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 :

SOHO Plan (Small Office Home Office)
One Time Setup Cost : RM488 + 6% GST (WAIVED wef 19th July 2016)
Yearly Maintenance Fee : None
Able to accept local online banking and PayPal (Optional)
Pay One Time Credit Card Processing Fee if wish to accept credit card payment
One Time Credit Card Processing Fee (Optional) : RM900 + 6% GST
Transaction Rate :
Local Online Banking : 3.5% or minimum RM0.60 (whichever is higher) + 6% GST
PayPal : 3.2% + 6% GST
Credit Card : 3.5% + 6% GST

Pay Total One Time ONLY RM517.28 for online banking & PayPal (WAIVED wef 19th July 2016) OR
Pay Total One Time ONLY RM954 for online banking, PayPal & credit card processing

SME Plan (Small Medium Enterprise)
One Time Setup Cost : RM488 + 6% GST
Yearly Maintenance Fee : RM500 + 6% GST
Able to accept local online banking and PayPal (Optional)
Pay One Time Credit Card Processing Fee if wish to accept credit card payment
One Time Credit Card Processing Fee (Optional) : RM900 + 6% GST
Transaction Rate :
Local Online Banking : 2.9% or minimum RM0.60 (whichever is higher) + 6% GST
PayPal : 3.2% + 6% GST
Credit Card : 2.9% + 6% GST

Pay Total One Time ONLY RM1047.28 for online banking & PayPal OR
Pay Total One Time ONLY RM2001.28 for online banking, PayPal & credit card processing
Pay YEARLY Maintenance Fee of RM500 + 6% GST

Note :

Merchants have the option to activate PayPal for both plans with no additional setup fee.
Both plans offered by iPay88 are only for Malaysian merchants whose businesses are registered in Malaysia.
Local online banking covers only Malaysian local banks with the exception of United Overseas Bank (UOB).
Credit card processing covers all local and international credit cards that have a MasterCard or Visa logo.
Merchants who wish to accept American Express must have a merchant ID with Maybank.

Currently, SME Corp under the Malaysian government is encouraging local Malaysian merchants to set up ecommerce businesses.

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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