Q: Why should I integrate your payment solution?
A: China's eCommerce market is the biggest in the world, but there is one major difference, payments. Of China's expected $650 billion in transactions this year, less than 1% is conducted with an international card such as Visa or Mastercard. Over 70% are done with UnionPay, AliPay, and WechatPay.
Q: Do I have to switch my current payment services provider (PSP)?
A: No. We designed our API to bring you UnionPay, AliPay, and WechatPay so you can easily add them into your current checkout system. Everything you have in place stays the way it is, we just bring you the piece you need to allow Chinese consumers to easily pay you.
Q: Can you work with my current PSP to integrate?
A: Yes, we work with ISOs / MSP, acquirers, and merchants alike to provide you with the right payments solution that fits with your system.
Q: How long does it take to integrate your payment solution?
A: Integration can be as quick as 24-48 hours but generally takes around 2-3 weeks. We have a team dedicated to helping merchants integrate our solution to help with the process.
Q: What is your processing rate?
A: Our direct relationships with UnionPay, AliPay, and WechatPay means that our processing rates are some of the lowest in the industry. Processing charges start at 2.9% and can decline as transaction volume increases. Please call one of our sales representatives to learn more.
Q: How much do you charge for the integration?
A: Nothing. We don't charge any fees for setup or maintenance. Just one flat processing fee based on transaction value.
Q: How do you handle chargebacks?
A: We do charge a $10 fee for chargebacks.
Q: How much do you charge for foreign exchange conversion?
A: Nothing. Unlike traditional processors, we don't charge fees for FX, statements, withdrawals, billing, etc. Just one flat rate based on transaction volume, with one exception, we do assess a fee for chargebacks.
Q: What about fraud?
A: Due to strict operational guidelines and tight security measures, fraud rates over UnionPay are the lowest in the industry.
Q: Do you have a transaction monitoring system?
A: Yes. We have a transaction monitoring system that you will also have access to that monitors transactions in real time.
Q: How long are settlement times?
A: We settle money to our customers on a T+4 basis. This means that transactions that take place on Monday will be deposited in your bank account on Friday.
Q: I don't price my items in RMB, how does the currency conversion work?
A: You don't need to price your items in RMB. Currency conversion will happen twice, Currency conversion happens at the end of the day in China, generally 11:00 p.m. The once on the consumer side when they go to process the payment, and once when the money comes out of their account and is converted into USD (or the currency of your choice) for settlement. amounts transacted will be converted using the average exchange rate for that day, so you don't lose money on FX conversion.
Q: Are there transaction limits?
A: We do place limits on transaction amounts, it varies by merchant and merchant type depending on your average ticket size.
Q: What currencies are accepted in your system?
A: We can transact and settle balances in the following currencies: USD / JPY / HKD / CAD / GBP / EUR / WON / Ruble / Real / Dirham* / Shekel**transaction currency only. Balances are paid out in USD.
Q: Can you help with logistics?
A: Yes, we have partnerships in place with some of the best logistics providers in the world that specialize on fulfilling orders to China.
Q: Do I have to integrate all three payment methods?
A: No, you can pick and choose which payment method(s) are right for you.
Q: How do I get started?
A: The process starts with a Merchant Application which you can fill out here or give us a call and one of our sales representatives will be happy to walk you through the process.
Q: Which payment method is right or me?
A: This varies across merchant type and transaction value. Please send us an e-mail or give us a call to set up a personal consultation.
Q: Where can I find your API?
A: You can download a PDF or HtML version of our API here or give us a call and one of our sales representatives will be happy to send it to you.
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