Posted by Fione Tan, head Internet Marketing Coach

Good news for Malaysians “eCommercers”! Malaysians who wants to sell online, can also accept Paypal for their credit card processing and then this amount of money can now be transferred into your Malaysian credit card.

Some of you may have heard of the news about 1.5 months ago but just in case that you have not been informed, here are some paypal tips. When i was chatting with one of my 2006 coaching participant earlier this afternoon, she was already aware of this news when she called our internet marketing office in Oct, and was informed by my team about this good news. Then reminded me that hey, i’ve not written about this in the blog yet so here is a paypal guide on the ways that you can use paypal to accept payment for your items online, plus how to receive money for the items you sold.

First, what you need to do is to go to Paypal and then register for a Premier (if you wish to accept money using your personal name) or Business Account (if you wish to accept money using your registered company name). The buy now buttons or codes for online shopping is also given by paypal for free for you. All you need to do is to add your item to the paypal buy now or shopping cart and then copy the generated codes to paste into the source code of your website.

Then, how do you really get the money for items you sold? Customers will click on the buy now button and then use their credit card or paypal account to complete that transaction. When the transaction is successful then you will receive an email from paypal stating the name of the payee and the amount paid.

For most countries like Singapore or Hong Kong, all they have to do to withdraw the money is to login into paypal then click the withdraw button and then insert your local bank account information there. The process from the day you ask for this money withdrawal until the day the funds is received in your bank account is 1 week or less.

Is it free to withdraw money from your paypal account? Yes if you have reach the stated standard withdrawal amount in Paypal. For Singapore, you only need to accumulate S$200 or more in your paypal account while for Hong Kong, you need to have HK$1,000 or more in your paypal account. So if you only have S$100 in your paypal account, let’s wait till you reach S$200 before you request for the withdrawal or else you will need to pay a withdrawal fee.

How about Malaysians? We do not withdraw money into our Malaysian bank account. How you do it is to add your Malaysian credit card and then, when you wish to take out the money, you transfer this out to your credit card. How about the currency exchange? If your paypal amount is in US$, then this amount will then be converted back into Malaysian Ringgit based on the daily exchange rate by the bank. Then this amount will show up in your credit card statement.

Do i use paypal to accept money? I use paypal as an altenative payment mode only. eOneNet has got own direct payment gateway with the local bank, so whatever transactions we received, will be in our bank account by the 3rd working day itself plus the transaction fee is lower than those given by 3rd party ecommerce merchant gateways like paypal. I do have paypal and from what i checked just now, i’ve got four figure HK dollar and some US dollars inside the account but i’m unlikely to withdraw these out as i can use this money to pay for products and services which i buy online in US dollars and HK dollars.

So now Malaysians can easily withdraw money from paypal account via their credit cards. The only drawback is the loss in some value due to currency exchange from other currency to RM.

Sign up for PayPal and start accepting credit card  payments instantly.