In today’s digital age, providing a secure and hassle-free payment experience is essential for businesses of all sizes.
Whether you’re a well-established e-commerce giant or a new startup company, building trust with your customers through a seamless payment process is key to success.
That said, choosing the right payment gateway may be tricky when there are so many options. You’re going to have to narrow down which one meets your specific requirements.
Which is why in this article, we will explore what is payment gateway and the best payment gateways in Malaysia, comparing them based on key factors to help you decide which payment gateway works best for you and your business.
As we dive into the world of payment gateways, remember that selecting the right one can significantly impact your business’s success in the digital realm.
How Much Do Payment Gateway Services Cost in Malaysia?
When conducting payment gateway comparison Malaysia, it’s important to note that each online payment gateway service has its own range of costs to look out for.
They even provide different payment methods in Malaysia, payment page, and structure their pricing based on several factors, including:
- Setup Fee: A one-time charge for integrating the payment gateway with your website or online platform. Covers the initial configuration and activation of the service.
- Annual Fee: Some services charge this to maintain the service and provide ongoing support. Covers maintenance, updates, and security enhancements.
- Commission Per Transaction: A percentage or fixed amount charged on each successful transaction processed through the payment gateway. This cost varies based on factors such as transaction volume, business type, and the specific payment gateway provider.
- Charges on Refunds: In the event of a refund or chargeback, some payment gateways impose additional charges. These charges are typically a percentage or fixed amount deducted from the refunded amount.
In Malaysia, the average costs for each of these services are as follows:
| Services | Average Cost |
| Setup Fee | RM500 |
| Annual Fee | RM500 |
| Commission Per Transaction | 3% |
| Charges on Refunds | 1% |
Factors To Help You Choose The Best Payment Gateway Malaysia
When selecting the best payment gateway in Malaysia for your business, there are several factors you can look into to help you select the best one for you. These include:
Security
Look for gateways that offer robust security features such as SSL/TLS encryption, PCI DSS compliance, and tokenization to protect sensitive customer data during transactions.
Additionally, consider gateways that implement fraud prevention measures and regularly undergo security audits to ensure the safety of your transactions and customer information.
Compatibility
Ensure that the payment gateway is compatible with your existing e-commerce platform or website. Check if the gateway offers plugins, APIs, or ready-made integrations for popular platforms such as Shopify, WooCommerce, or Magento.
Payment Methods
Consider the payment methods supported by the gateway. It’s important to cater to the preferences of your target customers.
Look for gateways that support a wide range of payment options, including credit cards, debit cards, online banking, e-wallets, and alternative payment methods like installment plans.
Cost
Evaluate the cost structure of the payment gateway. Consider factors such as setup fees, annual fees, transaction fees, and any additional charges for specific features or services.
Compare pricing plans from different providers to find a balance between affordability and the features you require.
Customer Support
Reliable customer support is crucial when dealing with payment gateway issues or inquiries. Look for providers that offer responsive and knowledgeable customer support through various channels such as phone, email, or live chat.
Our Top 10 Picks for Malaysia Payment Gateway
When it comes to selecting the best payment gateway for your business in Malaysia, several options stand out due to their reliability, features, and popularity.
Here’s a breakdown of our top 10 that serve different business and industry needs to help you narrow down your options!
eGHL
eGHL is a leading payment gateway in Malaysia and across Asia, as their reach goes across 6 countries; Malaysia, Philippines, Thailand, Indonesia, Singapore, and Australia.
Their payment gateway offers a comprehensive suite of payment solutions that supports various payment methods, including credit cards and online banking and provides robust security features to ensure safe transactions for businesses and customers alike.
Some of its stand-out features are its High Availability, where they can maintain uptime even during high traffic volumes, and Easy Reconciliation, where they can complete the settlement process in just a few business days.
| Setup Fee | RM499 |
| Annual Fee | Free, RM399 for Small Business after 2nd year |
| Commission Per Transaction | 2.5% (Small Business), 2.8% (Starter) |
| Refund Charges | RM0.50 per transaction |
| Accepted Payment Methods | Credit/Debit Cards Visa, MasterCard, Bank Transfer (FPX) |
| Supported Currencies | 48 currencies including RM |
| Supported E-Commerce Platforms | EasyStore, SiteGiant, WooCommerce |
| Onboarding Time | 7-14 working days |
| Fraud & Risk Management | Yes |
| Split Payments | Yes |
iPay88
If you’ve ever bought anything online in Malaysia, you may have come across this particular payment gateway. This is because iPay88 is one of the most widely used payment gateways in Malaysia.
It provides a seamless payment experience by supporting multiple payment methods, including credit cards, online banking, and e-wallets.
iPay88 also offers customizable solutions tailored to businesses of all sizes, making it a popular choice for both startups and established enterprises.
Their services include providing a POS/Kiosk, Invoice Payment for businesses to get paid via e-mail, messaging apps, or SMS, as well as setting up recurring payments.
| Setup Fee | RM488 |
| Annual Fee | RM500 |
| Commission Per Transaction | 3% or RM0.60 whichever is higher (Online Banking) |
| Refund Charges | None |
| Accepted Payment Methods | Visa, MasterCard Credit/Debit Card, FPX, Malaysia Online Bank Transfer, E-Wallets |
| Supported Currencies | RM |
| Supported E-Commerce Platforms | Shopify, EasyStore, WooCommerce |
| Onboarding Time | 7-14 working days (internet bank transfer), 1-2 months (credit card) |
| Fraud & Risk Management | Yes |
| Split Payments | No |
Paypal
PayPal is one of the most globally recognized payment gateway that operates in Malaysia as well. It enables businesses to accept payments from customers worldwide and offers a user-friendly interface.
With PayPal, customers can make payments using their PayPal accounts or through credit cards, enhancing convenience and trust.
Due to its global outreach, this is the perfect platform for Malaysian businesses who aim to expand to countries far and wide.
Some of the features to look out for include a POS system as well as the option to implement installment payments for your customers.
| Setup Fee | Free |
| Annual Fee | Free |
| Commission Per Transaction | From 4.4% + RM 2.00 |
| Refund Charges | None |
| Accepted Payment Methods | Credit/Debit Card Visa, MasterCard, American Express, Malaysia Bank Transfer |
| Supported Currencies | 24 Currencies (USD, RM, GBP, Yen, SGD, Euros, and more) |
| Supported E-Commerce Platforms | Magento, Shopify, EasyStore, BigCommerce |
| Onboarding Time | Immediate |
| Fraud & Risk Management | Yes |
| Split Payments | Yes |
Worldpay
Worldpay is a renowned payment gateway that caters to businesses of all sizes. It provides a wide range of payment options, including credit cards, e-wallets, and alternative payment methods.
Worldpay’s well-known for their robust security measures and their advanced fraud prevention tools make it a reliable choice for businesses seeking secure payment processing.
They’re one of the few payment gateways with tailored pricing, so you can choose a plan that suits your needs and add on what’s necessary for you and your business.
| Setup Fee | Free |
| Annual Fee | Monthly subscription plan from £19 per month |
| Commission Per Transaction | From 1.5% |
| Refund Charges | Depends on fee schedule |
| Accepted Payment Methods | Credit/Debit Card Visa, MasterCard, American Express, Malaysia Bank Transfer, Apple Pay |
| Supported Currencies | Up to 120 International Currencies including RM |
| Supported E-Commerce Platforms | Magento, BigCommerce, WP Commerce, Shopify, WooCommerce |
| Onboarding Time | 5 working days |
| Fraud & Risk Management | Yes |
| Split Payments | No |
Razer Merchant Services (RMS)
Razer Merchant Services (RMS) is backed by Razer, a prominent gaming lifestyle brand, yet they’re also known for offering a comprehensive payment gateway solution.
It supports various payment methods and provides advanced fraud prevention features.
RMS is particularly popular among businesses in the gaming and e-commerce sectors, making them the ideal choice if your business handles that particular industry.
One of their ideal factors is that you can set up and start payment within 15 minutes of registering, even without documentation.
| Setup Fee | From RM200 |
| Annual Fee | From RM99 |
| Commission Per Transaction | From 0.8%- 2.8% |
| Refund Charges | RM0.70 |
| Accepted Payment Methods | Credit/Debit Card Visa, MasterCard, American Express, UnionPay, Malaysia Bank Transfer, E-Wallets |
| Supported Currencies | RM, SGD, PHP, IDR, VND, AUD, THB, DKK, CHF, USD |
| Supported E-Commerce Platforms | Shopify, WooCommerce, EasyStore, SiteGiant, Opencart, Magento, and more |
| Onboarding Time | Immediate |
| Fraud & Risk Management | Yes |
| Split Payments | No |
Stripe
Stripe is a globally recognized payment gateway that has gained popularity in Malaysia for its developer-friendly approach.
It offers a robust set of APIs and tools that allow businesses to customize their payment flows and offers a fully integrated suite of payment products.
This includes shareable links, flexible invoicing and even mobile apps. This makes it perfect for businesses who would like to take a more developer-centric approach to their payment systems.
Stripe supports a wide range of payment methods and provides advanced security features such as AES encryption and isolated infrastructure to prevent sharing of credentials.
| Setup Fee | Free |
| Annual Fee | Free |
| Commission Per Transaction | 3% + RM1 |
| Refund Charges | None |
| Accepted Payment Methods | Credit/Debit Card Visa, MasterCard, American Express, UnionPay, Malaysia Bank Transfer, E-Wallets |
| Supported Currencies | 135+ currencies including RM |
| Supported E-Commerce Platforms | Magento, Shopify, EasyStore, BigCommerce WooCommerce, and more |
| Onboarding Time | 1-2 days |
| Fraud & Risk Management | Yes |
| Split Payments | Yes |
Billplz
Billplz is a local payment gateway in Malaysia that specializes in online invoicing and payment collection. It offers a simple and efficient way for businesses to generate invoices and collect payments from customers.
Billplz supports multiple payment methods, including online banking and e-wallets, making it suitable for various industries.
They offer some of the lowest costs possible among all other payment gateways, and you can even collect payments via email and SMS if you lack a website.
| Setup Fee | Free |
| Annual Fee | Free, Standard Plan at RM4240 |
| Commission Per Transaction | RM1.20, RM0.60 for Standard Plan |
| Refund Charges | None |
| Accepted Payment Methods | Credit/Debit Card Visa, MasterCard, Malaysia Bank Transfer, E-Wallets |
| Supported Currencies | RM |
| Supported E-Commerce Platforms | WooCommerce, Shopify, OpenCart |
| Onboarding Time | 3 days |
| Fraud & Risk Management | No |
| Split Payments | Yes |
2C2P
2C2P is a regional payment gateway that operates in Malaysia and other Southeast Asian countries. It supports multiple payment channels and offers advanced features such as tokenization and recurring payments.
2C2P provides businesses with a reliable and secure payment processing solution.
2C2P offers one of the most comprehensive payment solutions and covers all payment methods available across 400,000 locations across Asia.
| Setup Fee | RM500 |
| Annual Fee | RM500 |
| Commission Per Transaction | From 3.75% |
| Refund Charges | From 2.5% – 3% for credit cards, RM1.50 for bank transfers |
| Accepted Payment Methods | Credit/Debit Card Visa, MasterCard, American Express, Malaysia Bank Transfer, E-Wallets and more |
| Supported Currencies | RM, USD, SGD, HKD, THB |
| Supported E-Commerce Platforms | All platforms that accept API |
| Onboarding Time | 1-2 weeks |
| Fraud & Risk Management | Yes |
| Split Payments | Yes |
PayHalal
PayHalal is a payment gateway in Malaysia that focuses on providing Sharia-compliant payment solutions. It caters to businesses that adhere to Islamic principles and offers halal-certified payment processing services.
PayHalal is a great option if you aim to serve a specific market segment while ensuring compliance with Sharia requirements.
Their services include Zakat and Sadaqah, and even provide their own E-commerce platform called HalalKart where you can also use their own HalalKitty QR Payment system.
| Annual Fee | From RM250 |
| Commission Per Transaction | From 0.35% + RM0.50 (FPX) |
| Refund Charges | Based on XED fee |
| Accepted Payment Methods | Credit/Debit Card Visa, MasterCard, Malaysia Bank Transfer, E-Wallets |
| Supported Currencies | 26 currencies including RM |
| Supported E-Commerce Platforms | PretaShop, WooCommerce, Opencart & EasyStore |
| Onboarding Time | 1 day |
| Fraud & Risk Management | Yes |
| Split Payments | No |
senangPay
senangPay is a local payment gateway that targets small and medium-sized businesses in Malaysia. It offers a user-friendly platform with simplified integration options.
senangPay supports multiple payment methods and provides affordable pricing plans, making it an attractive choice for startups and SMEs.
They have a dashboard to help you manage your orders and even accept tokenization and split settlements.
| Setup Fee | None |
| Annual Fee | RM300 |
| Commission Per Transaction | From 1.5% |
| Refund Charges | 1.5% |
| Accepted Payment Methods | Credit/Debit Card Visa, MasterCard, Malaysia Bank Transfer (FPX), E-Wallets |
| Supported Currencies | RM, USD, EUR, IDR, JPY, THB, AUD, GBP |
| Supported E-Commerce Platforms | EasyStore, WooCommerce, SiteGiant, Shopify and more |
| Onboarding Time | Within 1-7 days |
| Fraud & Risk Management | Yes |
| Split Payments | Yes |
Payment Gateway Malaysia Comparison: Quick Guide
For a more concise version of our top 10 picks of payment gateways, you can refer to our table below:
| Payment Gateway | Annual Fees | Pros | Cons |
| eGHL | RM399 | – Comprehensive payment solutions – Robust security features | – Limited to Asian countries – High setup and maintenance fees |
| iPay88 | RM500 | – Seamless payment experience for customers – Offers POS/Kiosk options and more | – High setup and maintenance fees |
| PayPal | None | – Global recognition and trust – User-friendly interface | – Higher transaction fees for international payments – Withdrawal process can be time-consuming |
| Worldpay | £19 per month | – Wide range of payment options – Advanced fraud prevention tools | – Setup and integration can be complex for some businesses – Subject to currency exchange rates |
| Razer Merchant Services | From RM99 | – Popular among gaming and e-commerce industries – Easy setup | – Limited payment options compared to other gateways |
| Stripe | None | – Developer-friendly and customizable – Highly secure with certification | – Potentially difficult to use for new users – Higher conversion rates |
| Billplz | Free, Standard Plan at RM4240 | – Customizable payment plan – Simple and efficient payment collection | – Only supports RM |
| 2C2P | RM500 | – Regional presence in Southeast Asia – Advanced features like tokenization | – Commission rates are higher for credit cards – Fees are not fully transparent |
| PayHalal | From RM250 | – Sharia-compliant payment solutions – Access to a specific market segment | – Limited target audience – Covers mainly Malaysia |
| senangPay | From RM300 | – Provides Stripe partnership for better global outreach – Simplified integration options | – Limited features compared to larger gateways – Refund unavailable for FPX transactions |
FAQs on Malaysian Payment Gateways
What is the Most Popular Payment Method in Malaysia?
There are many types of popular payment methods in Malaysia. E-wallets have seen a rise in use due to its convenience and QR payment methods.
Online banking through FPX (Financial Process Exchange) is also popular as it is supported by major banks in the country.
What’s important to note is that the most popular payment methods depend on its convenience, security, and widespread availability.
What is FPX Payment Gateway?
FPX is a popular online payment gateway in Malaysia. It enables customers to make payments directly from their bank accounts to merchants or service providers.
FPX acts as an intermediary between banks and merchants, facilitating secure and real-time fund transfers. It offers a seamless payment experience and is widely integrated into e-commerce platforms in Malaysia.
Is There a Free Payment Gateway?
While most payment gateways charge fees for their services, there are some providers that offer free payment gateway options. However, it’s important to note that these free options often come with limitations, such as transaction volume restrictions or fewer features.
What is Enough to Consider a Payment Gateway Secure?
To consider a payment gateway secure, check on these factors:
- SSL/TLS Encryption: The payment gateway should use secure sockets layer (SSL) or transport layer security (TLS) encryption to protect sensitive customer data during transmission.
- Compliance with Industry Standards: The gateway should adhere to industry standards such as Payment Card Industry Data Security Standard (PCI DSS) compliance to ensure the secure handling of payment card information.
- Fraud Prevention Measures: The gateway should have robust fraud prevention tools and mechanisms in place to detect and prevent fraudulent transactions.
- Regular Security Audits: The payment gateway should conduct regular security audits and assessments to identify vulnerabilities and address them promptly.
What Happens if Payment is Stuck in Payment Gateway?
If a payment gets stuck in a payment gateway, it is typically flagged as a failed transaction. In such cases, the payment gateway should automatically initiate a refund to the customer’s account.
However, it is recommended to contact the payment gateway provider’s customer support to report the issue and ensure that the refund process is initiated promptly.
Get Help To Your E-Commerce Needs
It’s important to note that selecting the best payment gateway in Malaysia requires careful consideration of various factors.
By evaluating these different factors and understanding your business needs, you can choose a payment gateway that provides secure transactions, seamless integration, diverse payment options, cost-effectiveness, and dependable support for your business in Malaysia.
However, if you’re struggling with website conversion and sales, feel free to reach out to us here at One Search Pro where we have helped businesses reach greater heights through our digital marketing services.
This includes website design, social media marketing, SEO and more! Contact us today to get started.
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