Credit cards have been existing here in Malaysia for almost 50 years. In 2005, banks took the initiative to improvised better technology and security for credit cards which since then, has been bombarded by people owning them.
There are over 9 Million Credit cardholders in Malaysia, people have been using them for daily expenses due to the benefits and rewards, many online and retail businesses have taken advantage of getting a credit card terminal to improve their sales performance. With that said, the majority of Businesses especially Micro Businesses, Freelancers, and Contractors still are not able to accept credit card payments. In the remainder of this blog, we will discuss more about this 50 years old challenge.
The Top 3 reasons why Businesses are not Accepting Credit Card payment
Low Credit Card Payment Volume: The main factor that underlies the issues of accepting credit card payments for micro-businesses is the eligibility of these micro-businesses to apply for a Credit Card Terminal or Payment Gateway. This is because the low volume of transactions does not justify the cost and effort to obtain credit card receiving facilities such as credit card terminals, payment gateway, or a website.
Cost: Another main factor is the cost. As a small business, every cent matters. Hence, putting the extra cost on processing fees, interchange fees, and other recurring fees will be a financial strain to the already low margin of these micro-businesses.
Skills Set: The majority of Micro Businesses are not equipped with the skills set needed to apply, configure, and set up payment gateways on a website. Therefore, many have refused to explore this resource-consuming effort.
However, these issues should not be ongoing forever, and a solution is needed to help these businesses to move forward and succeed.
JomSETTLE to Solve these 50 Years Old Problem
That is why we have created a new social payment solution that could help solve these businesses’ problems and see them strives for better growth. With the jomSETTLE™ Request Payment Module, we enable you as a business, freelancer, or individual to collect or accept credit card payments without the need for a website, payment gateway, or credit card terminal.
The JomSETTLE™ Request Payment Module is equipped with ‘Fee Toggle Feature’, where businesses and their customer can decide who bears the transaction fees. As a result, this will solve the problem of additional costs arise from a credit card payment in a transparent manner.
In addition, jomSETTLE™ is truly a Pay-Per-Use platform, Businesses or Customers will only be charged a small transaction fee based on the payment they receive or pay. There are no setup fees, recurring fees, and other hidden fees.
This will allow you to have gained a competitive advantage to accept credit card payments from your customer without compromising time and cost to your business
The benefit extends not only to the businesses but also to the customers as well. The customers will gain additional buffer up to 45 days of the interest-free period that comes along with their credit card. As a result, it allows you to secure payment with ease and acts as a short-term capital injection to your customer cash flow, eventually increasing your customer buying power.
The financial industry has seen a lot of innovation over the last year, and we want to leverage that for a better cause. Start receiving credit card payments from your clients within the tip of your fingers. Get started today with completely Zero cost, and improve the way you manage the business with the jomSETTLE™ Request Payment feature.
Visit our request payment page for more information.
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Credit cards have been existing here in Malaysia for almost 50 years. In 2005, banks took the initiative to improvised better technology and security for credit cards which since then, has been bombarded by people owning them.
There are over 9 Million Credit cardholders in Malaysia, people have been using them for daily expenses due to the benefits and rewards, many online and retail businesses have taken advantage of getting a credit card terminal to improve their sales performance. With that said, the majority of Businesses especially Micro Businesses, Freelancers, and Contractors still are not able to accept credit card payments. In the remainder of this blog, we will discuss more about this 50 years old challenge.
The Top 3 reasons why Businesses are not Accepting Credit Card payment
Low Credit Card Payment Volume: The main factor that underlies the issues of accepting credit card payments for micro-businesses is the eligibility of these micro-businesses to apply for a Credit Card Terminal or Payment Gateway. This is because the low volume of transactions does not justify the cost and effort to obtain credit card receiving facilities such as credit card terminals, payment gateway, or a website.
Cost: Another main factor is the cost. As a small business, every cent matters. Hence, putting the extra cost on processing fees, interchange fees, and other recurring fees will be a financial strain to the already low margin of these micro-businesses.
Skills Set: The majority of Micro Businesses are not equipped with the skills set needed to apply, configure, and set up payment gateways on a website. Therefore, many have refused to explore this resource-consuming effort.
However, these issues should not be ongoing forever, and a solution is needed to help these businesses to move forward and succeed.
JomSETTLE to Solve these 50 Years Old Problem
That is why we have created a new social payment solution that could help solve these businesses’ problems and see them strives for better growth. With the jomSETTLE™ Request Payment Module, we enable you as a business, freelancer, or individual to collect or accept credit card payments without the need for a website, payment gateway, or credit card terminal.
The JomSETTLE™ Request Payment Module is equipped with ‘Fee Toggle Feature’, where businesses and their customer can decide who bears the transaction fees. As a result, this will solve the problem of additional costs arise from a credit card payment in a transparent manner.
In addition, jomSETTLE™ is truly a Pay-Per-Use platform, Businesses or Customers will only be charged a small transaction fee based on the payment they receive or pay. There are no setup fees, recurring fees, and other hidden fees.
This will allow you to have gained a competitive advantage to accept credit card payments from your customer without compromising time and cost to your business
The benefit extends not only to the businesses but also to the customers as well. The customers will gain additional buffer up to 45 days of the interest-free period that comes along with their credit card. As a result, it allows you to secure payment with ease and acts as a short-term capital injection to your customer cash flow, eventually increasing your customer buying power.
The financial industry has seen a lot of innovation over the last year, and we want to leverage that for a better cause. Start receiving credit card payments from your clients within the tip of your fingers. Get started today with completely Zero cost, and improve the way you manage the business with the jomSETTLE™ Request Payment feature.
Visit our request payment page for more information.
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MAZER FINTECH SDN. BHD. (1332779-U)
A1-13A-2, Arcoris Business Suite, Block A1, No 10,
Jalan Kiara, Mont Kiara 50480, Kuala Lumpur, Malaysia.
Terma & Syarat | Dasar Privasi | © 2022 Mazer Fintech Sdn Bhd. All right reserved.
MAZER FINTECH SDN. BHD. (1332779-U)
A1-13A-2, Arcoris Business Suites, Block A1, No 10, Jalan Kiara, Mont Kiara 50480, Kuala Lumpur, Malaysia.
care@jomsettle.com
Terma & Syarat | Dasar Privasi© 2022 Mazer Fintech Sdn Bhd. All right reserved.
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