Difficulties in getting paid. Singaporeans allowed to sell almost anywhere, Malaysians can't.

Thomas Yip 5 years ago • updated by CK Ng 5 years ago 3
Paypal practically the only option. Google Wallet just opened recently and mainly targetting mobile apps. Amazon and many other payment options not available. Inability to setup US bank account to cater to Enterprise customers who purchase through normal payment options. Malaysians can't sell on Newegg, etc.
Under review
Can you give more specifics? Do you mean a payment gateway to receive money from foreign customers? Does ipay88 or MOL offer any solutions? 
When you have global customers, IPay88 and MOL does not help at all as they process MYR and have limited foreign support and branding, but it's pretty good for local customers.

Online Payment Systems
For Malaysian companies serving global customers, my guess is they are using Paypal and 2Checkout as backup. 2Checkout should be avoided, leaving Paypal as the only viable option, therefore if your customers are having problems with Paypal, it will cost you.

Before Google Wallet is known as such, it is called Google Checkout, and for a long time, Adwords advertisers get to process their payments for free, with no such luck for Malaysians, imagine trying to compete against that. Singaporeans have been able to sell on Google Play for a long time, but only recently Malaysians can do that, despite the fact that Google has been taking Malaysian Adwords advertiser's money for close to a decade. Most other popular online payment systems are also not available to Malaysians, including Amazon Payments, Stripe, WePay, Dwolla, etc.

Inability to get paid by these payment systems is effectively shutting out Malaysian companies from accessing global markets. For example, KickStarter uses Amazon Payments for technical reasons, and since we can't use Amazon Payments, we are not allowed to list on KickStarter. Projects like CR2 Rehabilitation Robot (http://www.pitchin.my/project/42) would surely get way more funding and exposure if it is listed on KickStarter.

Offline Payment Systems
To be truly global, one have to act local and for many enterprise sales, there may be cases where a credit card is not available or preferable, even in North America. In these cases, cashing a cheque from USA will take anything from 1 to 3 months, with no status updates. Therefore a merchant have to deliver the goods, and essentially pray that nothing bad happens. Malaysian banks that operates in these areas should allow local companies to have an ACH and routing number so that local companies get to be paid easier and faster. It's a win for the customer who can pay easier, a win for local banks who can generate processing fees, and also a win for the local company as they can access markets and get paid like a local, wherever they are.

Access to market
If you have a competitive product and you wanted list it on Newegg or Amazon, just so that your customers can find and buy it easily, you are out of luck. But If you are a Singaporean company, listing on Newegg is not a problem. This forces local companies to head down south to open a bank account, and for that bank account you will need a company, and since you have a company, you mind as well get a grant, and since you can do many things you cannot do locally, you mind as well move down south.

Apologies for the long winded reply and if it sounds like a rant. It is not. We can surely do better.
See http://www.webshaper.com.my/compare-payment-gatewa... for a nice listing.

Recently just researched the available options. To add, WorldPay stop supporting Malaysia merchants. iPay88 and MOLPay, passed down supposedly fine to their users, RM900. To use them that's > RM1800 just to start, and a considerable high yearly fee for a lot of ecommerce. I believe they also charge rather high fine for chargeback. They don't support other currencies, not really an option if you are targeting global market. Most only have PayPal to work with. This has not changed much after so many years.