Payment gateway will affect your conversions rate and online store sales performance.
As a website owner, you should focus on your target audience preference by making the online payment convenience for them.
Payment gateway not only being used for ecommerce. Our agency has already integrated our clients with form payment for web booking, car rental, paid support request and more, allowing them to receive online payments from their websites.
If you're planning to receive online payment with your website or starting an ecommerce such as Woo, Shopify and other platforms, then you're in the right place.
In this article:
- What is a payment gateway?
- WooCommerce vs Shopify
- Best payment gateway in Malaysia
- Shopify payment gateway Malaysia
- Payment gateway comparison Malaysia
What is Payment Gateway?
In short, it's an integration to payment service provider to accept payment online.
Payment gateway enables merchant to securely process different types of online transfer by customers, which include debit card and credit card transactions, electronic wallets or digital wallets, and bank transfers.
Payment gateway in Malaysia commonly connecting with one of the biggest providers to process local transfer especially with local bank accounts such as Malaysian Electronic Payment System (MEPS) and Financial Process Exchange (FPX).
Today, accepting online payment become essential for online businesses in Malaysia and rest of the world like ecommerce, food delivery, courier service, appointment service and more.
Although there is a service preferring manual bank transfer such as via quotation, some online payment gateway providers allow you to send quotation with email link and process the payment for you.
WooCommerce vs Shopify
Now, it's all about getting ecommerce platform that align with your business needs.
There are many types of e-commerce platform here in Malaysia and the most commonly used are WooCommerce and Shopify because of the flexibility and scalability.
Both of this platform are well-known and has its own unique advantages and disadvantages while both accepting wide range of payment methods to streamline your online sales and business growth.
Here are several factors that you need to consider before choosing ecommerce platform:
Payment processing fees: There are some mark-ups and transaction fee required in order for the provider to process the payment for you, they may require it to process international currency conversions and do some paperwork.
Payment methods: This part will affect your potential buyers for making purchase. If your store can accept payment with their available payment accounts, then its good, such as local bank transfer, e-wallet and foreign currency.
Settlement: You should be aware of payment collection by online transactions. It may increase if you have high transaction volume. You might want fast settlement to cover your initial expenses for the product or services. Getting back the customer money to your account will allow you a smooth financial for the next orders.
Extra features: These online payment gateway solutions features can enhance your online store advantages. Depending on payment platform, you can send email payment link that you might require to adjust the order, processing a customer refund from the dashboard, paying your affiliates partners from the dashboard and more.
If you're unsure which platform are the best for you, below we highlighted the advantages and disadvantages between WooCommerce and Shopify:
WooCommerce Malaysia
Best for flexibility and customization designed for your brand. It can be integrated most of payment gateway whether you are targeting local audience or international audience.
Because of its customization, a lot of Malaysian business use Woo to match their business operations, low setup fee and seamless transactions with debit card payments.
If designed and configured correctly, your store visitors can have great experience throughout your site with fast loading speed and intuitive user interface (UI) just like how Stroopwafels website designed to captivate their audience for purchase.
Woo can cost average from RM1500 annually for the hosting and features. Setup fee is varies depending on website designers you approach, ranging from RM3000 average.
Depending on your budget, consider hiring an WooCommerce agency can help you achieve better results for your WooCommerce online store performance, selling features and integrate to preferred Malaysian payments or other types of payment methods.
Shopify Malaysia
Shopify is well-known for its scalability, inventory and shipping system and used by millions worldwide. The best minimum plan to start is from Shopify plan about RM2,400 per-year. According to existing users, its recommended to start with Advanced plan that cost RM15,000 per-year for the best backend features that align with your team and business growth.
The highest plan available is Shopify Plus priced around RM116,000+ per-year with 3 years contract, this plan is great for large-scale and high order volume which been used by Christy Ng website, which they achieved 400% revenue growth after switching to Shopify Plus.
If you wish to have amazing design, consider hiring Shopify developer or purchase available Shopify theme. Shopify also support wide range of payment options such as Paypal, Klarna, Afterpay and other online payment methods.
If you are planning to choose other platform, be sure to check their specifications and align the online payment gateway service with your long-term planning that might affecting your business models.
5 Best payment gateways in Malaysia
Just now we've learned about ecommerce platform and how it aligns with your business models and seamless integration.
Below we highlighted top 5 best payment gateway for WooCommerce, mobile app and ideal payment gateway for online store in Malaysia for secure payment processing with website and mobile payments.
Chip
The Chip Payment Gateway considered one of the most versatile payment providers in Malaysia out there. Chip is registered with Bank Negara Malaysia (BNM) for its digital finance platform, making them a complete payment solution for your business.
With multi-currency supported and flat rate for FPX online banking as low as RM1*. By using Chip, you can apply for POS terminal payment with a fee structures and additional charges, depending on payment method used by your customers for a seamless experience.
Chip is free to use and it support debit card, credit card, online banking transfer from local bank accounts such as Public bank, OCBC Bank, Affin Bank, Bank Rakyat, Maybank and more, EWallet such as GrabPay and ShopeePay, and foreign card with Visa and Mastercard.
Best for WooCommerce ecommerce platform and accepts payment online
Pros:
- No Setup fee & Fast approval (Free to use)
- Low transaction fee from RM1 with FPX
- Fast settlement every next day
- Payout payment available (Example: Agent commission)
- Recurring payment available, best for subscription-based service
- Send payment request via email with security compliance
- Highly support WordPress & WooCommerce
- Quick customer support via WhatsApp group and email
Cons:
- 2.2% txn fee for local credit card and 1% debit card
- 3% transaction fee for foreign credit card
- Currently only supporting Atome for BNPL
- Not supported on Shopify
Visit Chip official website and sign-up free account. *you can use Gmail account and other
ToyyibPay
If you're looking for quick and easy payment platform, ToyyibPay will be the great choice for payment gateway options and has been widely used by entrepreneurs and SMEs of Malaysian business for ToyyibPay WooCommerce, OpenCart and Ecwid ecommerce platform.
They are known for the best and reliable customer support with 24 hours online support and support credit / debit card, online bank transfer and accepts international currency. ToyyibPay have a good security standards ensuring your payment page secured until successful transaction.
Today, there are many small ecommerce website, landing page and sales page are using ToyyibPay payment gateway in Malaysia because of easy setup and integrations with detailed instructions.
Best for Sales page, WooCommerce, non-profit organization (NGO) and crowdfunding website
Pros:
- Quick and easy registration (Free to use)
- RM0.00 transaction fee for B2C *Only for non-profit organization
- RM1 per transaction flat fee for B2C
- 1.5% txn fee for local card
- Supporting split payments and QR code
- Any local bank that are supporting FPX
- Support WooCommerce
Cons:
- Settlement duration varies depending on payment method and plan
- RM100 Setup fee for card payment
- RM100 annual fee for card payment
- Card payment only support local card (MY)
- Not supporting other payment method such as eWallet and BNPL
- Require third party integration for Shopify
Visit ToyyibPay official website and free sign-up for standard plan.
eGHL
GHL is ASEAN's leading payment solutions provider across Malaysia (HQ), Philippines, Thailand, Indonesia, Singapore and Australia. They are recognized as best Malaysian payment gateway for in-store, online payment process and ecommerce business.
eGHL payment gateway can be integrated with WooCommerce, Shopify, custom website and app development for online transactions. Accepting credit/debit card, online banking, ewallet and installments.
Because of its integration capabilities and multi-currency, eGHL become preferred payment solutions by vendors and IT solutions provider. They also known for best customer experience and secure payment gateway.
Best for e-commerce website with high transaction volume and retail transactions
Pros:
- Low as 1.8% transaction fee on local credit card but with high setup fee
- RM0.50 or 1.8% fee per transaction for online banking (whichever is higher)
- Support Grab BNPL
- Installments available with Visa for easy payment plan
- Seamless integration for WooCommerce and custom development
- RM0.50 charges for refund per-transaction
- RM0 settlement fee to local bank
- Support Shopify and WooCommerce
Cons:
- Setup fee from RM499
- Many types of fees depending on onboarding fee
- Annual fee from RM300 (waived if reach certain amount)
- Settlement by weekly
Visit e-GHL official website and sign up for onboarding.
SenangPay
The SenangPay payment gateway Malaysia is trusted by thousands of enterprises and SMEs for its fair pricing on all platforms and robust Application Programming Interface (API) integrations.
It comes with easy-to-use plugins for SenangPay WooCommerce and API to integrate with popular ecommerce platform in the market. With API, your developer can have smooth integration process for your custom app or web development.
SenangPay offer holistic payment gateway features such as Payout API, Recurring payments and payment forms. That way, you can sell through WhatsApp and social media through payment link compared to previous payment gateway provider using email.
Best for SMEs and large-scale transactions
Pros:
- Instant approval for all plan
- RM1 or 1.5% transaction fee (Whichever is higher) for FPX
- Local cards from RM0.65 or 2.5% (Whichever is higher)
- E-wallets payment from RM0.65 or 1.5% (Whichever is higher)
- More BNPL options available such as SPayLater, Atome and GrabPayLater
- Low transactions rate for enterprise plan
- Mass or Split payment supported
- Support WooCommerce and Shopify
Cons:
- Annual fee from RM199
- Faster settlement only from Advance plan and Enterprise plan
- Card payment and BNPL only available from Advance plan and Enterprise plan
- Recurring features and foreign card payment available from Advance plan and Enterprise plan
Visit SenangPay official website and sign-up new account.
Stripe
Stripe has been world recognition for best and secured financial infrastructure that been used by millions of companies. You can accept payment globally and wider integration with Stripe payment gateway.
More than 135+ currency and payment method supported making it one of the best choices for ecommerce business model in the world. It is also developer friendly with a robust set of API and tools for customization and integration with wider range of ecommerce platforms.
Stripe secure payment gateway comes with fully integrated suite of financial and payment products from Billing, invoicing, issuing, terminal and more by Stripe. You can have good payment ecosystem by them.
Best for small to large-scale ecommerce targeting worldwide audience
Pros:
- Easy to setup and integrate (Free to use)
- Volume discounts for custom plan
- Access to more financial features offered by Stripe
- Multi-currency support
- Solid security protocols
- Checkout payment page with custom domain
- Supporting credit and debit cards, FPX and digital wallets
- Settlement in Malaysian currency or your other preferred currency
- Support Shopify and WooCommerce
Cons:
- RM1 + 3% transaction fee for domestic cards (Standard package)
- RM1 + 4% transaction fee for international card and + 2% if currency conversion is required. (Standard package)
- RM1 + 3% transaction fee for FPX (Standard package)
- Txn fee is high, but you will get ease of integration to more platform
Visit Stripe official website and free sign up.
How to choose the right payment gateway for your business
When choosing payment gateway, always select the best integration with your platform and website for better integration process. Second, look for the lowest transaction fee based on your location and target market.
It should align with your future planning. Although you can start small and scale later but selecting a payment provider that ready to fulfill your future planning is a big PLUS!
Still not sure which payment to choose? Feel free to contact us and we will assist you for payment gateway integration and connecting you with provider for your unique business!
