Malaysian Online Payment Platform For Merchant Transactions

When Billplz was incorporated in 2012, there was an increasing number of online purchases and payments.

This has boosted demand for payment platforms and resulted in double-digit year-on-year growth, CEO Nazroof Hakim told Vulcan Post. “However, most were not satisfactory in terms of cost and speed of payment,” he added.

Billplz’s mission was to enable organizations to pay and get paid as quickly as possible, at the lowest possible cost.

Its position in the online payment ecosystem

Going into that I still found myself quite confused as to what Billplz was. It is a payment platform, which is actually quite different from a payment gateway. Nazroof has divided the online payment ecosystem into 4 layers, Billplz being the outermost layer (layer 4).

Image Credit: Billplz

Basically (layer 1), you would have local payment networks like PayNet and JomPay, and local payment systems like Boost and Touch ‘n Go eWallet.

Layer 2 includes global payment networks like Visa and American Express, while Layer 3 has payment gateways like ipay88 and senangPay.

“We allow our merchants to choose which vendor / processor at all layers they want to integrate with,” Nazroof simplified.

“For example, we can integrate a merchant directly with an acquiring bank so that the merchant can benefit from real-time payment for FPX. At the same time, we can integrate the same merchant with one of our gateway partners to accept card payments. “

This allows merchants to choose payment providers flexibly, without having to deal directly with each of them when they need a change.

Bring new value to the industry

Since Billplz is a payment platform, the aforementioned payment gateways such as ipay88 and senangPay are not seen as competitors, but rather as players that paved the way for the industry.

In fact, Billplz is now helping them distribute their products. Additionally, while these players only focus on collecting payments, the Billplz team ensures that their solution can replace repetitive manual tasks, not only at the transactional level but also at the level of reconciliation and back-end functions. office.

Dictionary time: Reconciliation is the process of comparing transactions and activity with supporting documents. In addition, the reconciliation involves resolving any discrepancies that may have been discovered. At the same time, back office functions include regulations, authorizations, record keeping, regulatory compliance, accounting and IT services, performed by administrative and support staff.

Financial reports / Investopedia

With that, Nazroof said he had yet to see an online payment platform with the same purpose as theirs, using the same integration model.

The startup is capable of serving organizations of all sizes, he added, and some of the biggest they have worked with include Bendahari Negeri Kedah for iBayaQ, a Kedah state-owned online payment portal, and the Boost electronic wallet, to enable FPX payment times.

Proudly, he shared that one of their main features applicable to all members is their Collection folder, which merchants can use to differentiate between multiple revenue streams or payment channels.

“For example, a merchant can have multiple websites or campaigns. Rather than creating a new bank account or opening a new Billplz account, they can easily create a dedicated folder to differentiate the multiple streams of funds that go into the account. bank of the same organization. “

There is no turning back

For a few years since its incorporation, Billplz was still in the experimental stage. It is a boost thanks to the investments of MAVCAP and 500 startups which relaunched their growth in 2015, recalled Nazroof, with the help of MaGIC.

In 2014, MaGIC sent the founders of Billplz, Nazroof and Arzumy to Silicon Valley for 2 weeks as part of the e @ Stanford program.

This prepared the founders to facilitate decision-making, see issues and problems from different points of view, and spur innovation. Today, the opportunities the startup had as an e @ Stanford alumnus allowed them to work with other alumni like Exabytes, SoftSpace, GoGet.my, etc.

The Billplz Team / Image Credit: Billplz

Nazroof said Billplz will soon introduce new products and services with one concept in mind: automation. He wants to further simplify the way consumers and merchants interact across multiple verticals.

“We just introduced our Payment Order API which allows merchants to transfer money from their Billplz bank account to other bank accounts in real time, and we are currently exploring integration with Buy-Now-Pay- Later (BNPL). “

Now they are looking at venture capital debt for local acquisitions and plan to expand to Singapore and Indonesia as well.

2020 has been a productive year for Billplz, one of their accomplishments being collecting RM3 billion in gross goods value (GMV), which is triple their RMV 1 billion in 2019. That was the result. direct change in their purchasing behavior by consumers during the pandemic.

As to whether these changes in the online payments landscape are here to stay, Nazroof said, “Yes, definitely. Just like another critical technological milestone. There is no going back. Like online payment, once business owners benefit, they won’t go back. “

  • You can read more about Billplz here.
  • You can read more of what we’ve written about fintech here.

Featured Image Credit: Nazroof Hakim, CEO of Billplz

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