Merry Xmas and Happy New Year 2010

Time flies, year 2009 is whispering good bye to all of us now.  We hope you have a great time spent with friends and families. After all, isn’t this is what life is about? Cherish the moment with your loved one. 🙂

It’s a good time to sit back, relax, take a deep breath, do a review on what have been achieved (also what have not )  during the course of 2009. Let’s learn from our mistakes, make sure it won’t be repeated. Last but not least, Start setting new goals for 2010!

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Steve Jobs – CEO of the Decade

Make no mistakes, although we don’t work on MACs (we are pc junkies since early junior years), but we salute Apple Engineering and Design on all of its ever sleek looking products, and i personally own 2  ipods (ipod nano + ipod shuffle generation 1). That tells you how successful they are, and the colourful ipods has even inspired us in how we design our sohoStore and miniStore e-commerce templates.

Fortune has named Steve Jobs as CEO of the decade (don’t forget his co-founder pal, Steve Wozniak, who we equally admire for his technical genius + funny characters too!).

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And we think you really should not miss out the speech by steve jobs below (really, really inspiring), especially to all the small business owners and fellow entrepreneurs out there. Stay focused, stay hungry. We don’t need to be steve jobs, but we can be as successful as steve jobs within our area of influence.

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.

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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.”

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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!

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