Opening a payment gateway in Malaysia is an excellent way to accept transactions online and ride the nation’s digital wave.
According to a 2020 report by Bain & Company and Facebook, Malaysia leads the digital revolution in Southeast Asia. Out of the 25 million citizens above the age of 15, researchers have revealed that nearly 21 million (83%) are digital consumers in the nation.
As a result of Southeast Asia's digital transformation, e-wallets have grown to be among the most popular payment methods, with 22% of SEA consumers choosing them as the preferred payment method, representing an 8% growth from 2019.
Furthermore, ecommerce is on the rise in Malaysia, with 48% of the respondents stating that online is their most-used channel to buy products from stores, which nearly doubled from 2019's 25%. At the same time, researchers expect online spending in the SEA nation to double by 2025.
For that reason, businesses should take advantage of this opportunity to fulfill the demand of digital consumers.
And the best way to get started is by integrating a payment gateway to accept online transactions in Malaysia.
A payment gateway is a financial service that allows merchants to accept transactions from their customers.
During the checkout process, the payment gateway offers multiple payment methods (e.g., credit and debit cards, e-wallets, cryptocurrency) for customers to pay for their orders.
After initiating the transaction, the payment service processes the customer's transfer and delivers it to the merchant.
In exchange for the service, the payment gateway charges a percentage-based or a fixed fee (or both), which it deducts from each transaction before disbursing it to the business.
A payment gateway allows businesses to accept transactions online.
But what benefits does a payment gateway solution provide to companies doing business in Malaysia?
While payment gateway solutions offer a multitude of benefits to businesses, they have to pick the right service to increase their sales and growth potential.
For that reason, we have collected the most important factors merchants should consider when applying for an account at a payment service:
Integrating a payment gateway solution is an excellent way for businesses to accept payments online and target Malaysia's growing number of digital users.
For a flawless experience, STICPAY is an excellent choice for businesses to set up a payment gateway in Malaysia and beyond.
As part of a global service available in over 190 countries and a strong presence in Southeast Asia, STICPAY combines the benefits of an e-wallet service and a payment gateway.
STICPAY offers numerous payment methods for customers to deposit and withdraw funds from their accounts, such as:
Besides international transfers, STICPAY has introduced the local bank wire service in seven Asian countries, including Malaysia. As a result, both end-users and businesses have access to rapid and inexpensive domestic transfers to fund or withdraw money from their accounts.
In addition to supporting 29 national currencies, STICPAY charges only 1% for internal client-to-client transfers. At the same time, the company's payment gateway service comes with a competitive 2.5% + $0.3 fee to accept fiat and 1.8% to process cryptocurrency transactions.
In addition to a web platform, STICPAY has recently redesigned its iOS and Android apps to provide a convenient service available in 19 languages for mobile users.
STICPAY considers the safety of its users as its top priority. For that reason, the e-wallet company utilizes enhanced security and anti-fraud measures in combination with strict Know Your Customer (KYC) and Anti-Money Laundering (AML) checks to protect the funds of both merchants and their customers.
Furthermore, as all funds are secure and indemnified on the platform, chargebacks only pose limited risks to merchants.
It takes only a few minutes to set up a payment gateway in Malaysia as a business.
As the first step, businesses have to navigate to STICPAY's website to open a merchant account.
During the registration process, they have to fill out the form with their details and submit the mandatory KYC and AML documents.
When they are ready, STICPAY's customer success team will verify the merchants' documents.
If the verification process was successful, STICPAY will notify the businesses and issue a unique merchant ID, which they can use to manage multi-currency accounts and integrate a payment gateway into their platforms using an Open API connection and its corresponding documentation.
Are you ready to join Malaysia's digital revolution?
Open a merchant account at STICPAY now!
If you have any questions, feel free to reach out to STICPAY's rockstar customer support team to get your queries answered 24 hours a day.