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# Payment Gateways Comparison


### In this article:

1. [Introduction of payment gateway](#1-1-introduction-of-payment-gateway)
2. [Key characteristics of payment gateway](#1-2-key-characteristics-of-payment-gateway)
3. [Comparison between payment gateways](#1-3-comparison-between-payment-gateways)
4. [Summary of the comparison](#1-4-summary-of-the-comparison)

# 1. Introduction of Payment Gateway

A payment gateway is a merchant service provided by an e-commerce application service provider that authorizes credit card or direct payments processing for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar. 

Payment gateway works as the middleman between the merchant and his/her customer, ensuring the transaction is carried out securely and promptly.

# 2. Key Characteristics of payment gateway

* Approval Time: Time taken for the approval of the application.
* Transaction Fee: Fee you pay every time to process each transaction.
* Settlement Day: The time lag between receiving a customer payment and receiving the funds in your merchant bank account.
* Settlement Amount: Minimum amount for the payment gateway service provider to credit the funds into your account.
* Worldwide Payment: Supports foreign currencies.

# 3. Comparison between payment gateways

| Payment Gateway | Approval Time | Transaction Fee | Settlement Day | Settlement Amount | Worldwide Payment |
| ---- |
| ![](https://storage.crisp.chat/users/helpdesk/website/-/b/3/4/7/b34797d9594d3000/image_jp1pi7.png) | **Internet Bank Transfer**: 3 - 5 working days; **Credit Card**: 1 - 2 months | **Exclusive rate as low as 1.5%** only for EasyStore users. Payment methods include credit/ debit card, online banking, e-wallet. Contact us at **support@easystore.co** to check your entitlement | Weekly Transfer to Bank Account | Min RM 100 | Yes |
| ![](https://storage.crisp.chat/users/helpdesk/website/b34797d9594d3000/image_1zljtn.png) | Immediate | 3% + RM 1 | 7 days (Malaysia) | Min RM 5 | Yes |
| ![](https://storage.crisp.chat/users/helpdesk/website/b34797d9594d3000/image_cg951o.png) | Immediate | 3.9% + RM 2 | Instantly | N/A | Yes |
| ![](https://storage.crisp.chat/users/helpdesk/website/b34797d9594d3000/image_7jll4m.png) | Within one business day | 3.4% + RM 2 | Next day (T+1) | N/A | Yes |
| ![](https://storage.crisp.chat/users/helpdesk/website/b34797d9594d3000/image_13frh4r.png) | Within 7 - 15 days | Free for most transactions. The fees of 0.1% for overseas transactions such as in case of cross border commerce. | Next day (T+1) | 800 USD or equivalent amount in other foreign currencies | Yes |
| ![](https://storage.crisp.chat/users/helpdesk/website/b34797d9594d3000/image_1qvza4t.png) | Within 72 hours | **Credit Card:** 3% service charge; **Online Bank Transfer:** 1.5% service charge | **Monday - Tuesday:** Next day (T+1); **Friday - Sunday:** Next Monday; **Public Holidays:** Next business day | N/A | N/A |
| ![](https://storage.crisp.chat/users/helpdesk/website/b34797d9594d3000/image_idcjhh.png) | 14 working days | **Basic Plan**: RM1.50 per online banking transaction/ not applicable to card transactions; **Standard 30**: RM1.00 per online banking transaction/ 2.5% or lower for card transactions/ 3.2% per PayPal transaction/ 1.5% or lower per e-wallet transactions; **Standard 365**: RM0.50 per online banking transaction/ 2.5% or lower for card transactions/ 3.2% per PayPal transaction/ 1.5% or lower per e-wallet transactions. | Next day (T+1) *next business day | N/A | N/A |
| ![](https://storage.crisp.chat/users/helpdesk/website/b34797d9594d3000/image_1l760lu.png) | 14 working days | **Credit Card & Debit Card:** 2.5%; **Internet Banking:** 1.5% or a minimum charge of RM1 whichever is higher | Twice a week (Wednesday and Friday) | Min RM 100 | N/A |
| ![](https://storage.crisp.chat/users/helpdesk/website/b34797d9594d3000/image_rswr9t.png) | 7 - 14 working days | RM 0.50 per transaction | Next day (T+1) | N/A | N/A |
| ![](https://storage.crisp.chat/users/helpdesk/website/b34797d9594d3000/image_mhbf7p.png) | N/A | N/A | Within 2 working days | N/A | N/A |
| ![](https://storage.crisp.chat/users/helpdesk/website/-/b/3/4/7/b34797d9594d3000/image_1aebvqv.png) | Within 24 hours | Malaysian Credit Card: 2%, Malaysian Debit Card: 1.2%, Personal Online Banking: RM 1.20, E-wallets: From 1.30%. Xendit pricing page: https://www.xendit.co/en-my/pricing/ | N/A | N/A | N/A |
| ![](https://storage.crisp.chat/users/helpdesk/website/b34797d9594d3000/hitpaybluelarge_1kdo9kb.png) | 10 minutes to create account, 2-3 business days | **Domestic cards** - 1.2%+ RM 1 (Visa, mastercard, gpay, applepay, debit, credit) **Duitnow QR** - 1.2% Full list of payment methods - click on this link - https://www.hitpayapp.com/my/pricing | Triggered Next Day | Cards - T+3 or T+7 working days | RM 5 |
| ![](https://storage.crisp.chat/users/helpdesk/website/-/b/3/4/7/b34797d9594d3000/image_r0ho6q.png =200x66) | 3 working days (with complete documentation) | **Only for online payment** All Wallet - 1.20% (Except for Alipay+ 2.00%), Card - DC - 1.30%, CC - 1.80% and FC - 3.50%, BNPL - Atome and GPL - 6%, FPX -  RM0.70 or 2% (B2C) / RM2.00 or 2% (B2B) | T+2 | N/A | N/A |

**Sources:**

* Fiuu: Exclusively for EasyStore's users. Contact us at support@easystore.co to check your entitlement
* Stripe: https://stripe.com/en-my/pricing
* PayPal: https://www.paypal.com/my/webapps/mpp/merchant-fees
* Braintree: https://www.braintreepayments.com/my/braintree-pricing
* WechatPay: https://pay.weixin.qq.com/index.php/public/wechatpay_en/faq
* Alipay: https://boxku.com.my/blog/how-to-register-alipay.html
* Billplz: https://www.billplz.com/pricing
* senangPay: https://senangpay.my/faq/#
* Maybank2u: https://m2upay.maybank2u.com.my/assets/faq/index.html
* Atome: https://help.atome.my/hc/en-my/articles/4405623290137-How-do-I-use-Atome-if-I-m-a-merchant-
* Xendit: https://www.xendit.co/en-my/pricing/
* HitPay: https://www.hitpayapp.com/

Click [here](https://www.easystore.co/en-my/payments) to know more about other payment gateways available in EasyStore. 

# 4. Summary of the comparison

* Fast approval time: Stripe, PayPal, Payex, HitPay
* Low transaction fee: Billplz, Payex, Atome, Maybank2u, HitPay
* Short settlement cycle: PayPal, Braintree, WechatPay, AliPay, Billplz, Maybank2u, Payex
* Low minimum settlement amount: Stripe and iPay88, HitPay
* Worldwide payment: Stripe, PayPal, Braintree, Razer Merchant Services, HitPay