Sms Gateway Malaysia
Floriana Grundy
Hello, I applied for razer merchant service payment gateway in malaysia, which is not in the Third-party providers option. That platform charges 2.4% of each transaction fee, and then I use the basic shopify plan with 2% transaction fee, so each I have to pay 2%+2.4% transaction fee for the order, right? Because I use a third-party payment gateway, can I not repay the 2% transaction fee of the shopify platform?
In instances like this, if you use a 3rd party gateway Shopify won't charge you credit card fees because Shopify isn't processing the transaction. Shopify would only charge transaction fees. The gateway itself would charge credit card fees though, which Shopify has no control or interaction with.
Shopify Transaction Fee 2% will be charged to you as long there is an automated transaction complete between the payment gateway and Shopify. However, Shopify does not charge any transaction fee for manual payment transactions such as bank transfer, cash and etc. The only lowest deal is to subscribe to the Shopify Payment(which is the backend is Stripe) platform which only charges 2.9% + 30 USD nett, however, this option is not available in Malaysia.
What Are Transaction Fees For?
Transaction fees are pre-defined charges that store owners are required to pay on each of their transactions if you are using a third-party payment gateway for receiving payments from your customers. This fee is supposed to cover the charges for the e-commerce brand (Shopify) to integrate with third-party payment providers. Fraud Analysis
This is a significant milestone in the strategic partnership between Soft Space and JCB, which was signed in January 2022, and follows their successful central bank digital currency (CBDC) trial in December 2023, as well as the recent agreement to enable JCB acceptance for all HLB merchants.
Leveraging JCB's robust global network and Soft Space's technical expertise, the JCB payment gateway aligns with the global shift towards diversified digital transactions, meeting the market's demand for secure, innovative payment options. In this case, Soft Space provides a straightforward Application Programming Interface (API) specification that enables acquirers and payment facilitators to quickly and efficiently offer their retail merchants access to JCB's network of over 156 million cardmembers globally as of September 2023 (annual transaction volumes exceed JPY 43 trillion between April 2022 and March 2023) without having to establish a direct connection to JCB themselves.
"The launch of the JCB payment gateway complements the fact that Malaysia is the most visited country in Southeast Asia in 2023(*1). Not only will this make cross-border payments more convenient, secure and seamless, it aligns well with our broader goal to promote Soft Space's technology in other verticals such as transit and in-flight payments globally," said Joel Tay, Chief Executive Officer of Soft Space.
E-commerce merchants stand to benefit greatly from this development, especially those in the tourism sector. Japanese tourists are increasingly purchasing attraction tickets and booking accommodation via e-commerce merchants. If they can start accepting JCB payments through payment facilitators, they are well-placed to capitalise on the rapidly growing international e-commerce spending by JCB cardmembers, which has increased by 52% from 2021 to 2022(*2).
Yoshiki Kaneko, President and Chief Executive Officer of JCB International Co., Ltd. said: "Looking at the behaviour of today's consumers, online shopping has become an indispensable part of their daily lives and also the main source of growth for all businesses, including JCB. This trend is especially true since the pandemic. We are delighted to launch the new function together with Soft Space to seize the growing business opportunity in the e-commerce business, while providing a better experience for our JCB cardmembers and merchants. This also marks another milestone in the strategic partnership with Soft Space, giving us even greater confidence that our collaboration with Malaysia's leading fintech is a key to success."
Following the onboarding of senangPay, a Malaysian payment facilitator, as the first JCB payment gateway member, Soft Space will accelerate the onboarding of other acquirers and payment facilitators in the APAC region and beyond, promising greater efficiency, security, and convenience for both merchants and JCB cardmembers.
"At senangPay, we champion simplicity in business growth by eliminating barriers to making or accepting payments. Integrating JCB Card acceptance into senangPay's ecosystem marks a significant milestone for our merchants," said Mansor Abd Rahman, CEO of senangPay. "Offering diverse payment options, while allowing consumers to pay using their preferred methods, not only expands senangPay's range of payment solutions, but also enables our merchants to connect with Japan's tourists and expatriates in Malaysia."
More than just a milestone in their strategic partnership, this achievement between Soft Space and JCB is a testament to the potential of their collaborative synergy to create comprehensive solutions for a global audience, and a sign of Soft Space and JCB's mutual commitment to transforming the global payments landscape.
Founded in 2012, Soft Space is a leading fintech player headquartered in Kuala Lumpur, Malaysia. Serving over 90 financial institutions and partners across 30 global markets, Soft Space offers both merchants and consumers a range of solutions, such as contactless payment through mobile devices as well as comprehensive white-label e-wallet services. These technologies enable the easy adoption of digital payments while helping financial institutions better understand and address their customers' needs. Soft Space's goal is to leverage its mobile contactless payments expertise and patented technology to reshape finance, domestically and globally.
Hi. I have a few doubts regarding the payment gateway or integration. I'm from Malaysia. We rarely use Paypal or Stripe. We mostly use FPX here.
Is there any way for me to connect my forms to FPX?
Hope to hear back soon. Thank you.
Using Stripe Checkout integration, you can present FPX as an alternative payment option on your forms. With this integration, you can sell products, collect donations or sell subscriptions. You can customize your checkout page to match your branding (no coding required) and add store policies. Here's how to integrate Stripe checkout with your form:
A payment gateway is a mechanism that communicates transaction information between the customer and the merchant. Payment gateways enable the capability for credit card and digital payment processing. Online payment gateways are cloud-based software while in person retail gateway's are often included in POS systems.
You need a payment gateway in order to securely accept credit and debit card payments from your customers, both online and in person. The payment gateway ensures payment data is securely transmitted from the customer to the merchant, protecting all entities involved.
Financial Process Exchange, known as FPX, is a Malaysia-based payment method that facilitates online transactions. Launched in 2004, FPX is a real-time payment solution that allows customers to complete purchases online using their bank credentials. This service connects directly with participating Malaysian banks for secure and immediate fund transfers from the buyer's account to the merchant's account.
Managed by Payments Network Malaysia (PayNet), FPX is a gateway that links bank accounts with online service providers or merchants. It's widely used for a variety of online transactions such as e-commerce purchases or bill payments. The total transaction value of digital payments in Southeast Asia was projected to hit $287 billion in 2024, emphasising the demand for payment methods like FPX.
FPX is a real-time electronic fund transfer system in Malaysia that provides a streamlined, secure method for online transactions. FPX connects customers' bank accounts with merchants' payment systems within a secure and user-friendly framework.
Selecting a payment method
FPX integrates with the payment systems of various businesses' websites, which means that customers can select it as their payment method during the online checkout process. After customers have selected FPX to pay for their goods or services, they're prompted to select their bank from a list of participating banks.
Logging in to the banking portal
After customers have selected their bank, FPX securely redirects them to their online banking portal, keeping banking details confidential from the merchant. Customers then log in to their online banking account using their regular credentials. This process varies by bank, but often includes multiple layers of authentication.
Authorising payment
Once customers have logged in to their bank account online, they can authorise the FPX payment by reviewing the payment details (such as the amount and payee) and confirming the transaction. Some banks may require a secondary form of verification, such as a one-time password (OTP), to finalise the transaction.
Confirming payment
After the payment has been authorised, funds are debited from the customer's account in real time and transferred to the merchant's account. FPX then sends an immediate payment confirmation to both the customer and business, allowing the business to process the purchase and proceed to fulfil the order.
FPX is primarily used in Malaysia, where it is a popular online payment method. FPX's success in Malaysia is closely linked to the country's digital-savvy customer base, supportive regulatory environment and the evolving needs of its e-commerce sector. As Malaysia advances its digital economy, FPX is positioned to remain a key player in online payments.
In Malaysia, there's a growing preference for online banking due to increased internet usage and a tech-savvy population. Consumers prefer the security and ease of direct bank transfers for online purchases. As FPX integrates with existing online banking systems, it's a top choice for Malaysian online shoppers.
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