E-Payment for Your Business

The Credit Counselling and Debt Management Agency, or commonly known as Agensi Kaunseling dan Pengurusan Kredit (AKPK), is an agency set up by Bank Negara Malaysia in April 2006 to help individuals take control of their financial situation and gain the peace of mind that comes from the wise use of credit.

Their services include financial education on the responsible use of money and credit management skills, financial advisory, as well as a debt management programme to assist consumers in regaining financial control.

It is aimed to nurture more financially astute and resilient individuals and SMEs through its services.

Below is an informative article by AKPK on financial tips.

E-Payment for Your Business

“Can I pay using card or online payment?”
“Oh, no! I don’t have enough cash! May I pay using e-wallet?”
“If I can’t pay online, I’d have to cancel my purchase; I don’t have enough cash in hand.”

Do any of the above sound familiar to you? Electronic or online payment is on the rise and has become more commonly used for transactions nowadays, especially after going through the pandemic that has led to doing our transactions with minimum contact.

E-Payment system is a method to complete the transaction of purchases or services through electronic or online payment system (Jurnal Ringgit, 2019). It provides consumers convenience and higher payment security for their transactions.

Businesses that do not provide e-payment as a choice for payment will certainly be left behind in the ever evolving business environment or possibly lose their customer base. Therefore, it is essential for business owners to understand the need and benefits of e-payment methods for ease of transactions.

Let’s look at the 5 benefits of e-payment for your business:

  1. Immediate Payment for Transaction

It has become a faster and more efficient way to pay for purchases as compared to conventional payment method via cash or cheque (inclusive of cheque clearance cost).

Payment can be done anywhere with internet coverage for connection to the e-payment platform.


  1. No Long Queues

Nothing can deter your potential customers more than a long queue line at the checkout counter. E-payment will speed up the payment time and save customers from long queue lines thanks to the easy transaction.

Customers also do not need to scramble when making payment since the e-payment platform can efficiently save the customers and business owners’ time.


  1. Enhanced Payment Security

Bringing along big amounts of cash will expose anyone to the risk of theft. It would be safer to have money stored digitally in financial applications (e-wallet or online banking) which can only be accessed via a secure password or biometric identification.

Customers do not need to reveal personal information to third parties in making an e-payment. Every e-payment transaction can only be completed after completing a secure identification process such as ‘TAC’, ‘Password’, ‘Secure2U’ approval and other security procedures.


  1. Utilising the Latest Technology

Business owners need to adopt the latest technology in order to stay relevant and maintain their competitive advantage against the other market players. It becomes another avenue for your business expansion and increase in sales. On average, each individual in Malaysia made 170 e-payment transactions per year in 2020 as compared to 150 transactions in 2019 (Jurnal Ringgit, 2019). This increasing trend of e-payment usage indicates wider practice of making payments via online methods among Malaysians.


  1. Ease in Recording Transactions

Online payment method records the purchase information and sale transactions directly into the system and makes it easier for business owners to calculate the total sales by the end of the day. Total cash inflow information is only at the tip of your finger through a click in the application or system.

Check out the comments by business owners who have started using e-payment in their business operation:

“Transactions are very efficient, instant and transparent since the payment will be credited into my account directly when my customers scan the QR code shown in my shop.”

“A lot of my customers have started to use this as their preferred payment method.”

“They only need to scan the QR code using their phones without having to bring too much cash.”

“It is safer for business operation since the cashier does not need to keep too much cash in the business premise, especially after 9 p.m., which can be pretty quiet, making us an easy target for crime.”

In conclusion, online payment or e-payment has become the new norm for business operations. It provides a convenient payment method for customers and, at the same time, a secure payment method for businesses to increase sales and expansion.

Entrepreneurs need to be dynamic in accommodating changes in the market trend and adopting the latest technology into their business in order to stay relevant and not be left behind. Entrepreneurs who would like to know more about e-payment and its benefits, choices of applications and e-payment platforms available for their business may follow our education module “Digitalisation of Your Business”.

Agensi Kaunseling dan Pengurusan Kredit (AKPK) provides an avenue for current and potential borrowers/consumers―both households and Small & Medium Enterprises (SMEs)―to enhance financial discipline via Financial Education, Financial Advisory and Debt Management.

Financial Education (FE) programmes aim to nurture more financially astute borrowers/consumers who would take control of their finances, and at the same time, promote good payment and repayment culture through the wise use of credit. Increasing consumers’ financial literacy enhances their appreciation for prudence that serves as the basis for wealth accumulation, preparedness for financial uncertainties and comfortable retirement.

Financial Advisory (FA) assists individuals to work out budgets, among others, which will help them manage their money and expenses so as to improve their cash flow and net worth while helping them meet their loan/financing and credit obligations to avoid defaults and foreclosures. Financial advisory is available for households, and also for SMEs and micro enterprises under AKPK Small and Medium Enterprise Help Desk (AKPK SME Help Desk).

Debt Management Programme (DMP) assists borrowers/consumers in improving and empowering their financial standing through the provision of a personalised debt repayment plan. The repayment plan helps to reschedule or restructure loans/financing such as housing and personal loans/financing, hire purchase and outstanding credit/charge card balances that are due to financial service providers under the purview of Bank Negara Malaysia, and other institutions including PTPTN, Tekun Nasional Berhad and several cooperatives participating in this programme. For SMEs that experience financing repayment difficulties with their financial institutions, AKPK offers a similar avenue, i.e. Small Debt Resolution Scheme (SDRS) that provides repayment assistance on their existing financing facilities.

These services, i.e. Financial Advisory and Debt Management for households and SMEs are provided for FREE to individuals and SMEs by AKPK without the use of any third-party agent. Customers can visit and submit the completed form for them to be contacted by AKPK’s financial advisor. AKPK also provides financial guidance through financial education modules at

AKPK also uses its social media platforms such as Facebook, Instagram and Twitter at @AKPKofficial to convey information on financial management, including guides and links to the services provided. The public can use the medium provided, including contacting AKPK’s financial advisors directly online if they are interested in learning more about AKPK’s services.

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