When you’re just starting out selling online, the last thing you want to do is fork out a few thousand Ringgit to set up the payment gateway and then have to worry about paying an annual fee for it.
In this article, I’ll show you five payment gateways you 6 payment gateways in Malaysia that won’t charge you a setup or annual fee. You only pay transaction fees when you make sales.
tldr; they get paid when you get paid.
Of course, I’m not randomly picking out 5 payment gateways that don’t charge a setup or annual fee. We’re looking only for the best ones here.
So, what qualifies a payment gateway as best?
For most online sellers, the best payment gateway checks all these boxes:
- It lets you accept payments through methods Malaysians prefer: FPX, Credit/Debit cards, e-wallets and Buy Now Pay Later (BNPL).
- It’s easy to sign up – sign up yourself with an online form without needing extra help.
- Reasonably low transaction fees.
(The best thing about these payment gateways is that, since they don’t charge a setup or annual fee, you can use more than one payment gateway to offer different payment methods.)
With that in mind, here are my top picks:
By the way, I’m available for consultation if you need help deciding on a payment gateway. Book a time here.
Top Pick: Billplz (Basic Plan)
“Easy to sign up, low transaction fees.”
Pricing: RM1.00 for FPX transactions. 2.2% onwards for Credit/Debit Cards. 1.0% onwards for E-wallets.
My take: Billplz‘s Basic Plan is my top recommendation for clients who want to quickly set up a payment gateway in their online store. Within a business day or two, you’ll be able to accept FPX payments in your store.
Although Credit/Debit Card and e-wallet payment methods require you to submit additional applications, Billplz’s partner rates are lower than those you get directly from the payment providers.
The Pros:
- Low transaction fees.
- Supports all payment methods – Credit/Debit Card, FPX and most major e-wallets.
- Next business day settlement for FPX.
- Shopify, WooCommerce & EasyStore integration.
The Cons:
- Credit/Debit Card and e-wallets are supported by third-party payment processors and require additional application.
- Enabling Credit/Debit Card payment method will set you off a one-time activation fee.
2nd Choice: HitPay
“All payment methods accepted, but transaction fees are rather high.”
Pricing: 2% + RM0.40 for FPX transactions. 2.25% + RM1 onwards for Credit/Debit Cards. 3% + RM1 onwards for E-wallets.
My take: HitPay is a payment gateway that offers all payment methods. Unlike Billplz, you can activate all payment methods through HitPay without additional application.
However, I’ve placed HitPay as my second choice because the transaction fees are higher compared to Billplz.
The Pros:
- Supports all payment methods – Credit/Debit Card, FPX and some e-wallets.
- No setup or annual fees for to activate all payment methods.
- Easy sign-up process.
The Cons:
- Limited e-wallets available – AliPay and GrabPay.
- Relatively higher fees compared with Billplz.
Stripe
“Comprehensive payment features for just about any use case. But fees are expensive compared to other payment providers.”
Pricing: 3% + RM1.00 for FPX transactions. 3% + RM1.00 for Credit/Debit Cards. 2.9% + RM1 onwards for E-wallets.
My take: Stripe is a versatile payment solution. Although its fees are the highest, it has the most comprehensive set of payment features.
The Pros:
- Supports all payment methods – Credit/Debit Card, FPX and e-wallets.
- Comprehensive payment features.
- Easy sign up process.
- 0% Shopify transaction fees.
The Cons:
- Expensive fees.
Opn Payments
“Credit/Debit Card and FPX payment gateway with relatively high fees.”
Pricing: RM1.50 for FPX transactions. 2.80% + RM0.5 for Credit/Debit Cards.
My take: Opn Payments offers an easy to start payment gateway solution for Credit/Debit Card and FPX. Its fees are on the higher side.
The Pros:
- Supports Credit/Debit Cards and FPX payments.
- Relatively low FPX fee of RM1.50 per transaction.
- Easy sign up process.
The Cons:
- Does not support e-wallet payments.
- Credit/Debit Card fees are relatively high.
toyyibPay
“FPX payment gateway with affordable transaction fees.”
Pricing: RM1.00 for FPX transactions.
My take: toyyibPay is an FPX payment gateway. Although you can activate Credit/Debit card through a third-party payment provider, these will require an additional setup and/or annual fee. E-wallet is not supported.
I would recommend pairing toyyibPay with other payment gateways that support Credit/Debit card and/or e-wallet payments if you prefer not to pay any setup or annual fees at all.
The Pros:
- Low FPX transaction fee of RM1.00
- Next business day settlement.
The Cons:
- Requires third-party payment providers for Credit/Debit Cards payment method support. These require additional setup and/or annual fees.
- Does not support e-wallets.
Atome
“Buy Now Pay Later (BNPL) solution addition for online stores.”
Pricing: 6 – 8% (TBC).
My take: Atome is an established Buy Now Pay Later (BNPL) solution. Since BNPL isn’t offered by other payment gateways in this list, you can add it to your store directly.
The Pros:
- Offer customers the option to pay by 3 interest-free instalments.
The Cons:
- High fees compared to other payment methods.
Comparison
| Billplz | HitPay | Stripe | Opn Payments | toyyibPay | Atome | |
| FPX | ✓ RM1.00 | ✓ 2% + RM0.40 | ✓ 3% + RM1.00 | ✓ RM1.50 | ✓ RM1.00 | ✖ |
| Credit/Debit Cards | ✓ from 2.2% | ✓ 2.25% + RM1 | ✓ 3% + RM1.00 | ✓ 2.8% + RM0.50 | ✓ from 1.75% | ✖ |
| E-wallets | ✓ from 1.0% | ✓ 3% + RM1 | ✓ from 2.9% + RM1.00 | ✖ | ✖ | ✖ |
| Buy Now Pay Later (BNPL) | ✖ | ✖ | ✖ | ✖ | ✖ | ✓ 6 – 8% |
Notes:
- Billplz requires additional application through a third-party payment provider for Credit/Debit Cards and e-wallet payment methods.
- toyyibPay offers Credit/Debit Card payment method through a third-party payment provider.
- Atome MDR rate TBC.
Which payment gateway should you use? Let me help you decide
When it comes to choosing a payment gateway, it pays to be picky. Choose a payment gateway that fits your specific goals and needs can be tricky.
I can help. Book a call with me and let me guide you through everything you need to consider before you sign up.