Online Payment Methods in China

Preferred online payment methods in China include cash-on-delivery for online shoppers while other payment systems include e-wallet, bank transfer and credit cards.

The online payment in China is dominated by two players Alipay and Union Pay. China Union Pay is increasing its share in internet and mobile payment users segment. According to the latest data from China Union Pay as of 30 Aug 2015 they had exceeded 260 million payment users. They have become an important option for cardholders in China. Other than China, Union Pay card can be used in over 150 countries that cover 26 million merchants and 1.9 million ATMs.

Analysis International (leading information provider of product, service and solution in China internet market) showed that in the first quarter of 2015 Alipay had 36.4%, while China Pay had 35.49% and Tenpay had 12.6% marketshare.

Apart from the Big three online credit card payment solution service providers China has other smaller players namely Lakala, Interaction Strengths, LiamlianPay, JD Wallet, 99bill, BestPay, YeePay, PingAnPay, Qiandaibao, Suning and others. (source: China Internet Watch).

 Alipay is the biggest and largest player in China. They command an user base that exceeds 600 million. Innovative payment gateway solutions by Alipay and Unionpay have enabled online transactions as well as online finance including settlements with debit/credit cards on Alipay, Yuebao and credit overdrafts. Alipay provide an escrow service where payments collected from buyers are released to sellers only on buyers' receipt of goods. (source: Crossborder ecommerce research).

Tenpay is Alipay's main competition in the payments industry. Paypal lacks penetration in Chinese market but they are the top foreign competitor and is the preferred payment solution for purchasing products internationally. Paypal does not offer escrow protection.

 Online Bank transfer via Union Pay is the preferred method as UnionPay being the world’s leading payment card brands with over 3.5 billion cards has no serious competition. You can do online payment china through payment Asia.

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Convenience with Online Payment Solution Companies

A payment terminal on your own website which allows customers to make online payments for purchases is an online payment solution.  Companies like Payment Asia provide online traders with convenient online payment solutions.  Most customers use online portals for purchases because they find it much more convenient than trudging out to shops in inclement weather.  If the method of payment is inconvenient, they may opt to visit other sites which are more expedient.  Online payment is fast and easy and funds are credited immediately upon completion of purchase.

Online Trading Made Easy With Internet Payment Options

Easy access to the internet has led to mushrooming of online portals offering almost everything under the sun.  It is now possible to buy your groceries, medicines, even plan out your holidays and special occasions in your life over the internet.  All this would not have been possible without easy online payment options like provided by Payment Asia, one can go through Payment Asia reviews ( #paymentasiareviews ) to know about them.  Hard cash is obviously the best method of payment after a purchase, however, there is the problem of counterfeit money and people who have not carried enough money may refrain from making purchases.

Payment asia reviews from Payment Asia Reviews on Vimeo.

Online Payment for Real Time Settlement of International Sales

Credit and debit cards are also a popular method of making payments.  A lot of customers are prompted to do impulsive shopping when they carry their cards around.  Checks are usually preferred for large scale transactions and they are the preferred method of payment of the older generation.  The method of payments you accept will depend on the type of clientele that you are favoring.  Businesses that are looking at international markets always favor online payment platforms like Payment Asia because they are fast and easy and the Payment Asia reviews ( #paymentasiareviews ) are good.  Currency converters that are a part of online payment services make it possible to accept payments from any part of the world.

Importance of Secure Web Pages for Online Payments

Online payments can leave you susceptible to phishing and other risks if you do it over web pages that are not secured.  Therefore before getting started, it is safer to check out Payment Asia reviews ( #paymentasiareviews ) and reviews of other providers to ensure your website is secured and genuine.  The padlock symbol on the browser window is one indication that it is secure. The web address also will have an “s” to the http, meaning secure, so it will be https://.  The address bar turning green is also an indication it is a safe website.

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Online payment solutions for businesses

 Online payment solutions for businesses

Every business small or big has one common denominator. They should accept credit cards. Accepting only cash or check is missing out on sales. Without credit card payment capability online presence will mean nothing.

Choosing an online payment service provider who offers the best credit card processor will maximize your business potential and ensure growth. Here are some guidelines in choosing your business payment solutions provider.

• Transaction rates
• Setting up
• Contract terms
• Types of processing
• Types of payments accepted
• Processing time
• Customization option
• Third party integration
• Report analytics
• Customer support 

These are key parameters on which to base your decision.

Here is a guide to some online payment service providers (This is not a soliciting list).

Amazon Local Register: This is a mobile credit card processor. Very low swipe rates. Zero monthly fees nor international fees. Works with Amazon payments account and works on Android, iOS and Fire OS.

Electronic Cash Systems (ECS): They provide credit card readers, checkout terminals and online payments.

Merchant One: Popular among small businesses. Low swipe rates, same day approval with free account setup. Full fraud support and 24x7 help desk. They provide startup cash for new businesses.

Paypal: Ideal for low volume small business. Accept all types of credit cards - Affordable and easy to use. Rewards program, POS integration and financing for customers.

Payment Asia: Accept all credit cards. Easy to setup.Multi-currency transactions in South East Asia.

   

            

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Square: One of the best mobile credit card processors. Very fast processing and simple to use. Zero credit checks. Start with a simple card reader and as the business gathers strength transition to Square POS system. Free online store and provide business loans too.

These credit card processors are only representative. You will need to assess your business and then factor in a SWOT analysis of the payment service provider before deciding what suits you best.

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