apply FPX
You were searching for "apply FPX". These posts might be of interest:
FPX, the Online Payment Method for Malaysians
Filed in: E-commerce Solution, Make Money Online, Malaysia, Technology — January 10th, 2007
Financial Process Exchange (FPX) is an online payment gateway for Malaysians. It facilitates interbank transfer of funds from the buyer to the seller. The payment gateway is spearheaded by Bank Negara Malaysia and is managed by MEPS.
How does FPX works?
FPX can be used for bill payments and purchases of goods and services. There are two types of FPX services: Payment model and Collection model.
Payment model is to be used for B2C or B2B to support real-time payments for e-commerce business. Buyer required to have a Internet banking account with one of the participating FPX member banks.
Collection model is designed to function as an alternative payment method for non-Internet based business. Collection Model is ideal for bulk collection such as premium collection for insurance or unit trusts.
Here I only focus on the online payment method, FPX Payment model.
FPX Payment model
- Buyer checkout on merchant’s website then choose a preferred bank for debiting purposes.
- Buyer will be redirected to the bank’s Internet banking website.
- Buyer is required to login his/her account and approve the payment.
- Upon approval, the purchase value(money) will be credited to the merchant’s account.
- Both parties will receive a notification confirming the transaction.
Currently, there are 5 participating banks support FPX payment model:
- Bank Islam
- Bumiputra-Commerce
- Hong Leong Bank
- MayBank
- Public Bank
My two cents
The FPX Payment model works like PayPal payment processing system, but FPX is limited to Malaysians only.
In order to apply as FPX merchant, you need to be a local registered company. Currently, there are only a few of FPX merchants. I believe it is not easy and not cheap to be one. Please refer to your bank for details on FPX.
References:
- MEPS : Products & Services - Financial Process Exchange (FPX)
- MEPS : Frequently Asked Questions : Consumer - MEPS FPX
- Public Bank Berhad
- Hong Leong Bank Promotion
[Thanks, Yvonne Foong]
Comments Feed
TrackBack URL
January 10th, 2007 at 11:37 am
I believe it’ll be very expensive. Frankly speaking, I’ve yet to see any services provided by M’sia which is value for money. Try to get a merchant payment gateway from Maybank. You’ll be shocked of the price.
January 10th, 2007 at 12:01 pm
yalo…this is not encouraging young entrepreneur who does not have much money to start up.
somemore paypal doesn’t support malaysia account
the only way is to use 2co.com but their fees per transaction is the highest
January 10th, 2007 at 6:52 pm
i though we still have malaysiapal ?
January 10th, 2007 at 11:04 pm
I believe they have to be some problem with malaysiapal lately….check out their site for some announcement.
ahh well….!!
January 11th, 2007 at 12:11 am
actually, malaysiapal is the ebook. The product is “Accent Card”. They are having some problems lately and the card cannot be used. They will roll out another solution soon.
January 11th, 2007 at 3:24 am
Hopefully paypal allows malaysians to withdraw soon..that would prolly also boost sales via sites like ebay.com.my
January 11th, 2007 at 1:09 pm
WSLiang hits the nail right on the head -
Maybank gave us a verbal quotaion of RM 2,000 for setup and RM 300 monthly charges and a transaction charge of RM2.00 for a Sdn
Bhd company with a Maybank2u account.
i got around it by setting up an Enterprise - totally free
i don’t know whether they will charge the transaction fee - but no problem
January 13th, 2007 at 8:54 am
how about PosPay? It’s started by one of the company under Pos Malaysia (or with the same owners).
Seems like pretty potential stuff.
April 5th, 2007 at 1:43 pm
Well you might wanna take a look at this new payment service provider called StealthBuyer at
http://www.stealthbuyer.com/
They have a very sound system & cheap too. Seems simple and straight forward enough for those who wants to accept online payments.
Similar to FPX but they allow international transaction at the same transaction fee. Now they are tied up with CIMB. Heard that they are welcoming RHB & Hong Leong Bank onboard very soon.
A friend from this blog told me StealthBuyer is going to approach regional & international banks & merchants to establish global network. So very beneficial for Malaysia online merchants I would say.
April 5th, 2007 at 1:55 pm
Oh Sam, I wouldn’t bother about PosPay or even Mobile Money alike. “FAILURE” is the word. Your attempts should be PayPal, WorldPay or StealthBuyer if you want to sell outside of Malaysia as well.
FPX, Maybank1U, etc..only good within Malaysia!
April 5th, 2007 at 5:20 pm
@Johnny Bravo:
Which blog? Not liewcf.com, right? I have no idea about Stealthbuyer.
April 9th, 2007 at 1:16 pm
Ya my friend is from another blog. Try browse their website. It’s a very interesting concept. I believe there is good prospects for Malaysian merchants now! Sadly I don’t own an online shop
April 22nd, 2007 at 8:46 pm
check with http://www.IPAY88.com , i think the service is affordable and value for money.
April 23rd, 2007 at 12:34 am
Thank you, Steve Wong. Are you using the ipay88 services?