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Contents
Why Payment Gateway Selection Matters for Your Website
A seamless payment gateway is the backbone of any successful e-commerce website. It facilitates secure and efficient online transactions, builds trust with customers and encourages repeat purchases. A poorly integrated or unreliable payment gateway can lead to cart abandonment, frustrated customers, and, ultimately, lost revenue.
From our website development perspective, the compatibility of a payment gateway with popular e-commerce platforms like WooCommerce and Shopify is paramount. Easy integration streamlines the development process and ensures a smooth checkout experience for users.
| Provider | Packages | Annual Fee | Transaction Fee |
|---|---|---|---|
| Atome | Basic, Standard, Enterprise | Free, RM 999, Custom | RM 1.10, RM 0.70, Subject to Bank |
| iPay88 | iPay88 SME Plan, iPay88 Enterprise Plan | RM 540.00, RM 540.00 | 2.7% or RM0.60 (whichever higher), 1.9% or RM0.60 (whichever higher) |
| Fiuu (Formerly Razerpay) | Lite, Premium | RM 99, RM 499 | 3.8% or RM0.60, 2.4% or RM0.60 (whichever higher) |
| eGHL | eGHL Payment Gateway (2024) | RM 25 / month | 2.0% – 2.5% or RM0.50 (whichever is higher) |
| PayPal | PayPal Merchant | No annual fee | 3.90% + RM 2.00 (fixed fee) |
| Stripe | Standard, Custom | No annual fee | 3% + RM1.00 |
| SenangPay | Starter, Advance, Enterprise | RM 199, RM 349, Custom | RM1 or 1.5% (whichever is higher) |
| KipleBiz | Starter Package, Standard Package | RM 29 / month | 1.70%, 1.50% |
| ToyyibPay | Santai, Standard, Enterprise | No annual fee | RM 1.00 – 2.00 per transaction |
| BizapPay | – | No annual fee | RM 1.00 / 1.5% |
| 2checkout | 2sell, 2subscribe, 2monetize | No annual fee |
2sell: 3.5% + USD$0.35 2subscribe: 4.5% + USD$0.45 2monetize: 6.0% + USD$0.60 |
| PayDibs | Basic, Standard, Advance | RM 200, RM 300, Custom | – |
| GKash | Merchant Discount Rate (MDR) | No annual fee | RM 0.60 or 1.80% (whichever is higher), Minimum 1% |
An In-Depth Look
Fiuu (Formerly Razerpay)
Razer Merchant Service is previously known as MOLPay, an established payment gateways that supports 7-eleven cash. It is one of the leading online payment gateways that serves widely-used brands such as Grab, Expedia, Starbucks, Lazada, Uniqlo, Sephora, and more.
| Country of Origin | Malaysia |
|---|---|
| Support Recurring Payments | Yes |
| Supported Currencies | RM (MYR) |
| Supported Cards |
Razer Lite – None Razer Premium – Visa, Mastercard |
| Bank Transfer and Other Payment Services |
Lite: Alliance Online, Am Online, CIMB Clicks, EON Online, Hong Leong Online, Maybank2u, RHB Online FPX (Maybank2U, HL Online, RHB Online, Bank Islam, Public Bank, CIMB Clicks) Premium: |
| Other Payment Methods | Razer Cash at 7-Eleven, Razer ATM |
| Minimum Amount of Withdrawal | RM 100 |
eGHL
eGHL is an established internet payment gateways that is wholly owned by GHL Systems Berhad Group. They are widely used by large companies long before the year 2000 and today, they are processing payments in over 48 currencies.
| Country of Origin | Malaysia |
|---|---|
| Support Recurring Payments | Yes |
| Supported Currencies | RM (MYR), supports multi-currencies |
| Supported Cards | Visa, Mastercard |
| Bank Transfer and Other Payment Services | Maybank2U, CIMB Clicks, RHB Online, HL Online, Alliance Online, Public Bank, Ambank, Bank Islam, UOB, Affin Online, Bank Rakyat, Bank Muamalat, OCBC, Standard Chartered, KFH |
| Minimum Amount of Withdrawal | No Minimum withdrawal amount |
iPay88
iPay88 is a one of the leading payment gateways in South East Asia, owned by The Mobile88 Group of Companies. iPay88 offers different packages depending on the scale of the company.
| Feature | Details |
|---|---|
| Country of Origin | Malaysia |
| Support Recurring Payments | Yes |
| Supported Currencies | RM (MYR) |
| Supported Cards |
iPay88 SOHO Plan: None iPay88 SME Plan: Visa, Mastercard |
| Feature | iPay88 SOHO Plan | iPay88 SME Plan |
|---|---|---|
| Bank transfer and other payment services |
Alliance Online Am Online CIMB Clicks EON Online HongLeong Online RHB Online FPX (Maybank2U, HL Online, RHB Online, Bank Islam, PublicBank, CIMB Clicks) |
Alliance Online Am Online CIMB Clicks EON Online Hong Leong Online RHB Online FPX (Maybank2U, HL Online, RHB Online, Bank Islam, Public Bank, CIMB Clicks) |
| Other Payment Methods |
1% for Boost wallet 1.5% for Grabpay 1.5% for Touch ‘n Go 2.0% for KipplePay |
3.2% for PayPal (Visa/Master) 1% for Boost wallet 1.5% for Grabpay 1.5% for Touch ‘n Go 1.2% for Vcash Wallet 2.0% for KipplePay |
| Minimum Withdrawal Amount | RM 100 | |
PayPal
PayPal was launched in the 90s and it is internationally accepted. It is a payment gateway originated from the United States that offers consumers and merchants to receive money, withdraw funds and hold balances in their PayPal accounts.
| Feature | PayPal |
|---|---|
| Country of Origin | USA |
| Support Recurring Payments | Yes |
| Supported Currencies | RM (MYR), supports multiple currencies |
| Supported Cards | Visa, Mastercard, American Express, Discover Network |
| Bank Transfer & Other Payment Services | N/A |
| Minimum Withdrawal Amount | See PayPal details here |
Stripe is an international accepted payment gateway owned by a technology company that builds economic infrastructure for the internet. It is one of the fastest growing payment gateways in the world. Due to its developer-friendly feature, Stripe is integrated with a large number of popular sites and apps online.
| Feature | Stripe |
|---|---|
| Country of Origin | USA |
| Support Recurring Payments | Yes |
| Supported Currencies | RM (MYR), supports multiple currencies |
| Supported Cards | Visa, Mastercard, American Express, Discover Network |
| Bank Transfer & Other Payment Services | FPX |
| FPX Services | Maybank2U, HL Online, RHB Online, Bank Islam, Public Bank, CIMB Clicks |
| Minimum Withdrawal Amount | No Minimum withdrawal amount with exceptions. See Stripe details here |
SenangPay
SenangPay is an online payment gateway owned and managed by Simplepay Gateway Sdn. Bhd. It supports eWallet and no setup fee is needed. One of the most interesting features of SenangPay are its payment links as users are able to generate payment links for any product and send it to your customer via WhatsApp, WeChat, or e-mail.
| Feature | Payment Service |
|---|---|
| Country of Origin | Malaysia |
| Support Recurring Payments | Yes |
| Supported Currencies | RM (MYR) |
| Supported Cards | Visa, Mastercard |
| Bank Transfer & Other Payment Services | FPX, Touch ‘n Go, Boost e-wallet, GrabPay |
| Minimum Withdrawal Amount | RM 100 |
Billplz
Billplz is one of the preferred online payment methods in Malaysia based on Bank Negara’s statistics, due to its low fees and fast settlement for online banking. One of the unique features of Billplz is its integration with PayPal.
| Feature | Payment Service |
|---|---|
| Country of Origin | Malaysia |
| Support Recurring Payments | Yes |
| Supported Currencies | RM (MYR) |
| Supported Cards | Visa, Mastercard |
| Bank Transfer & Other Payment Services |
Alliance Online Am Online CIMB Clicks EON Online Hong Leong Online Maybank2U RHB Online FPX Touch ‘n Go Boost e-wallet GrabPay |
| Minimum Withdrawal Amount | No Minimum withdrawal amount |
KipleBiz
KipleBiz is a division under Kiplepay Sdn Bhd (formerly known as Webonline Dot Com Sdn Bhd). In order to create a seamless payment experience, it is a payment gateway that provides an end-to-end payment solution from online payments.
| Feature | Payment Service |
|---|---|
| Country of Origin | Malaysia |
| Support Recurring Payments | Yes |
| Supported Currencies | RM (MYR), supports multiple currencies |
| Supported Cards | Visa, Mastercard, American Express, Discover Network |
| Bank Transfer & Other Payment Services |
Alliance Online Am Online CIMB Clicks EON Online Hong Leong Online Maybank2U RHB Online |
| FPX Services |
Maybank2U HL Online RHB Online Bank Islam Public Bank CIMB Clicks |
| Minimum Withdrawal Amount | RM 100 |
ToyyibPay
ToyyibPay is one of the newest payment gateways. Other than generating invoices and payment links with toyyibPay, it is a popular payment gateway for WooCommerce stores. It is one of the cheapest payment gateways in the market and it charges only RM1 per transaction if you are using WooCommerce.
| Feature | Payment Service |
|---|---|
| Country of Origin | Malaysia |
| Support Recurring Payments | N/A |
| Supported Currencies | RM (MYR) |
| Supported Cards | Visa, Mastercard |
| Bank Transfer & Other Payment Services |
Maybank2U CIMB Clicks RHB Online HL Online Alliance Online Public Bank Ambank Bank Islam UOB Affin Online Bank Rakyat Bank Muamalat OCBC Standard Chartered KFH |
| Minimum Withdrawal Amount | RM 1 |
BizapPay
Bizappay has no setup fee and no annual fee for merchants. The minimum amount of withdrawal is just RM1.
| Feature | Payment Service |
|---|---|
| Country of Origin | Malaysia |
| Support Recurring Payments | N/A |
| Supported Currencies | RM (MYR) |
| Supported Cards | Visa, Mastercard |
| Bank Transfer & Other Payment Services |
FPX Maybank2U HL Online RHB Online Bank Islam Public Bank CIMB Clicks |
| Minimum Withdrawal Amount | RM 1 |
UPay
UPay2u is a convenient payment gateway with instant payment reports and a user-friendly backend system. It is cheap if there are many transactions needed in the business.
| Feature | Payment Service |
|---|---|
| Country of Origin | Malaysia |
| Support Recurring Payments | Yes |
| Supported Currencies | RM (MYR) |
| Supported Cards | Visa, Mastercard |
| Bank Transfer & Other Payment Services | FPX Maybank2U HL Online RHB Online Bank Islam Public Bank CIMB Clicks |
| Minimum Withdrawal Amount | N/A |
2CheckOut
2Checkout allows businesses to quickly expand internationally. It requires no setup or annual fee, and it supports many types of credit card as well.
| Feature | Payment Service |
|---|---|
| Country of Origin | USA |
| Support Recurring Payments | Yes |
| Supported Currencies | RM (MYR), Multi-currency Support |
| Supported Cards | Visa, Mastercard, American Express, Discover Network |
| Bank Transfer & Other Payment Services | N/A |
| Minimum Withdrawal Amount | 50 USD – 100 USD |
PayDibs
Paydibs is an innovative online payment gateway with continuous development of new features without additional cost. It possesses a fast settlement feature and it prioritises sales conversion.
| Feature | Payment Service |
|---|---|
| Country of Origin | Malaysia |
| Support Recurring Payments | N/A |
| Supported Currencies | RM (MYR), Multi-currency Support |
| Supported Cards | Visa, Mastercard |
| Bank Transfer & Other Payment Services | Visa & MasterCard (MYR) FPX UnionPay (MYR) Boost Mcash TNG |
| Minimum Withdrawal Amount | N/A |
GKash
Gkash offers options of packages to all market segments from start-up to SME, according to the users’ needs. It is a licensed and registered merchant acquirer regulated by Bank Negara Malaysia (BNM) since 2017, in which it supports international E-wallets such as WeChat Pay and AliPay.
| Feature | Payment Service |
|---|---|
| Country of Origin | Malaysia |
| Support Recurring Payments | N/A |
| Supported Currencies | RM (MYR), Multi-currency Support |
| Supported Cards | Visa, MasterCard, UnionPay |
| Bank Transfer & Other Payment Services | GKash E-Wallet Boost GrabPay WeChat Pay AliPay TNG Razer Pay Maybank QR Pay FPX (Maybank2U, HL Online, RHB Online, Bank Islam, PublicBank, CIMB Clicks) |
| Minimum Withdrawal Amount | N/A |
How We’d Rank Them
Based on our extensive experience and client feedback, here’s our ranking and detailed reviews of popular payment gateways in Malaysia:
1. Billplz: Our Top Recommendation for E-Commerce Clients
| Feature | Details |
|---|---|
| Integration | Billplz shines in its seamless integration with popular platforms like WooCommerce, Shopify, and Gravity Forms. This makes it a breeze to set up payment functionalities on e-commerce websites and registration forms. |
| Support | Their customer support is exceptional, featuring a live chat/chat bubble directly on their website. This allows for quick and efficient resolution of any issues that may arise. |
| Security | Billplz utilises SMS OTP for login authentication. While this is a robust security measure, it can be problematic in areas with poor phone reception, as OTP codes may expire before being received. |
| Pricing | Billplz offers a fixed transaction fee, which is particularly advantageous for businesses with high-priced products. |
| WordPress Plugin | Easily available on the WordPress Plugin Directory. |
| Our Verdict | Billplz is our go-to recommendation for e-commerce clients due to its ease of integration, excellent support, and cost-effective pricing structure. The occasional OTP issue is a minor drawback compared to its overall reliability and efficiency. |
2. Atome: Ideal for High-Value E-Commerce
| Feature | Details |
|---|---|
| Suitability | Atome is well-suited for e-commerce websites selling high-value products, such as electrical appliances, skincare brands, and B2B businesses. |
| Integration | It supports WooCommerce and Shopify, and the integration process is straightforward. |
| Buy Now, Pay Later | Atome offers a “buy now, pay later” service, which can attract customers who prefer flexible payment options. This is a very popular feature in Malaysia. |
| Our Verdict | Atome is a strong contender for businesses targeting customers who prefer installment-based payments. |
3. GrabPay: A Popular Choice Among Malaysians
| Feature | Details |
|---|---|
| Popularity | GrabPay has become a widely adopted payment method in Malaysia, thanks to its integration with the popular Grab app. |
| Ease of Use | It offers a convenient and familiar payment experience for many Malaysians. |
| Our Verdict | Integrating GrabPay can significantly expand your customer base by catering to users who prefer this payment method. |
4. iPay88: Reliable but Lengthy Setup Process
| Feature | Details |
|---|---|
| Registration | The merchant registration process for iPay88 can be lengthy, often taking months and requiring extensive documentation. This can be a significant hurdle for businesses that need to start accepting online payments quickly. |
| Reliability | iPay88 has a long-standing presence in the Malaysian market and is generally considered reliable, especially by corporate clients. |
| Support | Support quality varies depending on the account type. Some accounts have dedicated account managers who provide prompt assistance via WhatsApp, while others rely on email support, which can be slower. |
| WordPress Plugin | The WooCommerce plugin is not available in the WordPress Plugin Directory and needs to be downloaded from the merchant portal, requiring technical knowledge. |
| Developer Community | The large developer community provides ample support for custom integrations. |
| Our Verdict | While iPay88 is a reliable option, its lengthy setup process and inconsistent support can deter some businesses. |
5. Fiuu (Formerly Razerpay): Corporate Preference with Slow Support
| Feature | Details |
|---|---|
| Corporate Appeal | Fiuu is a popular choice among corporate clients, likely due to its long-standing presence and physical payment services, such as payment terminals that integrate with major POS systems. |
| Online Integration Support | Support for online integration is slow, with email responses typically taking at least a day. Additionally, support tickets are closed immediately after a response, requiring users to reopen them for further inquiries. |
| After-Hours Support | Fiuu does not offer after-hours support, which can be problematic for businesses that operate outside of standard working hours. |
| Pricing | Transaction fees are relatively high for SMEs. |
| Our Verdict | While Fiuu offers a comprehensive payment solution, its slow support and high fees may not be ideal for all businesses, especially SMEs. |
Key Considerations When Choosing a Payment Gateway
When selecting a payment gateway for your e-commerce website, consider the following factors:
- Integration: Ensure seamless integration with your chosen e-commerce platform.
- Transaction Fees: Compare transaction fees and choose a gateway that aligns with your business’s pricing strategy.
- Security: Look for robust security measures, such as PCI DSS compliance and fraud prevention tools.
- Support: Evaluate the quality and responsiveness of customer support.
- Payment Options: Consider the payment options offered, such as credit/debit cards, online banking, and e-wallets.
- Mobile Compatibility: Ensure the payment gateway is optimised for mobile devices.
Conclusion
Choosing the right payment gateway is crucial for any e-commerce business in Malaysia. By carefully considering the factors outlined in this blog post and evaluating the pros and cons of each payment gateway, you can select a solution that meets your business’s specific needs and enhances your customers’ online shopping experience.
Please be informed that the information above on payment gateways and individual features is for reference purposes only, as the details may be different from the date of publishing. Besides contacting them directly, you are encouraged to double-check the information through the payment gateway providers’ official websites.
Additionally, our review of some of the payment gateways is based on our own experience and use of the payment gateway, and does not necessarily represent the wider use-case of these services. As always, you are encouraged to form your own opinions about the above payment gateways.
As a website development company, Kode Digital is here to help you navigate the complexities of e-commerce and ensure your online business thrives. Contact us today to learn about our website development services and what we can do for you.
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