Thinking of shifting to online e-commerce for a bigger share of the market? After all, it is that easy. The only thing you have to do is get someone to set it up and it will appear on your website within a few days.
Unfortunately, it ain’t that easy!
As e-commerce continues to boom in Malaysia, it is in the best interest of all stakeholders across the industry to ensure a safe and sound environment which contributes to a healthy market in Malaysia. Failure to do so could jeopardize the financial system of the country.
For such reason, there are several procedures you need to go through to launch an independent e-commerce platform. And these are the reasons why your application takes time. Here are some of the Top 3 factors that you will need to pay attention to!
Factor 1: Complete Background Check
To avoid the risks of transactions falling into the wrong hands through scam or frauds, payment gateways and acquiring banks dedicates a certain amount of time to perform appropriate background checks in order to assess your business profile and capabilities.
Just like a traditional business application, you will need to be very clear about your business profile, portfolio and provide evidences on what you truly intend to do via e-commerce.
Therefore, the higher the risk your business nature is, the longer it takes before any party could approve your application with the highest confidence.
Factor 2: System Compatibility & Integration
It was never a “one plus two” as backend work is complicated and requires a long time to get things up and running. This highly depends on the business model that you intend to deploy for operations.
This means payment gateway and acquiring banks will have to go the extra mile to understand and ensure that the plugins and/or installations exactly fit your technical demand. As a hint, be aware of the shopping cart that you are using or intend to use.
Factor 3: Keep your friends close, but payment partners closer!
To ensure a smooth process for the background check, always make sure to work closely with your payment gateway to ensure all documents tally up.
Perhaps, your application could be missing some important documents that are necessary which causes the delay in submission.
To get more information regarding the process and procedures of a payment gateway application at eGHL, you can drop an email to email@example.com