FPX Payment Gateway Comparison 2026: toyyibPay vs Billplz vs iPay88 vs senangPay vs Stripe

For a Malaysian online store the cheapest published FPX rate on 3 September 2026 is toyyibPay at RM1.00 per B2C transaction with no annual fee, followed by Billplz at RM1.25 on its free plan or RM0.75 on the RM999-a-year Standard plan. senangPay charges RM1 or 1.5%, whichever is higher, plus an annual subscription; Stripe charges 3% + RM1.00; iPay88 does not publish its rates.

What FPX is, and why it decides your gateway choice

FPX (Financial Process Exchange) is the interbank online-banking payment rail run by PayNet, the payments operator owned by Bank Negara Malaysia and the major local banks; the customer picks their bank at checkout, logs in, approves the payment and is sent back to your store. For most Malaysian SME stores it is the majority payment method, ahead of cards and eWallets, which is why the FPX rate, not the card rate, should be the first line you compare. PayNet's own FPX page describes the flow from the customer's side.

Two properties of FPX shape the economics. It is customer-authenticated, so gateways treat it as low-fraud and, in Stripe's words on its FPX documentation, "you won't have disputes that turn into chargebacks". And it is mostly priced as a flat fee per transaction rather than a percentage, which means the cost per order falls as your average order value rises. A gateway that charges RM1 on a RM40 order is taking 2.5%; on a RM400 order it is taking 0.25%. Percentage-priced FPX (senangPay, Stripe) behaves the other way round.

We integrate FPX on every e-commerce website we build in Malaysia, with two gateways (FPX, card and eWallet) included in the RM4,888 package, so the comparison below is the one we run for each store before choosing.

FPX rates: the five gateways side by side

Every figure here was read from the gateway's official pricing page on 3 September 2026 and is quoted as displayed; rates change, so open the linked page before you sign. Where a gateway does not publish a rate we say so rather than repeat a reseller's figure.

toyyibPay also lists a "Santai" plan at RM0.00 per B2C FPX transaction, but it is restricted to non-profit organisations and settles in "next 10 business days", so it does not apply to a trading business. Billplz's Standard plan pays back its RM999 fee only once you clear about 2,000 FPX transactions a year (RM0.50 saved per transaction), roughly 170 orders a month; below that, stay on Basic.

Worked example: 300 FPX orders a month at RM120

Assume a store in Johor Bahru doing 300 FPX orders a month with an average order of RM120, so RM36,000 a month through FPX. The monthly FPX cost by gateway, using only the published rates above, is:

• toyyibPay: 300 × RM1.00 = RM300.
• Billplz Basic: 300 × RM1.25 = RM375.
• Billplz Standard: 300 × RM0.75 = RM225, plus RM999 ÷ 12 = RM83, so about RM308.
• senangPay: 1.5% of RM120 is RM1.80, which is higher than RM1, so 300 × RM1.80 = RM540, plus the Starter subscription at RM199 ÷ 12 = RM17, about RM557.
• Stripe: 300 × (RM120 × 3% + RM1.00) = 300 × RM4.60 = RM1,380.
• iPay88: cannot be calculated from public information; ask for the written rate card.

Over three years the spread between the cheapest and most expensive published option is about RM39,000 on this one payment method. Change the average order to RM50 and senangPay's percentage drops to the RM1 floor, level with toyyibPay; change it to RM300 and Stripe's cost per order rises to RM10. The break-even between a percentage rate of 1.5% and a flat RM1 is an order value of RM66.67: below it, percentage pricing is cheaper; above it, flat pricing wins.

Cards, eWallets and why you want a second gateway

FPX is the first rail but not the only one; card and eWallet rates matter for the 20–40% of orders that do not go through online banking, and a second gateway protects checkout when one provider has an outage. The published card and wallet rates (3 September 2026) are:

One more provider is worth knowing about. HitPay's Malaysia pricing page lists FPX at 1.8% + RM0.40, DuitNow at 1.2% and domestic cards at 1.2% + RM1 with no monthly fee; its FPX rate loses to the flat-fee gateways on orders above about RM45, but its card rate is the lowest published, which makes it a sensible second gateway paired with toyyibPay or Billplz for FPX.

Stripe's card dispute fee deserves a line of its own. A chargeback costs RM90 whether or not you win, on a rail where FPX and DuitNow carry no chargeback risk at all. Routing customers to FPX first, with cards as the fallback, is both cheaper and safer.

How each gateway connects to WooCommerce

All five gateways can be connected to a WooCommerce store, but the quality of the plugin and who maintains it differs, and that affects how often the checkout breaks after an update. Billplz publishes its own Billplz for WooCommerce plugin on the official WordPress directory, with more than 6,000 active installations and a release in April 2026 when we checked. toyyibPay, senangPay and iPay88 provide their own WooCommerce plugins through their merchant portals and documentation; Stripe connects through the free Stripe for WooCommerce extension, and FPX is enabled from the Stripe dashboard rather than from the plugin's own method list.

What we check before going live on any of them:

1. The plugin has been updated within the last six months and declares compatibility with the current WooCommerce version.
2. Sandbox mode exists and a full test order completes, including the return to the thank-you page and the order status changing to "Processing" automatically, not by hand.
3. Failed and abandoned FPX payments return the customer to the cart with a clear message, rather than a blank page.
4. The callback URL still works behind the site's security plugin and hosting firewall; this is the single most common cause of "paid but order still pending" tickets.
5. Refunds: FPX refunds through Stripe are asynchronous and "normally take up to 14 days"; toyyibPay and Billplz handle FPX refunds through their portals. Know the path before the first refund request arrives.

Gateway callbacks also depend on the hosting being reachable and the domain resolving correctly, which is one reason we insist the MYNIC .my domain and the hosting account are registered in the merchant's name. Our guide to domain and hosting in Malaysia covers the ownership side.

What you need to get approved: SSM, bank account and e-Invoice

Every gateway in this comparison onboards Malaysian businesses against their SSM registration; Stripe's FPX documentation states that it "requires businesses to provide their Business Registration Number (BRN) to process FPX charges and receive payouts", and the local gateways ask for the same SSM certificate or e-Info printout plus a business bank account in the same name. If your registration has lapsed or the trading name on the store does not match the SSM name, expect the application to stall. You can check your own record on SSM e-Info before applying.

Two tax points sit alongside. First, gateway fees are business expenses and the gateway is a supplier, so keep its fee statements; LHDN's e-Invoice rollout applies to B2C and B2B transactions in stages, and the official e-Invoice page is the place to confirm which phase your turnover falls into rather than relying on a gateway's summary. Second, if your goods or services are within SST scope, the tax is on your sales price, not on the gateway fee, and the gateway will not calculate it for you; WooCommerce's tax settings do that at checkout.

How to read a gateway rate card before you sign

A rate card has more lines than the headline FPX fee, and the expensive ones are usually the quiet ones. Read it in this order. First, separate B2C from B2B FPX: business-account payments cost two to three times more per transaction on every gateway that itemises them, so a wholesale store should model on the B2B column. Second, find every recurring charge: annual subscription, card onboarding, "annual maintenance" and minimum monthly billing, and add them to your worked example as a per-order cost. Third, check whether percentages have a floor ("RM1 or 1.5%, whichever is higher") because the floor is what you pay on small orders. Fourth, read the settlement line as a cash-flow cost: five business days on RM36,000 a month means around RM8,000 permanently in transit. Fifth, look for the refund fee and whether the original transaction fee is returned on refund; most gateways keep it.

Finally, confirm that the account, the API keys and the settlement bank account are all in your business's name, not the developer's. A gateway registered under an agency's SSM number pays out to the agency, and moving it later means re-applying from scratch.

Which gateway to choose: our default recommendation

For a typical Malaysian SME store with an average order above RM70, our default is toyyibPay for FPX at RM1.00 with no annual fee, paired with a second gateway for cards; Billplz Basic is the close alternative and gets the nod when next-business-day FPX settlement matters more than the RM0.25 difference. Move to Billplz Standard once you pass roughly 170 FPX orders a month. Choose senangPay when your average order sits below RM66 and you value its all-in-one merchant portal enough to pay the subscription. Choose Stripe when you need its checkout, subscriptions or cross-border card acceptance and can absorb 3% + RM1 on FPX. Ask iPay88 for a written rate card and compare it on the same table, because you cannot judge it from its website; the same applies to any Kuala Lumpur or Penang bank-affiliated gateway that quotes only on application.

Whichever you pick, make the decision on your own numbers: your average order value and your FPX share of orders determine the ranking more than any gateway's marketing. Our e-commerce website cost guide covers the rest of the three-year budget, and the Malaysia e-commerce website package includes the two-gateway set-up, sandbox testing and the callback checks above, so the store takes its first FPX payment on launch day rather than a week later.

Frequently asked questions