Website & Ecommerce Lesgo Media · 2026
- RM1toyyibPay FPX per transaction
- 1.25%Billplz FPX on the free plan
- 7 daysStripe Malaysia standard payout
One merchant we worked with compared four gateways on rate alone, picked the cheapest, then spent month two chasing money that had not landed. The rate was fine. The settlement cycle was not.
That is the part most comparison tables skip. Before the percentages, work out whether you qualify to register at all, and how many days your money sits with the provider.
This guide covers the six gateways Malaysian SMEs actually shortlist: iPay88, Billplz, senangPay, toyyibPay, Stripe and Fiuu. Every figure is as of our check in August 2026. Gateway pricing and ownership change often, so confirm before you sign.
What you are buying is access to FPX, not a private network
Most online payments in Malaysia move over FPX. The gateway sits in front of it and takes a cut.
FPX is owned and operated by PayNet. Stripe’s documentation states that Bank Negara Malaysia and 11 other major Malaysian financial institutions are members of the PayNet Group. Picking FPX redirects the customer into their own online banking for a two-step authorisation.
The volume behind that rail is large. PayNet’s press release reports 8.44 billion digital payment transactions processed during 2025. A store that does not offer FPX looks broken to local buyers.
The short version
- FPX belongs to PayNet, not to any gateway you sign with.
- Customers authenticate at their own bank, so FPX carries no chargebacks.
- Compare markup, settlement speed and extra channels, not the rail itself.
Who gets approved, and what a sole proprietor needs
This is the first filter, and it removes half the list for new sellers.
The iPay88 application guide published by its reseller Biztory lists sole proprietors, Sdn Bhd, Bhd, LLP and non-profit organisations as accepted business types. For online banking it asks for the form, identification, business registration, three months of bank statements and product information, processed within 14 working days. The card channel also wants premises photos with your signboard, and a live website.
senangPay asks for the SSM certificate, the director’s identity card and the latest bank statement, per its own FAQ, and notes instant approval applies to FPX and e-wallet channels only.
toyyibPay is the most forgiving. The CartDNA merchant guide explains that individual sellers can register with a personal bank account through the Dewan Ekonomi GIG Malaysia incubator structure without SSM, then upgrade later. Stripe you can open yourself, but its documentation states a Business Registration Number is required for FPX charges and payouts.
- Register with SSM first. A sole proprietorship is fine, but the bank account name must match the business name.
- Pull three months of bank statements. iPay88 requires these for the online banking channel.
- Put the website live before applying. The iPay88 guide states a site still under development will not be processed by the bank.
- Publish refund and delivery policies. Banks read these during card channel review, so treat them as part of a properly built business website.
- Apply for FPX first, cards second. FPX clears quickly, card approval can run into months.
Transaction fees across the six gateways
Two providers publish nothing. We say so rather than inventing a number.
| Gateway | FPX | Local cards | E-wallets |
|---|---|---|---|
| toyyibPay | RM1.00 B2C, RM2.00 B2B | 1.50%, foreign cards 3.5% | DuitNow QR 1.00% or RM1.00 |
| Billplz Basic | 1.25% B2C, 3.00% B2B | 1.8% MYR | 1.5% |
| Billplz Standard | 0.75% B2C, 2.00% B2B | 1.5% MYR | 1.5% |
| senangPay | RM1 or 1.5%, whichever is higher | RM0.65 or 2.5% | RM0.65 or 1.5% |
| Stripe | 3% + RM1.00 | 3% + RM1.00 | GrabPay 3%, Alipay 2.9% + RM1.00 |
| iPay88 | Not published | Not published | Not published |
| Fiuu | Not published | Not published | Not published |
The Billplz, toyyibPay, senangPay and Stripe figures come from each provider’s own pricing page. For iPay88, the reseller EasyStore lists an indicative 2.8% to 3.2% band for credit cards and online banking, while stating those rates are subject to change. Airwallex, in its Fiuu review, says Fiuu publishes no transaction fees, setup costs or annual fees.
Percentage pricing wins on small baskets, flat pricing on large ones. Against RM1 flat versus 1.25%, the crossover sits near RM80 per order.
Fixed costs you pay whether or not you sell anything
Annual fees get ignored in most comparisons, which is odd, since they keep running through a quiet month.
Stripe states on its Malaysian pricing page that there are no setup fees and no monthly fees. Billplz Basic is free, and the RM999 a year Standard plan moves FPX B2C from 1.25% to 0.75%. Process RM40,000 of FPX a month and that half point saves roughly RM200 a month, clearing the RM999 easily. At RM5,000 a month the upgrade is a waste.
senangPay sits at RM199 a year for Starter and RM349 for Advance. toyyibPay has no subscription, but its card channel carries RM100 onboarding plus RM100 a year. iPay88 charges a setup fee without publishing the amount.
Settlement timing is what actually hurts a small business
Half a percent on rate is survivable. A six day gap in when your money arrives is not, if you restock weekly.
| Gateway | FPX | Cards | Other |
|---|---|---|---|
| Billplz | Next business day | T+2 business days | E-wallets next day, Atome Wednesday and Friday |
| toyyibPay | 1 to 4 business days | 4 business days | DuitNow QR 2 business days |
| Stripe | 5 business days | 7 calendar days | First payout 7 to 14 days |
| senangPay | Not published | Not published | RM100 minimum before cash out |
| iPay88 and Fiuu | Not published | Not published | Ask during onboarding |
The Stripe figures come from its own payout documentation, which lists Malaysia at 7 calendar days for standard payout speed with a MYR 5 minimum. Its FPX page gives FPX payout timing as 5 business days.
Convert that into working capital. A store turning over RM30,000 a month runs about RM1,000 a day, so the gap between next day settlement and a 7 day cycle leaves roughly RM6,000 permanently parked with the provider. That is a stock order you cannot place.
For non-profits, the toyyibPay Santai plan drops FPX B2C to RM0.00, but settlement runs to 10 business days.
DuitNow QR and e-wallet coverage varies more than the rates do
E-wallets are no longer optional for Malaysian buyers. PayNet reports 681,250 new DuitNow QR acceptance points added during 2025, taking the national total past 3 million.
Billplz groups DuitNow QR, Touch n Go, Boost and GrabPay into one wallet category at 1.5% with next day payout. toyyibPay prices DuitNow QR at 1.00% or RM1.00. senangPay puts e-wallets at RM0.65 or 1.5%, whichever is higher, and adds BNPL with SPayLater at 2.0%, PayLater by Grab at 6.0% and Atome at 5.5%.
Stripe is the weak point here. Its payment method support tables show Malaysian accounts can take cards, FPX, GrabPay and Alipay. Touch n Go, Boost, ShopeePay and DuitNow QR do not appear for Malaysian merchants, which is a real gap for a store selling everyday goods locally.
Fiuu goes the other way. The Airwallex review notes more than 110 payment methods, including cash payment at over 2,000 7-Eleven outlets, a channel none of the others carry.
Recurring billing does not work on FPX
If you sell a monthly plan, this matters more than the rate table.
Stripe’s FPX documentation states plainly that FPX does not support recurring payments and cannot be saved for future charges. Your customer would log into online banking and authorise every month, which is a churn machine.
That leaves three routes. Cards are the obvious one, and Stripe runs card subscriptions with no extra monthly charge, which is why much Malaysian SaaS sits there despite the 3% + RM1.
The second is auto deduct or direct debit built on a bank mandate. Billplz lists auto deduct at 2.3% + RM1.25 on Basic and 2% + RM0.75 on Standard, and toyyibPay offers direct debit.
The third is senangPay recurring, which its pricing page limits to Advance and Enterprise. Buy the RM199 Starter because it looked cheap and you will not have this feature.
Refunds and chargebacks sit on opposite sides of the ledger
FPX has one advantage nobody advertises. Because the customer authorises inside their own banking session, Stripe’s documentation calls the fraud risk low and says FPX payments do not turn into chargebacks that pull funds from your balance.
Cards are the reverse. Full chargeback rights apply, a customer can dispute months later, and you prove delivery. For high ticket items that is a real exposure that never shows up in a rate comparison.
Refunds flip the advantage. An FPX payment can be refunded up to 60 days after the original charge, but the refund is asynchronous and normally takes up to 14 days, sometimes six weeks. Write a standard reply for your support inbox now.
senangPay states in its FAQ that card and e-wallet refunds take up to 14 working days, and that e-wallet refunds must be initiated on the same day as the transaction. Build that rule into your returns process if you use them.
Platform integration, and the Shopify surcharge nobody budgets for
A gateway with no plugin for your platform becomes custom development work, and that has a price. Pick platform and gateway together. If you are still weighing that decision, our comparison of WooCommerce and Shopify for Malaysian stores covers the trade-offs.
On WooCommerce, all six have an official or mature community plugin, which is why it remains the safe pick for FPX-heavy Malaysian stores.
Shopify has a specific problem. Shopify Payments is not available in Malaysia, so you use a third party gateway and Shopify adds its own transaction fee. Per Airwallex’s Shopify Malaysia guide, that fee is 2% on Basic, 1% on Grow, 0.6% on Advanced and 0.2% on Plus. Billplz states its Shopify integration adds 0.3% to standard rates.
Stack those. A Shopify Basic store on Billplz over FPX pays 1.25% plus 0.3% plus 2%, landing near 3.6% per order. Once volume is steady, upgrading the Shopify plan or moving to WooCommerce usually beats switching gateway, and we cover the timeline in our guide to how long a business website takes to build.
What to pick, by business type and volume
These are our calls based on the figures above. Between two rows, take the one that settles faster.
| Your situation | First choice | Why |
|---|---|---|
| Just starting, no SSM yet | toyyibPay | Individual registration is possible, RM1 flat FPX, no annual fee |
| Sole proprietor, RM50 to RM150 orders, under RM10,000 a month | toyyibPay or Billplz Basic | Neither has a fixed cost, and RM1 flat wins on small baskets |
| FPX-heavy store above RM40,000 a month | Billplz Standard | 0.75% FPX pays back the RM999 a year quickly |
| Need cards and FPX in one place, mid-sized orders | senangPay Starter | RM199 a year, cards at RM0.65 or 2.5% |
| Selling overseas or on a subscription model | Stripe | Card subscriptions, no fixed fees, even with the 7 day payout |
| High volume, many channels, technical team in place | iPay88 or Fiuu | Widest channel coverage, but you negotiate the rate yourself |
One last thing. Build the checkout so you can swap providers without rebuilding the store. Much like your digital marketing budget, gateway costs deserve a fresh look every year.
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Frequently asked questions about Malaysian payment gateways
Which payment gateway is cheapest for a small Malaysian online store?
On FPX, toyyibPay at RM1 per B2C transaction is cheapest once your average order clears roughly RM80. Below that, Billplz Basic at 1.25% costs less. Neither charges a monthly fee, so open both and compare against your own order data.
Can a sole proprietor get a payment gateway in Malaysia?
Yes. The iPay88 application guide lists sole proprietors among accepted business types, and Billplz and senangPay onboard SSM-registered businesses. With no SSM registration at all, toyyibPay allows individual sellers to register through an incubator structure and upgrade later.
How long before the money reaches my bank account?
It depends on the gateway. Billplz settles FPX the next business day and cards at T+2. toyyibPay takes 1 to 4 business days on FPX. Stripe lists Malaysia at 7 calendar days for standard payout. iPay88, Fiuu and senangPay publish no schedule.
Why is Stripe more expensive than local Malaysian gateways?
Stripe charges 3% + RM1.00 on local cards and FPX in Malaysia, against 1.25% or RM1 flat locally. You are paying for self-serve account opening, multi-currency support and mature subscription tooling. For a store selling only in Ringgit, that is an expensive premium.
Can I run monthly subscriptions on FPX?
Not automatically. Stripe’s documentation states FPX does not support recurring payments and cannot be saved for future charges. For repeat collection you need cards, Billplz auto deduct, or toyyibPay direct debit. senangPay limits recurring billing to Advance and Enterprise.
Do FPX transactions carry chargeback risk?
No. Because the customer authorises inside their own online banking, Stripe’s documentation says FPX payments do not become chargebacks that withdraw funds from your balance. Refunds are still possible for up to 60 days, but the process is asynchronous and normally takes up to 14 days.
Is iPay88 still a Malaysian company?
iPay88 operates from Malaysia but is owned by Japanese group NTT DATA, which announced the acquisition in 2015 according to NTT DATA’s own release and reporting by The Star. Razer Merchant Services was rebranded Fiuu in March 2024, and senangPay was bought by Indonesia’s DOKU in 2022.
What extra does it cost if my store runs on Shopify?
Shopify Payments is not available in Malaysia, so you use a third party gateway and Shopify adds its own fee. The Airwallex guide lists 2% on Basic, 1% on Grow, 0.6% on Advanced and 0.2% on Plus. Billplz adds a further 0.3% for Shopify.
Should I run more than one payment gateway?
Above roughly RM20,000 a month, yes. Run one for FPX with fast settlement and a second for cards and overseas customers. It adds reconciliation work, but protects you when a channel goes down or an account is pulled for review.
Conclusion: choose on settlement and eligibility, not on rate alone
For most small Malaysian stores the answer in year one is toyyibPay or Billplz Basic, because neither carries a fixed cost and both return your money within a few business days. Move to Billplz Standard once FPX volume passes RM40,000 a month. Take Stripe if you sell subscriptions or sell abroad, and accept the 7 day payout. Keep iPay88 and Fiuu for when you can negotiate.
Every figure here is as of our August 2026 check, and gateways change pricing without much warning. The Malay version is at payment gateway Malaysia untuk kedai online. If you want us to look at your checkout and transaction costs, get in touch and we will work through your numbers.
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