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 GatewayApproval TimeTransaction FeeSettlement DaySettlement AmountWorldwide Payment
Immediate3% + RM 17 days (Malaysia)Min RM 5Yes
Immediate3.9% + RM 2InstantlyN/AYes
Within one business day3.4% + RM 2Next day (T+1)N/AYes
Internet Bank Transfer: 3 - 5 working days; Credit Card: 1 - 2 monthsRazer 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 transactionWeekly Transfer to Bank AccountMin RM 100Yes
7 - 14 working daysCards: 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 AccountN/AN/A
Within 7 - 15 daysFree 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 currenciesYes
Within 72 hoursCredit Card: 3% service charge; Online Bank Transfer: 1.5% service chargeMonday - Tuesday: Next day (T+1); Friday - Sunday: Next Monday; Public Holidays: Next business dayN/AN/A
Internet Bank Transfer: 7 - 14 working days; Credit Card: 1 - 2 monthsSME Plan Cards: 3%, Online banking & e-Wallet: 2 - 4% or minimum RM0.60 (whichever is higher); SOHO Plan 4% per transactionWeekly Sunday (Cutoff day) + within 5 working daysMin RM10N/A
14 working daysBasic 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 dayN/AN/A
14 working daysCredit Card & Debit Card: 2.5%; Internet Banking: 1.5% or a minimum charge of RM1 whichever is higherTwice a week (Wednesday and Friday)Min RM 100N/A
7 - 14 working daysRM 0.50 per transactionNext day (T+1)N/AN/A
N/AN/AWithin 2 working daysN/AN/A
Within 24 hoursSME 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/AN/A


Sources:
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
Razer 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/faq
Alipay: https://boxku.com.my/blog/how-to-register-alipay.html
iPay88: Redeem iPay88 Online Banking Plan
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-
Payex: https://www.payex.io/

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
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