Are you willing to start your online business in Malaysia? If your answer is Yes, then this is the right destination for you, and you will be able to know the best payment gateway Malaysia.
Malaysia is a rapidly growing economy, and in the upcoming year, it will become the hub of online businesses. Today, online businesses are flourishing, and somewhere credit goes to the suitable payment gateway.
However, since businesses must deal with various payment methods and gateways, the expansion brings complexity. This is crucial since companies today operate in a more complicated environment that includes multiple currencies and international commerce.
Here we will discuss how to choose the best payment gateway Malaysia and their preferred payment methods. So, let's start.
Recently, Malaysia has been one of the top-rising countries for startups seeking to expand. As a result of Malaysia's robust and comparatively consistent GDP development when compared to other Southeast Asian countries, it can also be said that Malaysia will be a well-liked business site in 2022.
With a mobile and internet penetration rate of over 80% and an average population age of 28.7, Malaysia is one of the digital economies in Southeast Asia that is expanding the fastest.
The eCommerce market is anticipated to produce US$10.12 billion in revenue in 2022, according to statistics from Statista. The market is expected to generate US$16.83 billion by 2025, with revenue expected to grow at 18.48% annually (CAGR 2022-2025).
A new generation of customers has resulted in a massive paradigm shift in the payments sector. E-wallets on smartphones are replacing conventional wallets.
Malaysia At a glance -
|E-commerce market value||$ 4 billion|
|Mobile commerce market size||$ 1.9 billion|
|Smart Phone Penetration||63.9%|
|Bank Account Penetration||85%|
|Card Penetration Per Capital||1.74|
|Mobile commerce as a % of e-commerce market size||47%|
Once you establish your online business in the Malaysian market, you need to know the local payment methods. Let's have a look at which payment method is popular in Malaysia.
Before making the final decision on a payment gateway provider, you should consider a few things. Suppose you are running a forex business, then you ought to go with the service provider who has experience in dealing with the forex industries and offer you the best forex payment gateway, forex payment processing, and forex merchant account.
Below, we have discussed four points; we recommend you keep this point in mind while choosing the best payment gateway in Malaysia.
Different service providers have different setups and annual and transaction fees.
It is the time taken by the payment service provider to transfer the money to the merchant account. Your company's cash flow will improve when the settlement period is faster.
Security is the top priority for any online business. Ensure that your chosen service provider have PCI DSS. Along with this, the merchant should also look for other security services like -
Billplz discovered a recent, well-planned DDoS attack in March 2022. As a result, those merchants who utilize Billplz as the payment gateway will encounter problems with Billplz payments. Billplz, though, can resolve the situation effectively.
So, make sure that your preferred payment gateway provider has a solid capability to resolve any attack issues because it happens to any online business at any time.
It is another essential aspect of any payment gateway. The unstable payment gateway affects your business badly as the customer cannot proceed with the payment on time.
Today, you can get many service providers in Malaysia but having the best one is necessary for any merchant. So, we recommend you go with PayCly. It is one of the best service providers worldwide. It is compatible with all types of businesses.
As "PayCly," we have many years of experience, so we offer the best possible solutions according to your business model. Let's check what benefits merchants and customers can get with us.
Customization & Control: The system is fully customized to meet your needs, allowing you to address problems immediately.
Conversion & Retention: Customers are more likely to make a first-time purchase and return to your website when the checkout process is simple and secure.
Reduce Risk: The system is built to reduce operational risk and prevent fraud while safeguarding payment information.
For your business in Malaysia, it's essential to have the best payment gateway that allows users to make payments in their currency with their preferred payment methods. It's also quite challenging to choose the best payment gateway in Malaysia because many options are available.
We recommend you choose PayCLy as your payment service provider because it has experience dealing with all types of businesses.
To learn more about our services in Malaysia, You can contact the expert team directly.