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Payment Guide
Payment Gateway
 		 
E-banking
What is a payment gateway?
A payment gateway is an e-commerce application service provider that authorizes payments for e-businesses and online retailers. It is the equivalent of a physical point of sale terminal located in most retail outlets.
By having an account with a payment gateway provider such as IPAY88, Paypal, nbepay etc the merchant is able to accept credit card payments from their customers who purchase items through their website. This will also turn your business into a secure and reliable e-commerce storefront and as well as expanding your customer base.
How do I choose?
Things to consider before deciding which payment gateway provider to choose from:
1) What are the accepted currencies?
  • It is advisable for you to display your products with the local currency of the country you are transacting with.
2) What are the charges involved for setting up an account and what are the transactional charges?
  • Some payment gateway providers such as iPay88 charges a onetime setup fees and depending on the package that you are interested in, annual recurring maintenance fees may be involved.
  • Most payment gateway providers such as iPay88, Paypal, nbepay etc also charges a fix percentage on the value of the transaction, e.g. 3% for every transaction, these additional charges is normally paid by your customers, this is important factor to be considered when you are working out your goods pricing strategy.
"Please note that your Payment is processed by Mobile88.com Sdn Bhd"
3) What are the withdrawal methods that are available?
  • Since the payment gateway providers are handling your money, its best to know beforehand how you will receive your money, and the criteria and charges involved.
4) Are there any hidden charges involved?
  • If the Malaysian ringgit (RM) is not your preferred currencies or are not supported of a payment gateway provider, either USD/AUS/SGD etc you would need to consider some additional charges involved such as foreign exchange policy & charges and the trans-border charges. These are important because by the end of the day, the amount of charges and loses from foreign exchange fluctuations may greatly reduce your profit margin by an additional 10% or more.
  PayPal Ipay88 Nbepay
Accepted Payment Types Setup Fees All Credit Cards Most local Banks, Credit Card, PayPal Most local Banks, Credit Card, PayPal
Setup Fees None RM 488 RM499 (until 27th Dec only)
Maintenance Fees None None (Soho Plan) RM500 Annually (SME Plan) RM 0 (for first 2 years), 3rd year is RM 488
Accepted Currencies RM and other 18 international Currencies (USD, Euros, GBP and more currencies) RM and payment from credit cards in USD, and 7 others currencies via iPay88 multi-currency gateway (separate application required) RM only
Transactional Fees
Domestic payment:
Monthly sales Charges
RM0 –RM12,000 3.4% + RM2
RM12,000–RM40,000 2.9% + RM2
RM40,000–RM400,000 2.7% + RM2
>RM400,000 2.4% + RM2
Soho Plan SME Plan
4% for Credit Card 3% for Credit Card
4% for Online Banking and E- wallet Payment 2%~4% for Online Banking and E- wallet Payment
3%
Deposit None None None
Transaction Limit None Daily and monthly limit
(Case by case basis)		 None
Withdrawal Method available for Malaysian
  1. Supported Debit card/ Credit card
  2. Withdraw through your local banks
  1. Online bank transfer
  2. Auto Cheque bank-in(to merchants bank account of choice in MYR)
Withdrawal settlement will be on every Thursday and they will bank in the sum to your current bank account so you do not need to apply any merchant account from the banks.
Minimum Withdrawal RM40 RM100
RM100
Withdrawal Time 3-5 days for transfers into debit card/credit card Up to 5 working days, after cutoff day (every Sunday at 24.00) 5 working days
Withdrawal Fees RM 400 = RM3
>RM 400 = FREE
  1. Online transfer fee charges (Varies according to bank.)
  2. Outstation cheque charges may apply
 RM 2 for every withdrawal
Foreign Exchange Cost 2.5% Spread
(Based on a retail Currency exchange appointed by PayPal) 		Based on Interbank Rates Not Applicable
* This payment gateway comparison chart is for information purpose only and is accurate at time of writing. We make no warranties, expressed or implied on the accuracy of the information on this page. The names of actual companies and products mentioned herein may be the trademarks of their respective owners. If you have found any inaccurate information or additional information you'll like to add on this page, please contact us directly and we will make the appropriate changes accordingly, as soon as we can.
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