PayPal supports Ringgit Malaysia (RM) – It’s Official!

Long awaiting rumor… Now it’s a reality. You hear it first here!

What are the implications for Malaysia Merchants (and the new countries PayPal starts supporting?). We cannot predict the future, but for every new market which PayPal enters, normally the e-commerce activity will spur as it has become really easy for businesses (esp small businesses) to start accepting online payment and thus making e-commerce a very practical and attractive channel for them to expand their businesses.

In the eye of PayPal, Malaysia has been perceived as a favorite cross-border trading (aka export) and our English based speaking crowd is seen as an advantage (when it comes to product content, still, need to sort out on “what to sell”). Will we live up to the expectation? Well, time will tell.

paypal-bus

4 Important Key Takeaways:

  1. Malaysian Merchants can now accept payments in Ringgit Malaysia on their websites or online stores (on top of 22 other foreign currencies) – haven’t started selling yet? Sign up webShaper stores now, from as low as RM 1 per day.
  2. You can keep a MYR (Ringgit Malaysia) balance  in your PayPal account now (Think of it like a multi-currency bank account)
    paypal-multicurrency
  3. PayPal can now linked to a Malaysia Bank Account and You can easily transfer your funds over (Yet to be available, but soon since they already have the official rates published)
  4. Apart from Malaysian Ringgit, PayPal also adds in Philipino Peso, Taiwanese Dollar, Thai Baht, Argentinean Peso and Brazilian Reais.  Learn more

Cost ($) of Doing Business with PayPal

How much is the transaction fee?

Transaction fees generally divided into Domestic Payment vs Cross-Border Payment

For Domestic Payment

3.4% + RM2 per transaction or below (for transaction volume less than RM12,000) – Learn more

PayPal-MalaysiaRinggit-DomesticRates

For Cross-Border Payment ( fees for receiving payments from buyers outside Malaysia)

3.9% + RM2 per transaction or below (for transaction volume less than RM12,000) – Learn more

PayPal-MalaysiaRinggit-Rates

Withdrawal Fees (From PayPal to your bank account)?

If you withdraw more than RM400, it’s FREE! – Learn more

PayPal-RM-BankWithdrawal-Fees

Minimum withdrawal amount?

Malaysian Ringgits (only for Malaysian users) RM40.00 MYR – Learn more

Other questions you might have in mind:

So does it mean PayPal is the only thing i need to start accepting online payment?

As easy and affordable as PayPal, it cannot do-it-all. First, you need to know exactly what market you are targeting. If you are targeting local online customers, it’s good to have a local payment gateway too (if budget allows, we normally recommend sign up both) as Malaysia Payment Gateways like iPay88 or nbePay both support Internet Banking Transfer which is not supported by PayPal (and very unlikely to be supported by PayPal in near future)

So this is governed by what law?

Well, of course it’s by Malaysia Law. Don’t even think about anything fishy apart from running a serious business.  See the details here on PayPal Policy Changes.

“For Malaysian residents who register for the PayPal service with a Malaysian address, this Agreement is governed by and interpreted under the laws of Malaysia as such laws are applied to agreements entered into and to be performed entirely within Malaysia.”

paypal-requiredbylaw

Do you know we are the only one in Malaysia which has PayPal Certified Developer?

See our PayPal Certified Developer – Sunzi Lim listed on the PayPal Certified Developer List

Links from around the blogs

MalaysiaCrunch.blogspot.com – Breaking: PayPal in Ringgit Malaysia!

Adesblog.com – PayPal Accepts Ringgit Malaysia now

Matzis.com – PayPal Senaraikan Ringgit Malaysia

AnuarMazuki.com – Polisi Baru PayPal

Sifu-lan.com – Matawang Malaysia kini diterima PayPal? Betul ke?

Grow your business – Sell Online now with webShaper + PayPal

Small business webStore package

Yet to have PayPal Account? Sign up one now!

btn-paypal-signup

Like PayPal page, join for discussion & stay updated!

Interesting E-commerce Stats from Verisign

Some interesting statistics from Verisign.com (Yes, the company which operates the .com and .net domain!)

746,934,000 – The number of worldwide Internet users, up 10 percent in 2008. And, for the  first  time  in  the  history  of  the  Internet,  consumer  IP  traffic  surpassed  business IP traffic in 2008, most of it being broadband or faster.

Top 5 Internet Markets

(country)  (Internet users)  (penetration)   (worldwide share)
US  (182,779,000 ) ( 61% ) ( 16% )
China   ( 137,000,000) ( 10% )  ( 12% )
India  ( 72,746,000 ) ( 7% )  ( 6% )
Japan  ( 67,489,000 ) ( 53% ) ( 6% )
United Kingdom  ( 43,752,000 ) ( 72% )  ( 4% )

2 out of 3 – Number  of  Internet  users  who  visit  social networking  sites – a  number  that  has more than doubled in the last three years. (needs less to say, facebook is the king of social networking now)

2 out of 3 – Internet users  in the United States shopped and made a purchase online in 2007.

$146 billion – U.S.  retail e-commerce  sales  in 2008, greater  than  the GDP  of  Switzerland,  Sweden,  South Africa, Portugal, and Denmark combined.

$1243 – Amount the average American will spend shopping online this year.

$68.88 – The average PayPal Transaction

85% – Number of online shopeers who actually buy thing.

Top Internet Retailers . . . . . . . . . . . . . . . . . . . . . Unique Visitors
eBay . . . . . . . . . . . . . . . . . . . . . . . . .  72,972,000
Amazon Sites . . . . . . . . . . . . . . . . .  57,002,000
Apple Inc.. . . . . . . . . . . . . . . . . . . . .  45,396,000
Wal-Mart . . . . . . . . . . . . . . . . . . . . .  30,398,000
Target Corporation . . . . . . . . . . . .  27,978,000
Shopzilla.com Sites . . . . . . . . . . . .  21,425,000
Yahoo! Shopping . . . . . . . . . . . . . .  19,278,000
Moviefone . . . . . . . . . . . . . . . . . . . .  15,632,000
Best Buy Sites. . . . . . . . . . . . . . . . .  14,585,000
Ticketmaster . . . . . . . . . . . . . . . . . .  13,487,000

You can download the PDF here.

Last but not least, do you know Verisign also owns Thawte.com and Geotrust.com? It makes them the giant in SSL Security Products!

All new design for sohoStore & bizStore!

Voila everyone, back from holiday yet? Time to rock again! We would like to start with announcing all new online store templates available for sohoStore and bizStore. See more below!

Serendipity

Now even the colourful, young, energetic template is available for sohoStore. This one is perfect for clothing sellers! (Click on template below to see the live demo store, switch the theme in real time!)

ecommerce-template-serendipityContinue reading →

Maybank Visa Debit supports PayPal

Do you know that Maybank Visa Debit Card is now supporting PayPal Fund Withdrawal?

We have prepared a visual step-by-step guide for you to follow through.

See how it works here.

maybank-debit-card-nickchannet
(nice picture courtesy of nicholas chan)

If you are a Malaysia Merchant are selling online and you use PayPal to take credit card payment (a lot of eBay sellers do), the drawback for Malaysian Merchants is that PayPal cannot be linked to your local bank accounts (which online merchants from US, UK, Singapore, Thailand, Indonesia etc can) for now.  So the money cannot be easily cashed out.

As you can see, this is the main reason why it’s NOT so convenient for Malaysia Merchants, especially the “SDN BHD” setup (Private Limited), to utilize PayPal in their online store for time being.

Once PayPal support connecting to Malaysian bank account (which we hope very soon), it will be a very viable payment solution for businesses to sign-up and start selling to the world (aka cross-border trading).

Still, linking to a Visa Branded Debit Cards is one of the pretty convenient way for Small Business with a sole proprietary or partnership setup to transfer the hard-earned money to the card (so can use ATM to withdraw the CASH) to pay the bills and expand the business.  Another plus point, did I mention PayPal is FREE to sign up too? (we recommend business account only for merchants).

More interesting read

Learn more about PayPal at our PayPal Learning Centre

or Start Selling Online with webShaper stores + PayPal now (Get a Free PayPal bag!)