The best options for most e-commerce merchants to accept credit cards payment from their web store is via third party online credit card payment gateways such as PayPal, WorldPay, iPay88, NBepay, 2Checkout, Google Checkout, Money Booker any many more. Subscribing to these third party online credit card payment gateways save you the trouble of applying for an Internet merchant account from your respective bank which can be troublesome, subject to strict terms and conditions and hard to get approval.
To save your time and resources on choosing the right third party online credit card payment gateways for your company, we have compile a comparison chart of few selected major credit card payment gateways that are available for Malaysian e-commerce merchants and supported by our Hosted E-commerce Package.
Please note that all the data provided below is from Malaysian e-commerce merchant's point of view. Rates and terms might be different for merchant from other countries. Please consult the respective companies for details.
 |  |  |  | |
|---|---|---|---|---|
| PayPal | iPay88 | WorldPay | NBepay | |
| Product Name | PayPal Website Payments Standard (Business) | iPay88 Direct Link | WorldDirect with Fraud Screening (Startup Offer) | NBePay Lite |
| Setup fee | Free | RM 488 | Free | RM 400 (RM 200 for NBePay Premium) |
| Subscription fee | Free | RM 68 monthly | USD 140 for the first year (USD 280 for subsequent years) | RM 576 yearly (RM 1,188 for NBePay Premium) |
| Transaction fee | 3.4% + RM2 if shopper is from Malaysia. Otherwise, it is 3.9% + RM2. Cheaper fee if monthly volume is high. | X%, Vary from merchant to merchant | 3.95% + USD 0.10 | 4% (3% for NBePay Premium) |
| Deposit |  | | | |
| Shopper pays in MYR? |  | | | |
| Withdrawal method (most ideal way) | Transfer to local bank (on request) | Transfer to local bank (weekly) | Transfer to local bank | Transfer to local bank (weekly) |
| Payment hold period | None | 5 working days | 4 weeks | None |
| Withdrawal processing time | 2-3 business days | Immediate | 5-7 business days | Immediate |
| Minimum withdrawal | RM 40 | RM 100 | USD 180 | RM 100 |
| Withdrawal fee | Free if more than RM400. Otherwise it is RM3 | Free | USD 18 per transfer for remittance (Does not include intermediary bank charges, if any, that may be levied by your bank.) | RM 2 |
| Withdraw in MYR | | | | |
| Withdraw to Malaysia bank? | | | | |
| Cards supported |     | |    | |
| Year founded | 1998 | 2000 | 1993 | 1999 |
| Country of origin | USA | Malaysia | UK | Malaysia |
| Our 2 cents | PayPal is most ideal option for ecommerce startup. With 164 million accounts, it is the most well known payment method for online shopper. However, shopper need to have PayPal account. Signup process is fairly simple and fast. | Other than Visa and Master, it also support PosPay, Mobile Money and most major banks in Malaysia. | Not very attractive if compare to PayPal. Application process takes time, too many fees and long settlement period. However it has good anti fraud system. | Offer 2 plans; Lite and Premium. Premium is for merchant with annual transaction more than RM61,200. Other than Visa and Master, it also support PosPay, Mobile Money and most major banks in Malaysia. Good for merchant who sells to China because it accepts payment in RMB (Ren Min Bi). |
| Sign Up | Sign Up | Sign Up | Sign Up |
The above information was confirmed accurate by respective service provider during publication. However, due to changing market conditions, we cannot guarantee the accuracy of any information presented after the date of publication.
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