Online transactions are now the norm across the world and choosing the right, quick and secure payment gateway is key for your business. Choosing the right method of receiving currency that suits the way your business operates has become incredibly important, especially in a globalised world where cross border transactions have become a normality. 

Payment gateways provide a quick and efficient transaction that will make sure your customers’ card details are confirmed and safe, which is vital for offline and online companies that authorise card payments. Without a payment gateway approval, the transactions will not go through, and your business won’t receive the money. 

Payment Gateways for your Online Business

In the past merchants were left with two options which were very time consuming and tedious as well as not very cost-effective. The two options were:

-       Using a merchant account and ID linked to a separate payment gateway service. With one party authorising the online transaction, but another processing the payment, this requires technical integration, web development skills and is typically slower to set up.

-       Using a third-party payment gateway combined with a merchant account system. With one company providing both authorisation and approval, this is typically faster and easier to set up, but comes with higher fees.

But there now arises a third option, using an e-wallet like STICPAY. An E-wallet is a type of electronic card that is useful for online transactions as well as depositing, withdrawing, and converting your funds. With an e-wallet all of this can be accessed easily through a mobile app. Users link the e-wallet to their bank accounts and can deposit funds into the wallet using a range of payment methods. 

For example, STICPAY offers the following options to customers: 

• Visa 

• MasterCard 

• UnionPay China 

• Bank transfers 

• Cryptocurrency 

e-wallets are beneficial in many ways: 

• Reduced chance of fraud 

• Save time 

• Shop online on the go 

• Receive rewards 

• Stores loyalty cards and gift cards 

• Low fees 

• Various deposit and withdrawal methods including support for both fiat and cryptocurrency 

Why are online payments solutions important for business? 

Hong Kong is already believed to have 4.5 million online shoppers and the number is expected to increase to cover 72.6% of the population by 2022. Online payment solutions are the perfect way for businesses and merchants to reach more customers and to audit and track transactions.  

Furthermore, as most businesses deal with customers and supply chains from around the world, having a payment solution that can quickly and safely deal with currency conversions at a low fee has become very important for businesses in 2021. As well as providing a way to accept a range of fiat currencies, choosing a payment solution that is forward thinking in its ability to accept cryptocurrency, an increasingly popular way for people to pay for goods and services, is an important consideration. 

With online payments, the funds are immediately deposited into the business’ payment solution account or wallet, unless the transaction does not go through due to the customer having insufficient funds. Unsuccessful transactions are notified immediately. It’s easy to set up an online payment solution; you can create a merchant account and start accepting online payments once the verification process is completed.

Key features to look for in payment gateways  

If you are a Hong Kong based merchant looking for a payment gateway- or a global business with customers based in Hong Kong- there are some things to take into consideration: 

• Security: The most important aspect is security- it is extremely important that the payment gateway is secure for both you and your customers. Selling online means keeping your customers’ details secure. Online payments are susceptible to fraud. Make sure you only use payment gateways that offer high security and anti-fraud measures. 

• Cost: Payment providers have different set fees for transactions, as well as a minimum and maximum transaction value for each month. E-wallets like STICPAY do not have transaction limits. 

• User-friendly: You don’t want to lose customers because of a slow checkout process. It should be fast, straightforward, and flexible. Make sure you pick a payment gateway that allows customers to settle transactions in their native language, national currency and via local payment methods. 

Benefits of STICPAY as a payment gateway

STICPAY offers a safe and easy way to get your business set up with a fast, flexible and user-friendly alternative payment gateway.  

• It’s secure: Merchants and customers are monitored with strict KYC (Know Your Customer) and AML (Anti Money Laundering) checks. And as all transfers are secure and indemnified, chargeback risks are limited on the platform. 

• Quick and easy transactions: STICPAY offers an easy to use and convenient way of handling incoming and outgoing transactions. There are a range of payment types: MasterCard, UnionPay China, cryptocurrency, visa and bank transfer. The set-up time is quick and simple, with verification and individual merchant IDs that allow the creation of multi-currency accounts. 

• Availability- STICPAY is available in 190 countries and supports 29 fiat currencies and three cryptocurrencies supported with operations conducted in 19 languages. This can all be managed on the move through the trusty STICPAY app. 

• Local: Hong Kong customers can use the local bank wire option to withdraw money from their STICPAY accounts rapidly and cost-efficiently. The local bank wire allows you to receive and withdraw funds in your own currency without the need for a third party international bank to handle transactions coming from another country  

Local bank wire feature for Hong Kong 

A local bank wire allows you to receive funds to your local bank account in your own currency, a feature that is provided by STICPAY. By using this system, you can save time and money as it erases the need for an intermediary bank. Using an intermediary bank would cost you 2-3 days processing time and higher transfer fees (5%), whereas with STICPAY’s local bank wire feature it’s a one-day process time and fees are much lower (1~2%). 

To find out more about STICPAY’s local Hong Kong bank wire service click here