Online cross-border trading is undoubtedly helping businesses of all sizes export to the global marketplace with unprecedented ease. For small businesses in particular, cross-border eCommerce creates a growing opportunity to sell to the world, expanding beyond just their local economy.
This collaboration with PayPal will enable iPay88 merchants to leverage PayPal’s 184 million active accounts and trusted presence in more than 200 markets to extend their reach and go where the demand is without the costs of traditional geo-expansion.
According to KL Chan, Executive Director of iPay88, iPay88 chose to collaborate with PayPal so as to provide greater value to its Malaysian eCommerce businesses as the collaboration will allow local SMEs the access to conduct their business in the global marketplace, thereby providing an additional source of revenue for local businesses.
- Merchants transact in terms of Ringgit Malaysia and subjected to currency difference.
- Merchants might not be big enough in term of volume to get banks' approval to sell abroad.
- Merchants can now leverage on PayPal's presence in more than 200 markets and receive payments from other 10 currencies, besides benefiting from PayPal's multi-currency checkout.
Merchants who are signing up for a PayPal account can now do so directly via iPay88. An approval for the Merchant ID will be sent to the merchant within three working days for the merchants to enable the credit card payment option on their eCommerce.