes through a payment gateway. It depends on what car payment gateway some are from the bank merchant account so you get a range with the bank.
So it is actually the bank that collect this money and later transfer to your bank account for you and your merchant account.The payment gateway is the same thing so when you go to the website, it’s your store so when you click on the buy button it will takes you to the payment gateway which is usually more secure because the store may not have the so-called powerful systems so when they move to the secure site meaning you will transfer to your payment gateway site which is more secure and then you can do your transaction there.
When you do that transaction the payment goes through to the payment gateway of the merchant and then later it will transfer to the shop’s account. Which means that in the seller’s account the payment gateway is like the visa card, a mastercard, the machine that you do the swapping or scanning or right now using the so-called the chips so these are the payment gateway.
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Free Payment Gateways in Malaysia
Now I’m going to introduce to you two free payment gateways in Malaysia. When I say free it means that there’s no registration fees but it’s not actually totally free because you’ll pay a fee when there’s a transaction.
So one of the two free payment gateways in Malaysia which is free for registration is the largest worldwide called Paypal. It’s free to register so you can just sign up now and what you want is the business not the personal.
For personal, it is usually for you to purchase items. For business, you can see the seller fees for Malaysian it is based on Malaysian ringgit and for the monthly sales volume is up to 12 000 ringgit and the fees is 3.9 percent plus 2 ringgit which is a fee they charge when there is a transaction and if you’re selling to an international customers it’s 4.4 plus 30 cents US dollars.
If your monthly sales volume goes higher, then the rate will go lower. For Malaysian, when the volume is 12 000.01 to 40 000 the charge rate will be 3.4 percent plus 2 ringgit. There’s no registration fees but they will charge you per your transactions in paypal
The other free payment gateways in Malaysia is called Stripe. Basically stripe.com is like Paypal so you can just register free of charge. Getting to the pricing, the fee is like 3 percent plus 1 ringgit which is more straightforward, it doesn’t care if it’s international or local it is just 3 percent plus 1 ringgit.
For more details you can check out here it has like FPX and other stuff as well so this is Stripe. If you don’t know how to open an account, I did a video previously you can see the video right over here that I’ve done for opening a Stripe account if not you can refer to that video.
Paid Payment Gateways in Malaysia
As your volume goes higher then I would highly recommend you also look at other so-called paid payment gateway which means that there’s annual fees. Today there’s actually a lot of all this online payment gateway and so on coming out because of the boom of e-commerce. So I’ll just introduce to you quite a number of more established ones called ipay88.
For ipay88 I’m not sure how much the fees are but you can check out and you can contact them to find out what’s the package because i don’t think it shows over here. They have a startup package, SME package, corporate package and partnership so you can check out with them and even find out more so this is all the functions so you can just contact them.
Another one is eGHL and these are some of the features and the onboarding fees means that the annual fees they are collecting is 499. Now they still have transaction fees so transaction fees are like 2.5 ringgit even non-rain gear processing is like extra one percentage like 3.5 percent plus 50 cents for ticket size less than 40 ringgit or FPX is like 2.5 percent or 50 ringgit whichever is higher.
In fact there are a lot more like Molpay, I believe Molpay right now becomes like razor pay and there are also a lot of other online payment services that you can use now. It depends when you choose which to use, if you are a beginner when you just first start up you do not know how much sales you’re going to get so my suggestion is that use the free payment gateways in Malaysia means it is free for registration and then you will pay per transaction as It’s still worth it.
As your sales coming in after let’s say a few months and you know roughly what your sales is like, you need to be able to calculate if it’s above certain threshold, means a certain sales in fact you pay annual fees it’s more worth it because usually the rate transaction fees rate will be cheaper or less so this is very important, starting with one doesn’t mean that you have to stick with them forever but start with those free ones like Paypal or Stripe before you can move on to others.
I hope this will give you an idea what a payment gateway is and what are the options available for you to start your online business using the payment gateway.
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