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Payment Gateway Malaysia to encourage start up and businesses to accept more online payments

Obtaining an Online Payment Gateway Malaysia is one of the most difficult challenges that any start-up that needs to accept payments online faces. The cost of obtaining a merchant account is simply out of reach for the majority of start-ups. Malaysian start-ups face additional challenges due to the limited number of gateways that allow merchants in the country to accept credit card payments.

Malaysia's eCommerce market is rapidly expanding as more businesses open online stores. Previously, businesses seeking to process recurring and other types of online payments encountered difficulties due to restrictions imposed by most international gateways on Asian merchants. As the country's eCommerce activity has increased, a number of local payment gateways have emerged, allowing merchants to accept payments.

Payment Gateway Malaysia 2022 acts as a mediator between you and your customers

The popularity of online payments has reached $700 billion by 2020, and is driven by their ease and convenience. Money is sent to intended destinations at the touch of a button, sometimes instantly. However, in order to receive online payments and provide a fantastic user experience. The dealer must set up a complicated and secure device in a backend region. A payment partner is required for a service provider to accept online payments. This brings us to the classes of systems worried in charge processing.

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An online payment is simply the exchange of money or the payment for goods or services over the internet. In essence, it is simply the ability to process transactions electronically, using the internet to facilitate direct database connections between the phase that promotes the product and the phase that shops for it.

How exactly online payment gateway works?

If you sell online, you're probably interested in top payment gateways. As it handles a variety of critical tasks during online transactions.

The majority of online payment gateways handle:

Processing of payment methods-

The payment details entered by the user, such as credit card information, are processed and passed on by the gateway, much like a cash register would in a physical store.

Encryption of sensitive data-

A payment gateway encrypts or encodes the user's identifying data so that it can be safely transmitted in the online space.

Request for authorization-

The payment gateway initiates a request to authorise the transaction in order to validate the data. If the shopper uses a card, the gateway directs them to the issuing bank's 3D secure page.

Capture versus Fulfillment-

If the gateway receives a positive response on authorization, it returns a positive response to the eCommerce store and allows the purchase to proceed to the next step.

Sale-

The transaction combines authorization and capture into a single transaction. This is typically used when a transaction is completed instantly, similar to in-store POS payments.

What are some essential features to look for in a Best Payment Gateway Malaysia?

Security

The assurance of secure payments is a critical factor in selecting a payment gateway. A trustworthy e-commerce commercial enterprise does not give its customers' economic statistics to the wrong people. Customers can only store with confidence if the risk of record theft is kept to a minimum. As a result, it will become critical that the transaction offerings be tokenized, SHA-256, SSL encrypted, and PCI-DSS Level 1 compliant. Other fraud prevention tools improve transaction security as well.

Customer Experience

It is relatively important to ensure a smooth fee ride. The entire shopping experience can be ruined due to slow payment processing. It can directly impact revenue by diverting customers away from your site. If customers do not trust your payment methods or if the checkout appears suspicious, their wallets are likely to remain closed. To ensure a fantastic experience, the payment gateway should be optimized so that customers can save without difficulty from their respective devices.

Multi-currency Support

As we live in a world where the global market is open to trade. A payment gateway that allows global payment acceptance is very likely to be chosen over others. E-commerce businesses may also be required to settle international transactions in their local currency, making multi-currency support an important consideration.

Merchant Onboarding

When it comes to service provider onboarding, cost and speed are crucial. The setup and processing fees should be competitive enough to fit within the merchant's budget. The onboarding process is critical to ensure the legitimacy of the participating retailers. It includes checking for KYC compliance, determining creditworthiness, and finally completing the activation process. However, the payment gateway provider must allow for a digitised onboarding and verification offering in order to start transacting with customers sooner.

Payment Options

Gone are the days when money on delivery was the most popular method of payment. The world has now shifted to cashless payment methods, necessitating the need for shoppers to have multiple payment options. Limited charge selections can result in cart abandonment at checkout, costing the business customers.

Now that you are aware of the factors to consider when selecting a payment gateway. The next step is to select the best one from among the numerous names you have most likely heard of.

Wouldn't it be easier if someone handed you a list of the most well-known online payment gateways?

How it make a difference in setting up more than one payment modes?

Different buyers choose various price methods when making an online purchase. Most of the time, if they do not see their preferred price mode, they abandon the purchase and consider making the identical from a different store.

Setting up multiple payment methods will help you:

Increase conversion costs -

Customers are more likely to find a payment option that meets their needs when they see more payment options. This reduces their dwell time on the items added to the cart, causing them to complete the purchase. Multiple payment options are validated to increase conversions by 71%.

Reduce cart abandonment -

When you offer multiple payment options, you give the client more options when making a purchase. This reduces cart abandonment charges by at least 12 percent.

Improve consumer satisfaction -

Seeing a few payment options on a store makes the customer feel 'cared for,' which improves their overall shopping experience.

Offer a straightforward checkout ride -

Not having to select a payment method other than the one preferred improves the typical checkout experience at your store. It also shortens the cycle of having to discover alternative payment strategies on the client side.

Why choose PayCly as your top payment Malaysia service provider?

PayCly is a leading PSP that has provided high-quality payment transaction services and integration for numerous online businesses over the years. We provide a complete High-Risk Merchant Account solution that will foster trust, support a variety of payment methods, and ensure security against fraudulent actions. Waiting any longer may limit your options, so contact us right away.

Here are some of the beneficial advantages that you can take from us

  • The dedicated fraud detection suite and chargeback protection mechanism is a critical benefit.
  • We provide multi-currency support.
  • Customer queries are addressed through common questions list, chat, call and submission of online assist cases.
  • Offer Recurring Payments
  • Easy and flexible integration
  • Customized payment gateway solutions

Conclusion

The discussion has made it clear how critical it is to have a great payment gateway in region for growing your online business. In terms of payment gateway providers, the market has a plethora of options. However, if none of them are successful in meeting your company's requirements, the best option is to go for shopify payments Malaysia solutions.

Unless you are a non-profit organisation, it is always profitable to invest in either integrating a suitable third-party payment gateway or developing your own fee portal for your e-commerce website. Reaching out to experts can help you invest in the right direction and achieve higher returns faster.

FAQ

  1. What is the cheapest payment gateway in Malaysia?
  2. Online businesses have been steadily growing over the years, and one of the most important tools merchants consider is their payment gateways.

    Merchants do not need to be experts in processing online payments, securing customer data, and managing repayment flows. Understanding the fundamentals of payment gateways, on the other hand, will assist you in selecting the Cheapest Payment Gateway in Malaysia for you.

  3. How many payment gateways are there in Malaysia?
  4. If you are looking to get online payment solution in Malaysia. Here are some of the important payment gateways in Malaysia.

    • Razer Merchant Services
    • eGHL
    • PayPal
    • iPay88
    • 2Checkout
    • Worldpay
    • 2C2P
  5. Which payment gateway is best?
  6. Payment gateway services are critical for running your business online. Regardless, the last thing any merchant wants is for their earnings and salary to be taken away by high-priced fees. As a result, the best payment gateway is one that meets your company's needs at an affordable price.

  7. Why do i need a payment gateway in Malaysia?
  8. Payment gateways do not just protect the customer's sensitive card information when making an online purchase. It also protects the merchant from expired cards, insufficient funds, or closed accounts.

    Payment gateways, at the pinnacle of smooth transactions, reduce the risk of fraud from both ends.