Choosing the Right Payment Solutions Provider to Accept Payments Online in Malaysia
Choosing the Right Payment Solutions Provider to Accept Payments Online in Malaysia
Malaysia is going through a digital revolution where everything is going online, as is the business and payment behavior of Malayan consumers. According to a report by Statista, the projected transaction value of digital payments in Malaysia for the year 2023 was 19.5 billion USD. Another report by Statista suggests that Malaysia has one of the highest cashless payment adoption rates in the SEA region, 96%. In short, online payments have become an integrated part of the daily lives of Malayans. As a result, it becomes quite natural for businesses to embrace online payment processing and find a payment solution provider to accept payments online in Malaysia. However, finding a suitable payment provider online is one of the toughest and most critical jobs. Because an online payment service provider can elevate a business as well as downgrade on the basis of its services.
Hence, choosing the right payment solution provider becomes a crucial call for an online merchant. But you don’t have to worry about that, as you can get help with this. In this blog, we will discuss how you can get a reliable online payment solution provider for your business in Malaysia.
Points to consider while selecting a payment solution provider to accept payments online in Malaysia
Security arrangements
Security is paramount in online payments. Verify that the provider complies with international and local security standards and regulations. Look for features like data encryption, PCI DSS compliance, and fraud prevention measures.
Why
Malaysia is one of the most vulnerable countries to cyber threats. According to news published in the New Straits Times earlier this year, 84 million cyber-attacks were recorded daily in the fourth quarter of 2022. Another piece of news published in the Economic Times Southeast Asia says that 560 million RM were lost due to cybercrime in 2021.
Payment methods
Ensure that the payment solutions provider you choose supports a wide range of payment methods, including credit cards, debit cards, online banking, e-wallets (e.g., GrabPay, Boost, Touch 'n Go), and other popular local payment options.
Why
Malaysia is a country with very diversified payment preferences. Check the FIS Global Payment Report 2023 for the payment preferences of Malaysians. Considering this fact, it becomes a necessity for businesses to have a payment service provider that can accept payments online in Malaysia from every single payment option available in the country. And help businesses maintain a customer base with different payment preferences.
Processing fees
Understand the provider's fee structure, including transaction fees, setup fees, monthly fees, and any hidden costs. Compare the pricing with your projected transaction volume to ensure it's cost-effective for your business.
Why
Lower processing fees can help your business cut costs and increase profitability.
Multi-currency support
You need a payment provider online with multiple currency support if you deal with international customers. This will make it easier to conduct cross-border transactions.
Why
44% of the total Malaysian e-commerce sales are cross-border purchases. Having a payment processor with multiple currency processing options makes it pretty simple for businesses to manage currency conversion.
Mobile optimization
Ensure that the payment solution provider you have chosen to accept payments online in Malaysia is mobile-friendly and offers a smooth experience for customers using smartphones and tablets.
Why
65% of Malaysians use their smartphones to make online purchases.
How can we help you?
If you need a reliable online payment solution provider in Malaysia, then you may find PayCly to be the best option. PayCly provides services to every type of business, especially high-risk businesses. The reason why PayCly is the best is that it provides a top-notch payment processing service with one of the lowest fees in Malaysia. If you need an online payment solution provider that is reputable, experienced, and suits your budget, then PayCly is just for you. You can get online payment services for your business by reaching us via email at info@payCly.com or visiting our website.
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