Online Payments: Bridging the Sales Gap

Online payments enable companies to save effort, costs, time as well as make transactions hassle – free. Here’s why:

Quick and Secure 

Online payments enable customers to make payments from wherever they are. This process is quick and the customer gets an immediate notification once the transaction is complete. Online payment solution providers in China are able to set up the facility quickly and at affordable plans. Newly developed software ensures that payment gateways are secure, reliable and credible. Retailers also do not have to deal with bounced cheques or fees that accompany them. Businesses that allow for online payment tend to attract more customers, which in turn helps to boost sales. Services that require regular payments or subscription based services,benefit from using online payment options.

Smart Marketing and Payment Options

Omni channel payment solutions enables customers to make payments through their credit cards, debit cards or mobile wallet. By paying online through a credit card, customers can choose to break down the payment into several installments even when he does not have any money in hand. This is a far cry from the traditional method of paying only by cash or cheque. By becoming part of an affiliate network, retailers can boost their sales and profits by setting up an online payment system. Business that have incorporated online transaction options attract more customers, are more popular, are considered to be reputable and reliable. This develops a trusting relationship between the seller and the customer.

Online payment solutions in China encourage or lure customers to grab greatly discounted deals and product offers. Since the deal can be bought anywhere, even at the last minute, it piques the customers’ interest and increases sales. Payments are quick and the money is received in seconds making it an ideal form of transaction for both the retailer and the customer.

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Choose Single Source Provider of E-Payment Solutions for Hassle Free Business Transactions

The advent of electronic payment instruments has been one of the most transformative trends in the Hong Kong economy. Entrepreneurs who adopt modern payment methods stand to gain an edge over competitors in their industry. Not everyone has the time or resources to configure, implement and maintain these instruments but help is at hand in the form of third party solutions providers such as Payment Asia.

Online Payments Services

Payment Asia is a Hong Kong based single source provider of a comprehensive range of electronic payment solutions to businesses in the South East Asian region. Set up in 1999, the company specializes in providing end to end solutions customized to a client’s specific needs and requirements. Using its services, small and medium enterprises can start accepting online payments and large enterprises can offer multi-currency and multi lingual options to overseas customers. Payment Asia’s solutions are designed to be uncomplicated but effective and easy to integrate into any business model. 

E-commerce Solutions

Among e-commerce owners, there is a need for smooth, secure and seamless payment gateway solutions. Paymentasia has state of the art payment gateway solutions that are compatible with a wide array of shopping cart software and can be quickly integrated into a new or existing platform. They ensure compliance with banking procedures and security requirements so the entire operations runs smoothly and efficiently. Even brick and mortar stores can take advantage of Payment Asia’s credit card payment solutions to accept payments anytime, anywhere and provide customers with greater payment flexibility. 

Payment Asia Reviews

One thing you will notice while going through payment asia Reviews on the internet is the appreciation for its advanced security features and proprietary fraud detection solution. Obviously, the company understands the need for complete safety, security and data protection during electronic transactions and adopts technology to ensure the same. Excellent customer service is another feather in their cap – the company offers round the clock assistance from friendly, knowledgeable professionals. 

The world may be moving to a cashless scenario. As an entrepreneur or owner of a small business, are you prepared?

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Find Out How Financial Technology is Making Radical Changes in the Financial Sector

Financial technology refers to economic industry consisting of firms that utilise technology to enhance the financial services.Usually, these companies are start-ups that try to eliminate the existing financial systems thereby, challenging traditional companies that are not dependent on software. Essentially, this technological advancement refers to any innovation or modernisation in the field of finance. This includes progress and advances in retail banking, financial education, crypto-currencies and investment.

Financial Services Technology

Technological advancement in the financial field has been rapid. Financial technology has been growing rapidly to the extent that there may even be an international currency soon. Currently, the group of companies are showing exciting prospects and radical changes are expected for businesses as well as consumers. This pioneering industry is looking at ways where change could happen in the coming years. Firstly, they want to educate consumers so that they make smarter and intelligent financial decisions. They are also providing compliance assistance and finding solutions to overcome the challenges in the banking sector. Enhancing online shopping facilities, diversifying payment options, offering new opportunities for loans, protecting assets from thefts and fraud and encouraging investments are some of the major plans of the industry.

Online Payments

Payment solutions online have been around for some time now leading to a nearly cashless society. Today, online fund transfers are very simple and quick. Moreover, more people are using credit cards than ever before. This is because the threat of fraud and theft have reduced considerably. Most payment companies ask for a double check of your data before giving you a confirmation on the transaction. This has assured customers about the safety aspect of credit and debit cards. Online payment solutions are actually credit-card terminals on the website that allows customers shop online and also pay for them. Hence, there is fluid fund movement globally. 

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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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