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.
Sources:Stripe: https://stripe.com/en-my/pricingPayPal: https://www.paypal.com/my/webapps/mpp/merchant-feesBraintree: https://www.braintreepayments.com/my/braintree-pricingRazer Merchant Services: https://xenber.com/malaysia-online-payment-gateways-comparison-ipay88-razer-merchant-services-eghl/eGHL: https://e-ghl.com/inquiry/my/WechatPay: https://pay.weixin.qq.com/index.php/public/wechatpay_en/faqAlipay: https://boxku.com.my/blog/how-to-register-alipay.htmliPay88: Redeem iPay88 Online Banking PlanBillplz: https://www.billplz.com/pricingsenangPay: https://senangpay.my/faq/#Maybank2u: https://m2upay.maybank2u.com.my/assets/faq/index.htmlAtome: https://help.atome.my/hc/en-my/articles/4405623290137-How-do-I-use-Atome-if-I-m-a-merchant-Payex: https://www.payex.io/
|Payment Gateway||Approval Time||Transaction Fee||Settlement Day||Settlement Amount||Worldwide Payment|
|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|
|Internet Bank Transfer: 3 - 5 working days; Credit Card: 1 - 2 months||Razer Lite Online banking: 3.8% per transaction or minimum RM 0.60 whichever is higher; Razer Premium Online banking: 2.65% per transaction or minimum RM 0.60 whichever is higher Cards: 2.65% per transaction||Weekly Transfer to Bank Account||Min RM 100||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|
to know more about other payment gateways available in EasyStore. 4. Summary of the comparison.Fast approval time: Stripe, PayPal, PayexLow transaction fee: Billplz, Payex, Atome, Maybank2uShort settlement cycle: PayPal, Braintree, WechatPay, AliPay, Billplz, Maybank2u, PayexLow minimum settlement amount: Stripe and iPay88Worldwide payment: Stripe, PayPal, Braintree, Razer Merchant Services
Updated on: 24 / 09 / 2022