InstanteStore Partnership With iPay88 Will Benefit Malaysian Merchants

Malaysian merchants who are planning to start an online business will be pleased to know that InstanteStore is integrated with iPay88 which is one of South East Asia’s leading payment gateway.

InstanteStore is able to help local merchants who are starting a new business with an online store setup.

Depending on what merchants require, we can custom design the template to fit the look and branding of a business.

This saves merchants’ time as some prefer to have our ecommerce web designers set up their site’s design for them.

Those who wish to find out more on how to set up an online store or who have questions on what they need to prepare beforehand can drop us an email and we’ll be happy to walk them through the process.

Now every online store will need to have a payment gateway to accept payment from customers.

Our partnership with iPay88 will help local Malaysian merchants who are keen on starting an ecommerce business.

Malaysian merchants can consider the following plans that are being offered by iPay88 :

Start Up Plan
One Time Setup Cost : RM488 + 6% SST (wef 20th March 2020)
Yearly Maintenance Fee : Waived
Able to accept local online banking & e-wallets
Comes with UnionPay credit / debit card : 3.5%
Does NOT come with Visa / MasterCard credit / debit card

Transaction Rate :
Local Online Banking : 3.5% or minimum RM0.60 (whichever is higher)

E-Wallet Rates :
Boost : 1%
MBBQR : 1%
GrabPay : 1.5%
TouchnGo : 1.5%
MCash : 1.5%

Pay Total One Time ONLY RM517.28 for online banking & eWallets (wef 20th March 2020)

SME Plan (Small Medium Enterprise)
One Time Setup Cost : RM488 + 6% SST
Yearly Maintenance Fee : RM500 + 6% SST
Able to accept local online banking and credit / debit card
Pay One Time Credit Card Processing Fee : RM900 (waived)

Transaction Rate :
Local Online Banking : 2.7% or minimum RM0.60 (whichever is higher)
Credit Card (Visa / MasterCard / UnionPay) : 2.7%
Debit Card (Visa / MasterCard) : 2.5%

E-Wallet Rates :
Boost : 1%
MBBQR : 1%
GrabPay : 1.5%
TouchnGo : 1.5%
MCash : 1.5%

Pay Total One Time ONLY RM1047.28 for online banking, credit/debit card & e-wallets

Note :

Both plans offered by iPay88 are only for Malaysian merchants whose businesses are registered in Malaysia.
Local online banking covers only Malaysian local banks.
Credit card processing covers all local and international credit cards that have a MasterCard or Visa logo.

Currently, SME Corp under the Malaysian government is encouraging local Malaysian merchants to set up ecommerce businesses. (No Longer Applicable)

Hence they have an agreement with iPay88 to help subsidize the setup fee of RM488 for new Malaysian merchants who meet the following criteria :

Terms and Conditions to qualify for SME Corp Promotion (subsidy waiver of setup cost RM488) :
– Yearly turnover less than RM50 million
– Number of employees less than 200 pax
– Company paid up capital less than RM100,000
– First time apply payment facility under SME Corp Promotion
– Website must be up and running

The SME Corp Promotion is applicable for both the SOHO and SME Plan.

Merchant need to sign up for either plan first exclude setup fee payment of RM488.

iPay88 will apply on behalf of merchant to SME Corp and will inform merchant whether their application has been approved or rejected by SME Corp.

If the application is rejected by SME Corp, merchant will have to pay the setup cost of RM488 + 6% GST

New iPay88 application by merchants will take around 3 – 5 working days to process.

Once approved, merchants can start doing business.

However, application for credit card processing for new merchants may take 1 – 2 months for approval.

Don’t worry as iPay88 will offer assistance throughout the application process with the bank.

Malaysian merchants who need help creating an online store and setting up an iPay88 payment account could contact us.

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InstanteStore Partnership With iPay88 Will Benefit Malaysian Merchants

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