Using Stripe for your online business is an excellent way to provide a fast and easy-to-use platform to grow your eCommerce company. Its ability to secure transactions makes it a popular option for business owners and customers alike. Although its brand-recognition is not as popular with PayPal, it does have its perks and benefits of being a customizable platform for your brand’s needs.
Getting the hang of using your Stripe account can be challenging when dealing with international clients. Thankfully, Stripe allows you to handle different types of payments, depending on the payment method of your chosen demographic.
What is Financial Process Exchange (FPX)?
Expanding your target market is a necessary step to grow your online business. If you’re planning to invest in a Malaysian customer base, you should familiarize yourself with their prominent payment methods.
Financial Process Exchange (FPX) is a payment method that allows customers to perform transactions online using their bank credentials. The Central Bank of Malaysia, Bank Negara Malaysia (BNM), and 11 other major Malaysian financial institutions have access through the PayNet Group, which operates the FPX format.
Why should I enable FPX transactions?
Besides the accessibility of integrating it to a Stripe-based payment page builder on your website’s checkout, the FPX method prevents the risk of fraud or unrecognized payments. Because of the customer’s authentication process, they are confident knowing that they are interacting with their bank’s account. It prevents chargebacks withdrawn anonymously and maliciously from your Stripe account.
As an added safety measure, your customers can refund FPX payment for up to 60 days after their payment transaction. It will take approximately one week for the process to complete, providing them with a notification on your refund status to update on your account. However, a refund can fail if their chosen bank is unable to process it correctly.
How does FPX work?
The popular online payment method redirects customers to their online banking environment through a two-step authorization process. By entering a one-time passcode sent through their registered phone number, the customer can access different payment procedures through their bank accounts.
How do I accept FPX payments in Stripe?
Stripe’s payment processing platform allows different payment methods to cater to different international businesses. If your customers use a Malaysian bank account, they can use the FPX method to complete their transactions. Listed below are the five steps to accept FPX payments in Stripe:
- First, your customers must select FPX in your Stripe checkout.
- Next, their chosen bank service redirects them to their specific landing pages.
- Your customer enters their account credentials to confirm their identity.
- The automated FPX method sends them a notification to confirm their transaction.
- They receive a confirmation of the accomplished payment.
Your customers will also have the option of returning to your site for payment confirmation. However, this is optional since the transaction is complete by the fifth step.
The advantages of the ever-evolving modern technology allow people to improve the banking systems to fit the banks and the customers’ benefit. The FPX format is one of the many different payment options you consider in expanding your business’s international reach.
We provide business owners with a hosted payment page integrated with Stripe to process their sales transactions. Get in touch with us today to learn more about how you can expand your service’s reach to an international audience!