How you can accept online payment
This issue of e-newsletter will guide you how to accept online payment, even without a merchant account.
e-Commerce Value
If you think e-Commerce does not work in Malaysia, you may need to think twice.
e-Commerce transactions in Malaysia has exceeded RM2.6 billion in 2001 and is expected to grow to 5.5 billion in 2005.
If you are now able to accept online payment with credit cards, congratulations!
Research shows that up to 97% of sales (via websites) are lost because of inability to accept online credit card payment. So how can you get online payment facility, if you still haven’t got it?
How To Get Online Payment
There are two ways. First, apply for an e-Commerce merchant account from authorised banks and set up your own payment gateway. The set up fee and annual maintenance fee ranges from RM2,000 to RM6,000 and the transaction fee is around 3%. You will also need to pay for digital certificate, VISA for US$150 per year and MasterCard for US$300 per year.
You may check out the updated lists of banks from www.Meps.com.my.
For small merchants with low value of monthly transactions, it can be quite difficult to get approval for a merchant account and the costs involved will not be justified.
However, they can look for a faster and cheaper alternative.
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