Comparison Between Malaysia Payment Gateways
Payment gateways is an ecommerce software that authorizes online payments from consumers to merchants. The role of payment gateway is to allow consumer to pay for their purchase either in the e-business or brick and mortar shop using either credit card or debit card via online banking
It is considered as a third party software that securely debits the money from the consumer and credit to the businesses or merchant’s bank account.
Here are the comparison between payment gateways in Malaysia such as EGHL, Senangpay, iPay88 Soho Plan, iPay88 SME Plan, Billplz and Paypal
Setup Fee
Before anything else, the first step is to set up payment gateway in your websites. Different payment gateways have different prices for setting up. In this case, EGHL and iPay88 SME Plan may charge merchants a certain amount of money. EGHL charges consumers RM 499 WHILE iPay88 SME Plan charges RM488. Meanwhile, Senangpay, iPay88 Soho Plan, Billplz and Paypal provide free service for setting up payment solutions.
Annual Fee
It may be good news for merchants who are using iPay88 Soho Plan, Billplz and Paypal as these payment gateways do not require merchants to pay annual fee or subscription fees in order to continue to use it. Annual fee for iPay88 SME Plan can be waived too but it only applies for businesses which use it from 2nd year onwards. On the other hand, Senangpay charges different annual fees according to different packages offered. EGHL may use a different style of billing method as it requires transactions over RM15,000 a month in order to get waived annual fee benefit. It means that EGHL may charge RM25 annual fees for merchants who didn’t achieve RM15,000 transactions per month.
Transaction Fees
EGHL:
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)
Senangpay:
2.5% per transaction or a minimum charge of RM0.65 whichever is higher for Credit & Debit Card
1.5% per transaction or a minimum charge of RM1 whichever is higher for FPX
1.8% per transaction or a minimum charge of RM0.65 whichever is higher for Credit & Debit Card for Special Package
iPay88 SOHO Plan:
3.0% per transaction or minimum
RM 0.60 whichever is higher for online banking (e-debit)
iPay88 SME Plan:
2.7% per transaction for Visa/Mastercard credit card 2.5% for debit card
2.7% for UnionPay Credit/Debit card
2.7% per transaction or minimum RM 0.60 whichever is higher for online banking (e-debit)
Billplz:
Credit Card via PayPal. RM1.50 per transaction for Online Banking via FPX
Paypal:
For Paypal, how they charge from transaction fees depends on the merchant’s monthly sales. The higher the transaction they made, they higher the transaction fees
For monthly sales: Up to 12,000.00 MYR
Malaysia: 3.9% + 2.00 MYR
Overseas : 4.4% + 0.30 USD
For monthly sales: 12,000.01 – 40,000.00 MYR
Malaysia: 3.4% + 2.00 MYR
Overseas: 3.9% + 0.30 USD
For monthly sales: 40,000.01 – 70,000.00 MYR
Malaysia: 3.2% + 2.00 MYR
Overseas : 3.7% + 0.30 USD
For monthly sales: 70,000.01 – 400,000.00 MYR
Malaysia: 2.9% + 2.00 MYR
Overseas : 3.4% + 0.30 USD
For monthly sales: Above 400,000.00 MYR
Malaysia: 2.7% + 2.00 MYR
Overseas : 3.2% + 0.30 USD
Supported Currencies & E-Wallet
From Senangpay to IPay88 to Billplz. These payment gateway only support Malaysian currencies which makes other currencies unable to use for transactaction. Meanwhile, EGHL and Paypal makes it easier for everyone as it supports multiple currencies.
As for e-wallet, Senangpay and Paypal do not support the usage of e-wallet. On the other hand, EGHL supports multiple e-wallet such as Boost, Grabpay and Touch&Go while both IPay Plan support Alipay and Touch&Go.
The withdrawal method for all of these 5 payment gateways is by transferring to a local bank. But, some of these will limit a certain amount when they proceed to withdraw. Senangpay and oth IPay88 Plan need at least RM100 while Paypal need RM40 when they proceed to withdraw.
Bank Transfer
EGHL: Malaysia Online Bank Transfer Maybank2U,CIMB Clicks, RHB Online, HL Online, Alliance Online, PbeBank, Ambank, Bank Islam, UOB, Affin Online, Bank Rakyat, Bank Muamalat, OCBC, Standard Chartered, KFH Other Country Debit
Senangpay: Credit /Debit card or Master card, FPX, Bank Islam, CIMB Click, RHB NOW ,Maybank2U, AMbank, Hong Leong Online, Public bank Online
IPay88 SOHO Plan: Malaysia Online Bank Transfer, Alliance Online, AM Online, CIMB Clicks, EON Online, Hong Leong Online, RHB Online, FPX (Maybank2U, HL Online, RHB Online, Bank Islam, PbeBank, CIMB Clicks)
IPay88 SME Plan: Malaysia Online Bank Transfer, Alliance Online, Am Online, CIMB Clicks, EON Online, Hong Leong Online, RHB Online, FPX (Maybank2U, HL Online, RHB Online, Bank Islam, PbeBank, CIMB Clicks) Other Payment Methods 3.2% for PayPal(Visa/Master) 0% for Boost wallet 1.2% for Vcash Waller 2.0% for KipplePay
Billplz: Alliance Online, Am Online, CIMB Clicks, Affin bank, Hong Leong Online, Maybank2u, Bank Muamalat, Standard Charted, UOB, RHB Online, OCBC bank, Pbebank, Bank Islam, KFH, FPX (Maybank2U, HL Online, RHB Online, Bank Islam, PbeBank, CIMB Clicks)
