Real-Time Payment Transaction Volumes Rising in Malaysia

Sep 30, 2020

Real-time payment (RTP) transaction volumes in Malaysia accounted for 7.1 million in 2019. To get more information about the rise of this type of transactions and know who can help you with an exceptional travel merchant account, look no further. 

Real-Time Payments & Travel Merchant Account

Real-time payments play a vital role in growing your business. Based on a recent Citizens Commercial Banking’s 2nd annual Real-Time Payments Outlook, 9 out of 10 business leaders were interested in the network. The mentioned report showed that:

  • For 81%, RTP could drastically change the way you do business
  • 77% believed that digital currency would gain more and more value over time
  • 66% thought cash or paper checks would stop being used for payment processing 

The developments in payments once again highlight the need to work only with a true payment expert like eMerchantBroker.com that can help you with easy-to-access and reliable merchant processing services, such as a travel merchant account. 

EMB, a BBB-accredited payment processor and alternative online lender in the high risk field, guarantees the cheapest possible rates and the most secure merchant services in the industry. eMerchantBroker.com is classified as an A+ processor by the BBB. 

Digital Payments Are On the Rise

RTPs represent an integral part in the digital finance ecosystem. Now, when real-time central infrastructures are adding to the growth of contactless technologies such as QR codes, the role of this type of payments becomes even greater.   

According to ACI Worldwide Inc., an e-banking and payment solution provider headquartered in Florida, prime time for real-time payments has been based on the more than one fact. On the one hand, businesses and consumers have been adopting digital payment methods and providers faster and with greater diversity.

By the way, Leslie Choo, ACI Worldwide managing director for Asia & Japan/Korea, notes that Southeast Asia (SEA) region plays a crucial role when it comes to the innovation of banking and financial services. Besides, SEA is among the most-rapidly growing digital economies in the world.

So, real-time payments are growing worldwide. The volume of this type of payment transactions in Malaysia made up 7.1 million in 2019. 

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

After filling out EMB’s simple online application and submitting any necessary, requested documents, many merchants get approved within 24 and 48 hours.

EMB specializes in working with high-risk merchants. EMB works with many merchants, including but not limited to businesses in these industries: gambling and gaming, adult entertainment, nutraceuticals, vaping and e-cigarettes, electronics, tech support, travel, high-end furniture, weight loss programs, calling cards, e-books and software, and telecommunications.

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