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Malaysia Payment Gateway

Ipay88, Billplz or Senangpay?

When it comes to e-commerce website for Malaysia market, one thing that we need to take care is payment gateway platform. In Malaysia, we have variety of choices such as iPay88, Billplz, SenangPay, e-GHL and MOLPay. Ipay88 and MOLPay can be considered as ‘giant player’ in the market, but what about the others? Here we will give some comparison among them (actually there’s a lot more Malaysia Payment Gateway, but we only review based on our real experience  :

iPay88 : Suitable for big marketplace

iPay88 can be considered as the biggest player and the most stable payment gateway platform for Malaysian market. They charge RM488 for one time registration fee, hence this is not the cheapest payment gateway platform for small e-commerce website. But, the advantages are they can integrate with most E-Commerce CMS platform such as WooCommerce, Shopify, Opencart, Prestashop and Magento. They also can integrate well with some WordPress plugins such as Gravity Forms. Ipay88 also have recurring payment function, suitable for membership site payment.

Ipay88 have two plans which is SME Plan and Soho Plan. SOHO plan is specially designed for online merchants that do not want to pay for the maintenance fee especially individual or SOHO type of online business owner. This plan only suits online retailers with a monthly online turnover of less than RM 4,000. Otherwise, please refer to the Small / Medium Business (SME) Plan. They charge 3.5% to 4% (depends on their packages) for every transaction and settlement process is once a week.

SenangPay : Suitable for any new business with lower cost per year

Senangpay can be considered as newcomers in Malaysia Payment Gateway market. But to be honest, we love their package and support. Based on our experience, the registration flow is much easier compare to Ipay88. We pay today, and we can use their payment gateway with our Woocommerce store the next 2-3 days. How cool was that? (but only enable for FPX/local bank. To enable credit card, need another 14 working days).  They also have lower charge rate to their merchant which is 1.5% per transaction for FPX and 2.5% for credit card payments, compare to ipay88 (4% for their SOHO Plan). Means, if customer bank in to you RM100 using their local bank, Senangpay will only take RM1.50 per transaction, which for us it’s quite good! Their settlement process is twice per week, which is Wednesday and Friday (minimum of RM100).

Just like iPay88, they can integrate with many E-Commerce CMS such as Woocommerce and Opencart. They also have  integration with WordPress Gravity Form, which we really love it. You can also subscribe their Advanced Package (RM450 per year) if you want to have recurring payment, split settlement or even participate with their affiliate program. Otherwise, if you just selling products online and want to accept payment from FPX/any local bank and also credit card, you can subscribe their basic plan for only RM300 per year . They also have Special Package where they only charge 1.8% per transaction (credit card transaction charges), but their yearly renewal is quite expensive, which is RM1500 per year. We never had experience with their Special Package, but if you have big e-commerce store, we think this package is for you 🙂

In order to register your Senangpay account, you need to provide them with some of your business information such as :

  • your business email address
  • contact/telephone number
  • registered business name and SSM number
  • your business social media platform (facebook or twitter or instagram link)
  • your website URL (make sure to include http://)
  • your business bank account name and bank account number
  • Year you start your business and estimated monthly revenue

BillPlz : Best Choice for Small Businesses

To be honest, this is our favourite choice when it comes to selecting best Malaysia Payment Gateway platform for very new businesses. Not only their merchant charges is extremely low, which is RM1.50 per transaction, the registration flow is also extremely easy and free(for Basic Package).  They also can works well with Woocommerce, WordPress Gravity Form, and also Opencart Development. To register, you need to register with Plzlogin and provide them with your business details such as Email, mobile number, mykad, bank name, bank account number and bank account statement header.

But, if you want to accept credit card payment, you need to sign up with their Standard Plan, which will cost you RM150 per month. Seems like, Senangpay is more affordable, but, with their Standard plan, FPX charges is only RM1 per transaction 

Stripe : Suitable for Malaysian and International Market

Stripe is an international payment gateway (United States) which already have integrations with most Malaysian bank. The transaction charges for Stripe is lower compare to Paypal. As per our experience, we choose Stripe payment gateway for any e-commerce platform who want to focus and sell inside Malaysia and also global market.

Stripe will charge 3% + RM1 per local bank transaction and FPX transaction. Stripe can support multi currency all over the world.

In order to register your Stripe account, you need to provide them with some of your business information such as :

  • your business email address
  • contact/telephone number
  • registered business name and SSM number
  • your business social media platform (facebook or twitter or instagram link)
  • your website URL (make sure to include http://)
  • your business bank account name and bank account number

In conclusion, it’s up to you to choose which payment gateway you like. Yes, we got many emails regarding this Malaysia payment gateway article, to make sure we review their payment gateway, but we dont have any experience yet with those payment gateway. There’s another Malaysia payment gateway in the market such as Razer Merchant Services (formerly known as MOLPay), eGHL, RaudhahPay and many more. Really hope that we can try them in future! 😉

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