If you say / apply using your Msia address, then you only have the option to either use:-
a) USA bank account
b) transfer $ into your credit card

But if you apply with your Sgpore address, and use a SG ct card to verify your identity, then the fees can be transferred to your SG bank account

Some of your friends might have S$ bank account correct and have paypal account, so you can transfer the $ to them via paypal too BUT you will realise that the nett amount received by them is EVEN lesser than what you will get when withdrawing into your Credit Card. Reason? Well, when they receive money from your paypal account, they have to pay the receive funds charges already.

To apply for a direct ecommerce merchant account, you need to find a bank and then your monthly online transactions must be at least say RM70,000 or so (plus with a company background)

We have been fortunate to have our own direct ecommerce merchant account since 2000.

rgds Fione

Thank you for your tips and advice above.

My questions is: since there’s a card processing fee, withdrawal fee and also the the currency exchange, would it be more worthwhile to actually have the money transferred to a Singapore account instead?

And how do we go about applying for a direct ecommerce merchant account? What are the requirements like?

Thank you and look forward to hear from you.

…for your comments.

Nevertheless, to have a direct merchant account, our local bank needs us to have of a minimum amount of monthly trade volumes, right? Wonder, what’s the required monthly volume? Does it vary from bank to bank? And, which bank is the most volume-friendly? Anyone knows the answers?

Anyway, a high monthly trade volume required would mean that you’ve to be quite established in your ebusiness (like Fiona’s, I guess) before direct merchant account is of reach to you. Newbie, sorry-lah - bank mah!

Atleast PayPal accepts Malaysians (though without direct transfer of funds in PP into our local bank accounts only into our c.cards with withdrawal limits stated in earlier post). Some foreign payment gateways (such as CB’s, I believe, all of you know what that acronym means) do not allow Malaysian residents to open merchant accounts with them (since 2002, I believe).

Just because of some blacksheep-fraudsters - cloned c.cards, charged backs, etc - CB took the extreme measure: banning all from Malaysia including the innocent ones from opening accounts with CB.

We must continue to ask CB to open-up to all innocent Malaysians and at the same time our IT best should consider setting-up home-grown payment gateways of international standing such as CB but serving a bigger market including the Chinese market…:-)

Cheers,
GT

Yes when using any 3rd party ecommerce merchant account there will be the certain limitations.

In the scenario above, you actually pay More than 5% you know, cos 1st when the client buys a product from your website for US$100 for example, then the nett amount showing in your paypal account first needs to be deduced with the ct card processing fee (between 3+% to 4+%). So sample let’s take it at 5%.

Then it means you get back US$95 right in your online paypal account. At the end of the day when you want to transfer the funds to your Ct card then you pay the US$5 per withdrawal.

Luckily we’ve got the direct ecommerce merchant account with the bank and therefore only about 3% fees are paid to the bank for all transactions plus the $ is in our account by the 3rd day already.

Rgds Fione

After entering the 4-digit code for my Premier PayPal “expanded use” account upon paying US$1.95 through my credit card, I discovered that there was still a daily withdrawal limit of US$500/day - that means, each time I withdraw, a charge of US$5 would mean a charge of 1% or more depending on whether I withdraw up to US$500 or not .

If I were to withdraw only US$100, a charge of US$5 would translate into 5% withdrawal charge.

Therefore, while opening of PayPal merchant account is free, withdrawal of money from it means charges of 1% or more + forex charges (converting US$ into RM).

Views, anyone.

GT

Yes, all you need is to add in your credit card. Then copy those paypal buy now codes to your website then people can buy items by paying via ct card into your paypal account.

I think they charge US$5 for each time you request to withdraw money into your credit card.

Yah Colbert, at least the other Msians who don’t own a US based account and wants to start on a low budget to accept credit card payment using Paypal can finally do so.