Online payment gateway comparison
So, what are the most popular and best payment gateway providers in Malaysia?
1. iPay88
iPay88 is a premier provider of online payment gateway services in Malaysia, with a mix of local and global payment alternatives. It's an optimal choice for enterprises seeking a dependable payment gateway packed with abundant features. However, businesses must keep in mind the charges that come with leveraging this service.
Advantages
- Zero annual fees for start-ups
- Straightforward integration through mobile apps, POS integration, and terminal support
Disadvantages
- Higher set-up fees
- Has annual fees for small and medium-sized enterprises (SMEs)
2. Stripe Payments
Stripe Payments is one of the most extensively adopted payment gateways globally. Compared to iPay88, Stripe is an excellent choice if your business caters to an international clientele due to its acceptance of over 130 currencies.
Advantages
- No annual or set-up fees
- Accepts over 130 currencies
- Immediate onboarding process
Disadvantages
- High transaction fees
- Coding needed for customisation or installation of specific payment options
- Lack of complementary integrations with accounting and business software
3. PayPal
Besides Stripe Payments, PayPal also ranks among the most well-known and easily identifiable payment gateway providers in Malaysia and worldwide. Business owners only need a PayPal account to process payments on their e-commerce websites.
Advantages
- Easy set-up
- No penalties for no sales as businesses pay only when they sell
- Accepts over 35 currencies
Disadvantages
- High processing fees
- Payment acceptance is restricted to PayPal, credit cards, and debit cards.
4. eGHL
eGHL Systems Berhad (eGHL) offers secure and user-friendly online payment solutions for internet businesses across Malaysia and other Southeast Asian countries, incorporating card and non-card payment options.
Advantages
- Many methods of payments
- Seamless integration with e-commerce platforms
- Reliable customer support
Disadvantages
- Supports Malaysian currency only
5. Razer Merchant Services (RMS)
Razer Merchant Services (RMS), formerly MOLPay, stands out due to its extensive global reach among merchants and consumers.
One of the notable advantages of RMS is its seamless system. Buyers do not need to exit the seller's site to complete payment, as it can be done in-page.
RMS also supports popular shopping applications such as Shopee, Lazada, and Taobao. It's a resilient payment gateway capable of handling many transactions concurrently. Impressively, it can manage high sales volume, even during high-traffic events like the renowned Single's Day - 11.11.
Advantages
- Can handle a large number of transactions
- Seamless system
- Convenient non-card payment option
- Works with popular Malaysian shopping apps like Shopee and Lazada
Disadvantages
- High commission rates
- Long onboarding time for credit cards
Payment gateway comparison: iPay88 vs Stripe vs Paypal vs Razer vs eGHL
So, Stripe or PayPal – which is better? What about iPay88 vs RMS? Choosing between different payment gateway providers can be challenging. Need some inspiration? Check out the four e-commerce platforms with the best payment gateways in Malaysia.
Here’s a comparison table that sums up the different providers as well as their fees, accepted payment methods, supported currencies, and settlement, approval and onboarding time.