Payment Gateways Comparison
In this article:
Introduction of payment gateway.
Key characteristics of payment gateway.
Comparison between payment gateways.
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|
|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 firstname.lastname@example.org to check your entitlement||Weekly Transfer to Bank Account||Min RM 100||Yes|
|Immediate||3% + RM 1||7 days (Malaysia)||Min RM 5||Yes|
|Immediate||3.9% + RM 2||Instantly||N/A||Yes|
|Within one business day||3.4% + RM 2||Next day (T+1)||N/A||Yes|
|7 - 14 working days||Cards: 2.5% per processing (+ 1% non-MYR processing, + RM 0.50 for ticket size less than RM40.00); Non-Card (FPX): 2.5% or RM 0.50 (whichever is higher)||Weekly Transfer to Bank Account||N/A||N/A|
|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|
|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|
|Internet Bank Transfer: 7 - 14 working days; Credit Card: 1 - 2 months||SME Plan Cards: 3%, Online banking & e-Wallet: 2 - 4% or minimum RM0.60 (whichever is higher); SOHO Plan 4% per transaction||Weekly Sunday (Cutoff day) + within 5 working days||Min RM10||N/A|
|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|
|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|
|7 - 14 working days||RM 0.50 per transaction||Next day (T+1)||N/A||N/A|
|N/A||N/A||Within 2 working days||N/A||N/A|
|Within 24 hours||SME Plan Online Banking: 99sen, Malaysian Credit Card: 1.25 - 1.99%, Malaysian Debit Card: 1%; Starter Plan Online Banking: RM 1.50, Malaysian Credit Card: 1.50% - 2.50% Malaysian Debit Card: 1.2%||Next day (T+1)||N/A||N/A|
Razer Merchant Services: Exclusively for EasyStore's users. Contact us at email@example.com to check your entitlement
iPay88: Redeem iPay88 Online Banking Plan
Click here to know more about other payment gateways available in EasyStore.
4. Summary of the comparison.
Fast approval time: Stripe, PayPal, Payex
Low transaction fee: Billplz, Payex, Atome, Maybank2u
Short settlement cycle: PayPal, Braintree, WechatPay, AliPay, Billplz, Maybank2u, Payex
Low minimum settlement amount: Stripe and iPay88
Worldwide payment: Stripe, PayPal, Braintree, Razer Merchant Services
Updated on: 23/09/2023