Paydibs vs iPay88: The Right Payment Gateway for Malaysian SMEs

Choosing the correct payment gateway is pivotal for any business operations. For SMEs with leaner finances and stricter budgetary flows, a payment machine that could handle various payment methods and integrate with their existing POS systems within an affordable price range is absolutely important.

iPay88 and Paydibs are key contenders in payment gateway Malaysia, each with distinct benefits for businesses. But like all things in life, selecting the right payment gateway really depends on your operational news and growth plans. 

Let’s compare them.

Paydibs: A Dynamic Option with Hybrid Strengths

Paydibs is a growing payment provider offering competitive and flexible solutions, especially appealing for businesses prioritising cost and faster fund access. 

Paydibs provides a unified ecosystem for both online and physical retail, such as pop-up stores and even vending machines. Its focus on hybrid solutions and attractive pricing makes it a strong contender for businesses operating across multiple sales channels. 

“Paydib’s Smart Payment Terminal provides real-time transaction tracking, fast processing speeds, and effortless integration into business operations.”

Paydibs Pricing and Package

Paydibs offers flexible packages designed to cater to various business models, providing flexibility in how payments are accepted. Their terminal system is very well-loved and popular among merchants due to the seamless integration into their existing systems, no fuss, no changes!

Here is a summary of Paydibs’ package details:

* Yearly maintenance fee waived with a minimum sales volume of RM360,000 in the previous year. 

** Signup fee is FREE for local merchants only. Signup fee for foreign merchants is USD 120.00.

iPay88: A Market Leader with NTT DATA Backing

iPay88 is a long-standing name in Malaysian payments and was acquired by global IT giant NTT DATA in 2015. NTT DATA Malaysia now oversees its operations, while still offering their strong regional branding and services to Southeast Asia.

iPay88 excels in online payment processing, known for extensive e-commerce platform integrations and robust multi-currency support, ideal for businesses with international customers.

“Leveraging NTT DATA’s global capabilities, iPay88 offers a well-tested solution for handling diverse online payment needs securely and efficiently.”

iPay88 Pricing SMEs Plan Costs

iPay88 has two plans, one for SMEs and another for enterprises. Since this blog solely focuses on SMEs and Malaysian business owners, we will focus on their SME pricing package.

iPay88 Transaction Rates:

Disclaimer on Pricing Information:

The pricing details and package comparisons provided in this article are based on publicly available data and sources as of the time of writing. For the most accurate and current pricing and terms, please refer directly to the official websites of Paydibs and iPay88 or contact their customer service representatives.

1. Payment Settlement Speed

The speed at which funds reach your bank account significantly impacts cash flow, particularly for businesses managing tight budgets.

• Paydibs Settlement: Offers faster settlement periods, often T+1 or T+2 working days. This accelerated access to funds allows quicker reinvestment and more efficient expense management.
  
• iPay88 Settlement: Operates on a bi-weekly basis. Funds are generally disbursed within approximately 5 working days after the bi-weekly cut-off. This can mean a longer waiting period for fund access.

For fast cash settlement, Paydibs wins in terms of speed.

2. Payment Methods and Customer Reach

What good is a payment terminal if they don’t offer a wide array of payment methods? Malaysia’s rapidly growing digital economy means that businesses must meet customer’s increasingly diverse preferences and expectations.

Paydibs Payment Options:

• FPX (Online Banking)
• Credit/Debit Cards (Visa, Mastercard, UnionPay)
• Popular Local E-Wallets (Boost, GrabPay, Touch ‘n Go, ShopeePay, MaybankQR)
• BNPL options such as Atome and PayLater
• Support Currency: PHP, SGD, THB, VND
  

iPay88 Payment Options:

• FPX (Online Banking)
• Credit/Debit Cards (Visa, Mastercard, UnionPay)
• Popular Local E-Wallets (Boost, GrabPay, Touch ‘n Go, ShopeePay, MaybankQR)
• Strong Multi-Currency Support: Great for international sales, reinforced by NTT DATA’s global backing.

Both offer comprehensive payments, if you are a business focused on overseas clients or international business, iPay88 wins in this regard. But if you are focused solely on local or even regional businesses in SEA, then Paydibs is a superior choice.

3. Integration and User Experience

Ease of integration and overall user experience are paramount for smooth operations.

Paydibs Integration

• Supports various e-commerce platforms via APIs. (Shopify, WooCommerce, Magento)
• Strong emphasis on combined online and offline payment processing.
• Offers smart terminals (rent/purchase) for physical retail, which can process multiple payment types from a single device.
• Mobile app allows e-wallet and BNPL acceptance without dedicated hardware, highly flexible for mobile businesses or pop-up stores.

iPay88 Integration

• Extensive pre-built integrations with major e-commerce platforms 
• Developer-friendly APIs and SDKs for custom setups.
• Merchant portal provides detailed transaction reports and analytical tools.
• Backed by NTT DATA’s robust technological infrastructure.

4. Security and Compliance

Security and adherence to strict regulatory standards are non-negotiable, like many local payment gateways such as Billplz and Curlec, all payment providers are regulated by BNM and financial services act 2013.

• Both iPay88 and Paydibs are regulated by Bank Negara Malaysia (BNM).
• Both are PCI DSS (Payment Card Industry Data Security Standard) compliant, ensuring secure handling of card data.
• iPay88, leveraging NTT DATA’s resources, employs advanced real-time fraud prevention systems, tokenization, and encryption protocols.
• Paydibs also implements robust fraud detection and prevention mechanisms across its online and in-store solutions.

5. Customer Support and System Reliability

Reliable support and consistent system performance are important for businesses relying on payment processing. 

“Imagine your customer has reached the end of the buyer’s journey and at the shopping cart, only to realise their credit card transaction isn’t going through, that loses you a customer.”

Paydibs Support:

• Offers 24/7 customer support, including after-sales assistance and a knowledge base.
• Provides dedicated technical support for terminal users.
• Aims for responsive help to minimise payment acceptance disruptions.

iPay88 Support:

• Dedicated merchant support via phone and email.
• Mature infrastructure ensures high uptime and reliability, characteristic of a long-standing provider backed by NTT DATA.

The Right Gateway for Your Business

The choice between iPay88 and Paydibs hinges on your specific needs, current stage, and future goals.

Choose iPay88 if you:

• Have a larger online operation with large transaction volumes.
• Conduct international sales and require robust multi-currency support.
• Value an established brand with the global backing of NTT DATA.
• Prioritise extensive platform integrations and advanced analytical tools.

Choose Paydibs if you:

• Are a local startup or smaller business seeking cost-effective entry, with zero setup fees.
• Require faster access to funds due to tighter cash flow needs.
• Operate both online and in physical locations, needing an all-in-one payment solution with tracking and accounting software integration.
• Wish to prominently offer modern payment methods like BNPL.

Choose The Right Payment Gateway for Business Growth

For SMEs looking for the best payment gateway Malaysia in the market, you should carefully consider what your business needs before making a choice. Your chosen payment partner should not just process transactions but also actively support your business’s resilience and expansion.

If you want to scale, grow and get that market share with your brand in the news, choose a partner that supports your dream and ambitions.