Through their partnership with MOLPay, a payment gateway in Southeast Asia, both EasyStore and SiteGiant are providing multi-channel payment options to the ecommerce platforms, including cash payment.
MOLPay’s latest channel, MOLPay CASH, has attracted customers since its launch in 2014. With its collaboration with 7-Eleven Malaysia, ecommerce players are able to reach their customer base. MOLPay reported that MOLPay is in the 4th place after credit card, Maybank2U and CIMBClicks in the payment options favored by Malaysians.
With its key objective to provide other payment options than VISA and MasterCard, MOLPay CASH is believed to increase merchant’s sales by 40%. Malaysians who do not own bank accounts and credit cards can also shop online. This method also adds another option for customers who prefer cash transaction and those who are doubtful with the online security.
Customers go to any online store supported by MOLPay, select all the items that they want and add them to the cart. Then, they can proceed to checkout, select the MOLPay cash option and the shipping method they prefer. MOLPay will generate Transaction ID and Verification Code to the buyer.
Buyer brings the Transaction ID and Verification Code (with MOLPay logo) to make payment at a physical outlet. 7-Eleven staff confirms the payment upon the completion with a receipt. MOLPay will update merchants on the payment status.
Through the partnership of the largest shopping cart providers with MOLPay, many business owners and consumers will start to acknowledge the cash payment method. This is due to the fact that the people who use the service provider is already connected with the payment gateway.
EasyStore and SiteGiant aimed to support small businesses in their previous collaboration with MOLPay. This partnership has attracted the small businesses to establish their own ecommerce and handle it even from home or during vacation. They also provide the options for the businesses with a monthly subscription which lower the barriers for the businesses to get started.
Since 60% of Malaysians still prefer using cash, the partnership between these companies enables the ecommerce to cater cash-preferred consumers along with convenient checkout processes.