Five payment gateways claim to be the best for Malaysian ecommerce — and each one hides the real cost in different places.
Choosing a payment gateway is a margin decision. The difference between a 1.80% card fee (Billplz Standard) and a 3% fee (Stripe) on RM 50,000 in monthly sales is RM 600 per month, or RM 7,200 per year. That is money that either goes to your gateway provider or stays in your business. We compared iPay88, Billplz, Senangpay, Fiuu (formerly Razer Merchant Services), and Stripe on fees, supported payment methods, FPX integration, settlement speed, and ease of setup.
How We Evaluated
We compared five payment gateways across six criteria that matter most to Malaysian ecommerce sellers:
- Transaction fees — the percentage and fixed fee per successful transaction, broken down by payment method (cards, FPX, e-wallets)
- Payment method coverage — credit/debit cards, FPX online banking, e-wallets (Touch ’n Go, GrabPay, Boost), and BNPL
- Settlement speed — how many business days until the money reaches your bank account
- Setup requirements — minimum documentation, approval time, and technical integration effort
- Platform integrations — native support for Shopify, WooCommerce, Shopee, Lazada, and custom APIs
- PCI DSS compliance — security certification level and fraud protection features
All fee data was verified against each provider’s official pricing pages and merchant documentation as of March 2026.
Quick Comparison
| Gateway | Best For | Card Fee | FPX Fee | Monthly Fee | Settlement | PCI DSS |
|---|---|---|---|---|---|---|
| iPay88 | Established businesses | 2.70% (SME) / 2.30% (Enterprise) | 2.70% or min RM 0.60 (SME) | Negotiable | Twice per week | Level 1 |
| Billplz | FPX-heavy sellers | 1.80% (Basic) / 1.50% (Standard) | RM 1.25 (Basic) / RM 0.75 (Standard) | None (Basic) / RM 999/yr (Standard) | Next biz day (FPX), T+2 (cards) | Level 1 |
| Senangpay | Small businesses | 2.50% (min RM 0.65) | 1.50% (min RM 1.00) | None | Twice per week (Wed & Fri) | Level 1 |
| Fiuu | Multi-method stores | 2.2% + RM 0.30 | 1.5% + RM 0.30 | None | T+2 to T+3 | Level 1 |
| Stripe | Cross-border + developers | 3% + RM 1.00 | 3% + RM 1.00 | None | T+5 rolling | Level 1 |
Fee note: Rates shown are standard published rates. Billplz Basic plan (free) rates shown unless noted; their Standard plan (RM 999/year) offers lower rates. High-volume merchants can negotiate lower rates with iPay88, Fiuu, and Stripe. Rates verified March 2026.
iPay88: The Enterprise-Ready Gateway
iPay88 is Malaysia’s longest-running payment gateway, processing transactions since 2006. It powers major Malaysian ecommerce brands including fashion retailers, electronics stores, and grocery delivery platforms.
Key strengths:
- Widest payment method coverage in Malaysia — over 200 payment channels including all FPX banks, 8 e-wallets, and international card networks
- PCI DSS Level 1 certified with advanced fraud detection and risk management tools
- Dedicated account manager for merchants processing above RM 100,000/month
Limitations:
- Higher percentage fee (2.70% on SME plan) adds up compared to Billplz
- Settlement is twice per week rather than daily
- Onboarding requires company registration documentation and can take 5-10 business days
Pricing: 2.70% per card transaction on the SME plan, or 2.30% on the Enterprise plan. FPX at 2.70% or minimum RM 0.60 per transaction (SME plan). E-wallet fees vary by provider (typically 1.5-2.0%). Settlement is twice per week. Volume discounts available for merchants processing over RM 100,000/month — contact iPay88 directly for custom rates.
Best for: Established ecommerce businesses with RM 50,000+ monthly sales that need the widest payment method coverage and enterprise-grade fraud protection.
Billplz: The FPX Specialist
Billplz started as a billing platform and evolved into a full payment gateway. Its strength is straightforward pricing and fast settlement — particularly for FPX bank transfers, which remain Malaysia’s most popular online payment method.
Key strengths:
- Lowest FPX transaction fee among major gateways: RM 1.25 per transaction (Basic plan) or RM 0.75 per transaction (Standard plan)
- Next business day settlement for FPX, T+2 for cards — the fastest in Malaysia
- Simple API with clear documentation, easy WooCommerce and Shopify integration
- No monthly fee, no setup fee, no minimum transaction requirements
Limitations:
- E-wallet integration is more limited than iPay88 or Fiuu
- Less suited for high-ticket international card transactions
- Smaller support team compared to iPay88 — response times can be slower during peak periods
Pricing: Billplz offers two tiers. The Basic plan is free with FPX at RM 1.25 per transaction and cards at 1.80%. The Standard plan costs RM 999/year with FPX at RM 0.75 per transaction and cards at 1.50%. Settlement is next business day for FPX and T+2 for cards on both plans. No setup fee on either tier.
Best for: Small to mid-size Malaysian sellers whose customers pay primarily via FPX. If 60%+ of your transactions are bank transfers, Billplz’s combination of low FPX fees and next business day settlement is hard to beat. High-volume sellers processing enough to justify RM 999/year will save significantly on the Standard plan.
Senangpay: The Small Business Friendly Option
Senangpay positions itself as the easiest payment gateway for Malaysian small businesses. Approval takes as little as 24 hours, and the pricing is transparent with no hidden charges.
Key strengths:
- Competitive card transaction fee: 2.50% (minimum RM 0.65 per transaction)
- Same-day approval for SSM-registered businesses — you can start accepting payments within 24-48 hours
- Pre-built payment forms that work without any coding — paste a link and accept payments immediately
- FPX at 1.50% (minimum RM 1.00 per transaction)
Limitations:
- Fewer payment method options compared to iPay88 and Fiuu — limited e-wallet coverage
- API is functional but less polished than Stripe’s — custom integration requires more effort
- Settlement is twice per week (Wednesday and Friday), slower than Billplz’s next business day
Pricing: Credit/debit cards at 2.50% (minimum RM 0.65 per transaction). FPX at 1.50% (minimum RM 1.00 per transaction). No monthly fee, no setup fee, no minimum transactions. Settlement is twice per week (Wednesday and Friday). Pricing is publicly listed on Senangpay’s website.
Best for: New ecommerce sellers and small businesses that want to start accepting payments fast without technical integration work. Ideal if you are selling on social media or a simple website and need a payment link within hours.
Fiuu (Formerly Razer Merchant Services): The Multi-Method Powerhouse
Fiuu, rebranded from Razer Merchant Services (formerly MOLPay), processes payments across Southeast Asia. For Malaysian sellers with regional ambitions, Fiuu offers a single integration for multiple SEA markets.
Key strengths:
- Supports 110+ payment methods across Malaysia, Singapore, Indonesia, Philippines, Thailand, and Vietnam from a single merchant account
- Strong e-wallet coverage: Touch ’n Go, GrabPay, Boost, ShopeePay, and more
- DuitNow QR integration for in-store and online payments
- Shopify, WooCommerce, and Magento plugins available out of the box
Limitations:
- Fee structure is identical to iPay88 — not the cheapest option for FPX or card transactions
- Brand transition from Razer Merchant Services has caused some documentation confusion
- Customer support quality varies — some merchants report slow response during non-business hours
Pricing: Credit/debit cards at 2.2% + RM 0.30. FPX at 1.5% + RM 0.30. E-wallet rates at 1.5-2.0% depending on provider. No monthly fee for standard plans. Custom pricing for high-volume merchants.
Best for: Malaysian sellers who also sell in other Southeast Asian markets and want a single payment gateway across the region. Also strong for sellers who need comprehensive e-wallet and DuitNow QR coverage.
Stripe: The Developer’s Choice
Stripe entered Malaysia in 2022 and brought its developer-first approach to the local market. While it is the most expensive option for domestic transactions, its API quality, documentation, and international card acceptance make it a strong choice for specific use cases.
Key strengths:
- Best-in-class API and developer documentation — integration with any platform is straightforward
- International card acceptance rates are higher than local gateways — important for cross-border sellers
- Built-in fraud detection with Stripe Radar, adaptive machine learning-based risk scoring
- Supports recurring billing, subscriptions, and marketplace payments natively
Limitations:
- Highest card transaction fee: 3% + RM 1.00 — the RM 1.00 fixed fee hurts on low-value orders
- FPX fee (3% + RM 1.00) is significantly higher than Billplz and Senangpay
- Settlement at T+5 rolling is the slowest among all options
- No DuitNow QR or Touch ’n Go e-wallet integration as of March 2026
Pricing: Credit/debit cards at 3% + RM 1.00. FPX at 3% + RM 1.00. No monthly fee, no setup fee. Settlement is T+5 rolling. Volume discounts available for businesses processing over USD 80,000/month — contact Stripe sales for custom pricing.
Best for: Ecommerce businesses with significant cross-border sales, subscription models, or developer teams that value API quality. Also strong for SaaS companies and digital product sellers that need recurring billing.
The Real Cost: Fee Comparison at Scale
Raw percentages do not tell the full story. Here is what each gateway actually costs at different transaction volumes, assuming RM 80 average order value with a 60% FPX / 40% card transaction mix:
| Monthly Sales | iPay88 | Billplz | Senangpay | Fiuu | Stripe |
|---|---|---|---|---|---|
| RM 10,000 (125 orders) | RM 270 | RM 166 | RM 190 | RM 216 | RM 425 |
| RM 30,000 (375 orders) | RM 810 | RM 497 | RM 570 | RM 647 | RM 1,275 |
| RM 50,000 (625 orders) | RM 1,350 | RM 828 | RM 950 | RM 1,078 | RM 2,125 |
| RM 100,000 (1,250 orders) | RM 2,700 | RM 1,656 | RM 1,900 | RM 2,156 | RM 4,250 |
At RM 100,000 monthly sales, switching from Stripe to Billplz (Basic plan) saves RM 2,594 per month, or RM 31,128 per year. Even Senangpay saves RM 2,350 per month over Stripe at that volume.
The gap narrows at higher volumes where iPay88 and Stripe offer negotiated rates, but for SME sellers at standard pricing, the cost difference is significant.
Payment Method Coverage Comparison
Not every gateway supports every payment method. This table shows which methods each gateway supports in Malaysia:
| Payment Method | iPay88 | Billplz | Senangpay | Fiuu | Stripe |
|---|---|---|---|---|---|
| Visa/Mastercard | Yes | Yes | Yes | Yes | Yes |
| FPX (all banks) | Yes | Yes | Yes | Yes | Yes |
| Touch ’n Go eWallet | Yes | No | No | Yes | No |
| GrabPay | Yes | Yes | No | Yes | Yes |
| Boost | Yes | No | No | Yes | No |
| ShopeePay | Yes | No | No | Yes | No |
| DuitNow QR | Yes | No | No | Yes | No |
| American Express | Yes | No | No | Yes | Yes |
| BNPL (Atome/ShopBack) | Select plans | No | No | Yes | No |
If your customers frequently pay with Touch ’n Go or Boost, that immediately narrows your options to iPay88 or Fiuu. If FPX and cards are sufficient, Billplz or Senangpay offer better rates.
Our Verdict
If you prioritize low fees and fast settlement: Choose Billplz for both the lowest FPX and card rates (1.80% cards on the free Basic plan, even lower on Standard). Billplz also has next business day FPX settlement. Senangpay is a solid alternative with no annual fee and easy setup, though its rates are higher at 2.50% for cards.
If you need maximum payment method coverage: Choose iPay88 or Fiuu. Both support e-wallets, DuitNow QR, and BNPL options that Billplz and Senangpay do not. iPay88 edges ahead for enterprise support; Fiuu wins for multi-country expansion.
If you sell cross-border or need developer-grade tools: Choose Stripe. The higher fees are justified by superior API quality, international card acceptance rates, and built-in fraud detection. Not ideal for purely domestic, FPX-focused businesses.
Our overall pick for most Malaysian SME sellers: Billplz. The combination of the lowest card fees (1.80% on the free Basic plan), flat-rate FPX pricing (RM 1.25 per transaction), and next business day FPX settlement makes it the best value. For sellers who want zero-code payment forms and fast approval without committing to any plan, Senangpay is a strong alternative. You can always add a second gateway later as your payment method needs grow.
Stop comparing pricing pages in browser tabs. Pick the gateway that matches your transaction mix from the table above, and integrate it today. If you are still deciding between the two most popular local options, read our detailed iPay88 vs Billplz head-to-head comparison.
For sellers considering BNPL as an additional payment method, our buy now pay later guide breaks down whether the merchant fees are worth the conversion lift for your product category.