Years ago, it was a challenge for many Malaysians to pursue their dreams in online business. The underlying reason is because there were no direct ways for sellers to obtain their hard earned money physically. This was a result when Malaysia was considered as one of the world’s top fraudulence in credit card transaction and thus not accepted as a country for withdrawal point. This has caused many entrepreneurs struggling to find ways to claim their online profits and have restricted many people to conduct online business in a convenient way like those in the first world countries.
Those who were determined to get their money on hand would have to go through many hassles and pay the extra cost of traveling. And at that time, it has created an opportunity for people to market ideas and books on how to solve this issue. Today open resources and competitive commercialization have pushed payment gateways to open their doors further for more payment options. Policies have been changed to accept local banks for direct withdrawal in more countries despite the continuing threat of online fraud. This has dramatically created an expansion for online business in the country and inspired a growing market of the sky as the limit. The passage of opportunities has been unblocked and the market is rising up for a higher yield.
At the same time, some old issues stay within the payment gateways. These include the challenges of fraud transaction by users and also merchant that can never seem to be prevented. As new implementations of algorithm involving banks and government, fraud transactions are still common a crime reoccurring. However, online fraud by the merchant seems to be more challenging for payment gateway companies as they have to deal with a bigger responsibility. For example a payment gateway company would not be able to pursue a run-off traveling agency company who’s not able to fulfill the service to the client who have pre-paid for a scheduled holiday trip. Payment gateways that host such fraud merchant would have their reputation smudged. Nonetheless many extra precautions have been taken to reinforce the security to minimize these scenarios to give clients a piece of mind.
Despite the battle with online fraud, many payment gateways are expanding ideas to attract more prospects with various benefits offered. For example, Ipay88 provides two strategies that distinguish them from other companies by providing more payment options for clients to withdraw their money through e-debit, also known as bank transfer through their local banks. The objective of this is aimed to help merchant to cope with more sales and to provide clients with more payment options and overseas prospects. The second strategy is to help clients with their business through marketing programmes. This is tailored specifically for SOHO and SME companies that doesn’t have sufficient budget to promote their sales, so they may enjoy a greater exposure for their business. One of Ipay88’s recent online-megasale campaign was aimed to provide clients a portal to publicize their business.
The market today has allowed more options for people to do online business and has opened more possibilities for ecommerce. However the issues of security and online fraud may continue to grow inevitably. For that reason, there are two main factors that should determine your choice of a payment gateway service – security and support; it is the most important measurement for any good payment gateway. Security includes standard features of SSL technology and their scrutiny for any transaction, and like any other service, support should always be taken into account when choosing a service.