The common pain points for most cross-border commerce merchants are language barriers, ineffective logistics services, and lack of payment methods that are tailored to local shopping behaviors, all of these issues have to be solved in order to complete a successful transaction. The checkout process is the final step to complete an order, and research has shown that over 56% of consumers would appreciate if online sellers could provide multiple, and versatile payment methods.
The checkout process is usually where visitors would bounce and leave your website. To lower cart abandon rates and to secure visitors for your business, in this article, we will cover 6 common online payment methods that are popularly used in Malaysia.
Understand 5 Common Payment Methods in Malaysia to Optimize the Shopping Process
1. Online Transfer (Online Banking / FPX)
Online transfer is popular among Malaysians. Through 3rd party payment gateway services like MOLPay, consumers can choose the bank account they are transferring money to. By entering your own payment information of current or savings account, you’re able to make a real-time online payment. For shoppers who don’t have a credit card yet, this is a great and easy way to complete a purchase.
Choose the bank you’re about to transfer to.
2. ATM Transfer
This payment method allows customers to pay either at a physical ATM location or make transactions online via a smartphone APP—JomPAY. By using JomPAY, the order status will update automatically once the transaction is done. However, if buyers choose to transfer payment at a physical ATM location, the transaction would require a manual update from the merchants to confirm they received the payment, which requires more time and cost on communication.
3. Credit Card
The easiest way for buyers to complete an online transaction, simply type in the required information to complete the order.
4. Cash
Shoppers can print out the billing invoice and pay at any given 7-11 locations.
5. Cash On Delivery
In Malaysia, convenience store location isn’t as dense as they were in Taiwan, where people in Taiwan are used to pick up their packages in convenience stores.
So, a lot of consumers in Malaysia would choose cash on delivery, where they pay upon delivery.
Receive Money Easily in Malaysia with SHOPLINE’s Payment Gateways Integration!
SHOPLINE has partnered with MOLPay, the leading Southeast Asia Payment Gateway, to provide a payment solution for all cross-border merchants. By working with MOLPay, shoppers in Malaysia can easily purchase your products with various payment methods, such as FPX / Online banking, ATM Transfer, Credit Card, Cash on Delivery, and more. At the same time, Shoppers can pay in cash for their orders in over 23,000 convenient stores across Malaysia, Singapore, and Indonesia.
SHOPLINE merchants can enjoy all the benefits offered by integrating with MOLPay, and save time on reconciling financial statement. Moreover, with MOLPay, merchants can easily receive local currency in their bank account.
Conclusion
Although e-Commerce is relatively easy to perform cross-border commerce. However, online merchants may also face two main pain points in payment gateway integration, and logistics methods integration.
With SHOPLINE’s Cross-Border solution, merchants are able to enjoy the benefits of expanding to bigger marketing and create more sales opportunities.
Marketing Associate at SHOPLINE. A digital marketing nerd and a podcast fan. You can find her out in the woods once in a while but most of the times she’s glued to her laptop screen indoors.