7 Types of Mobile Payments for Business Owners in Malaysia towards an Efficient Transaction

Technically, when we talk about mobile payments, we mean the various different modes or ways of payment using your mobile device. Also, thanks to the innovation of smartphones these days, there have been numerous developments to allow users to pay conveniently with their phones. Safe to say, Malaysia has a really high usage of mobile payments at 40%, which is way past other countries like Thailand at 27%, Singapore at 26% and Philippines at 36% - Way to go Malaysia!

EZYREC

Now, EZYREC is the payment method you go for when you want your payments to be done on time. It works by providing you with automatic periodic payment requests for your customers, which actually saves you the time from chasing payments. You can opt for EZYREC if you have a business which is a school, education and coaching institutes, fitness centres and mainly subscription-based businesses.   Some of the benefits of using EZYREC includes an autopay method, you get real time web monitoring, it is a secure payment platform,  you get quick settlement as well as lesser headache when it comes to documentation as you can easily track it using your Personal or Business account.

EZYWAY

If you own an e-commerce business, then EZYWAY is your way to go - Ironic, we know! This mobile payment method is suitable for those of you who are online merchants of physical goods, online services and digital goods. Why we recommend this payment method is because Mobi offers various API and plug-ins to ensure that your backend work is simple and stress-free.   Also, you get your analytics on time which means you’ll be on top of your sales track. Else than being an affordable platform, this payment method is safe, it gives you your cash quick with their fast settlement and the best thing you could ask for, a hassle-free documentation process.  

EZYLINK

Now, for a payment method that will catch your interest - EZYLINK is a cashless payment method which is completed by only filling out details - Yeap, that's easy! There are 4 steps to this payment method, in which the first is to bet the Mobi App, second, to enter the amount to be collected, third, to key in your customer’s details to send the checkout page, and the final step is when the customers pay with their card, online banking or even their e-wallet! I mean, talk about the advancement of technology.   What you will love about this payment method is that it is WhatsApp enabled! You can send the checkout page to your customers via WhatsApp to ease the payment process. What’s even more exciting is, imagine how convenient it is to accept international payments. Another thing beneficial to you as a business owner is that as it has a quick onboarding option, you can now start accepting payments faster, have an easy next-day settlement and what’s more is that if you have a business without any ssm registration, you can still use EZYLINK! IMG here

You can also get the Mobi app and get started right away. Download here: Android | Apple

MOBI VIRTUAL TERMINAL

The Mobi Virtual Terminal is one of the most convenient ways to supercharge your cash flow. What happens when you use it is, you will be receiving a Virtual Credit Card (VCC) from OTA like Booking.com, Traveloka, Agoda and etc, when you will have to enter the Virtual Credit Card on Mobi’s EZYMOTO Virtual Terminal. This payment method is ultimately ideal for business owners of hotels, homestays, vacation rentals and any other business that have to do with accommodations.   One of the reasons why you should opt for this payment method is that it has the fastest cash-in service and you would be eliminating cash flow problems. Additionally, other than being one of the most affordable payment methods to choose from, it is secure and it is easy for you, as a business owner to track your sales. What’s more is that there will be no deposits or collaterals needed when you use this platform; all you need to do is sign up and get it going! Furthermore, in this day and age, this platform gives you the ease of handling everything online, without external hardware.

QR CODE PAYMENTS

QR actually stands for “Quick Response”. This mode of payment works through banking apps where your customer’s cards are already synced or linked in. As there is a high-rise in customers using QR code payments all over Malaysia, it wouldn’t be such a bad idea to set it up for your business as well. Also, it is one of the easiest cashless and touch-less payment methods we have, which should actually be used more now, especially in times of this pandemic. As much as it’s easy for you, it’s also easy for the customers as all they have to do is scan the QR code given by aiming their camera carefully to make the indicators on the smartphone. There on, the customer proceeds to make the payment. What’s more is that customers feel the sense of reliability as when they scan the QR Code, the payment details, titles, amount and etc are automatically filled in, which means no mistakes in terms of payment.

NFC (NEAR-FIELD COMMUNICATION) PAYMENTS

NFC Payments works when NFC phones communicate with an NFC-enabled card machine with a close-proximity radio frequency identification. The best part is that the mobile phone does not necessarily have to touch the terminal machine to make the transfer - just a few inches away from it will do. It uses an instant transfer of encrypted data to point-of-sales-devices in contrast to chip and PIN technology that usually takes much longer to process. The payment usually gets deduced from a prepaid account or it gets charged to the customer’s mobile or bank account directly. Some of the benefits of enforcing NFC Payments in your business is because of its versatility in being adapted for various situations that range from bank cards to travel and movie passes. In some instances, it also works with rewards systems and even keys. Also, as most business owners and customers fear about the safety of using this method, you would be delighted to know that the NFC Payments are way more secure than that of using a credit card’s magnetic trip, as it requires a PIN.