QuadraPay Now Offers High Risk Merchant Account In China
Quadrapay is proud to announce that now it offers China High Risk Merchant Account to global merchants. It has established strategic business relationships with multiple acquiring and card issuing institutions in China and Hongkong. Now we can assist merchants from Mainland, Hongkong, and even other international locations. China is one of the largest exporters in the world. Global Importers and exporters can use Chinese payment gateways to accept transactions from mainland china.
Rates and Fees For Chinese payment processors
- Low-Risk Fee:- Merchants are evaluated on a case by case basis, and the pricing is determined after analyzing multiple factors. In most cases, if the Merchant is from a low-risk industry and is from china, the rates may be in the format of Intechange++(Fee*). Some local PSPs may charge Fee* for Gateway.
- High-Risk Fee:- Some local providers may consider merchants from specific industries or risk levels high-risk merchants. In this case, the MDR or Transaction fee may range from 4% to 6% and sometimes even higher.
Features Of China International Payment Gateway
There are various advantages of using China payment gateway for national and international transactions. Besides accepting payments from well-known credit debit cards, merchants can also take local payments with WeChat and Alipay, China Union pay, Apple Pay, JDPay, Tenpay, BestPay and Huawei Pay. With this solution, merchants can accept payment from buyers in and out of China.
KYC Documents For Merchant Account In China
The merchant has to send copies of KYC documents with the merchant account application. The KYC documents include
- Business licence
- Proof of Identity of the business owner
- Address proof of the business
- National ID and photo ID
- Previous processing statement if available
- Recent business Bank account statement
- Any other documents/licences that may be vital for merchants operation/industry
- Letter of good standing from the bank or Void check.
Application Process For Getting International Payment Gateway In China
The process of getting an international payment gateway in China is straightforward.
- The merchant is required to submit a completed merchant account application.
With the application, complete KYC copies are needed. - The China-based acquiring institution will evaluate merchants applications, KYC, Risk profile and website.
- If approved merchant will receive agreements and rates.
- Once the merchant signs the deal in a day or two, he receives logins to the Gateway and links to API documents.
- After integration merchant can perform a test transaction.
- After a successful test merchant can accept lice transactions.
AN INSIGHT AT PAYMENT GATEWAY SERVICE PROVIDERS IN CHINA:
Quadrapay works with multiple payment service providers across the world and few of the service providers also in Asia. We can help you find the best online payment gateway for tech support. The payment processor that offers a solution for tech support Merchants generally charges a rate of transaction in between 8.5% to 15%. This rate of transaction is also known as MDR or TDR.
Depending on the complexity of the business and the level of risk involved the payment service provider may ask for setup fee as well. The setup fee for a tech support merchant would range between $600 and $700. Sometimes this setup fee is also returned to the merchant, in case the merchant is able to maintain a lesser chargeback ratio for a period of 3 to 6 months.
In case, there is any chargebacks the payment service provider located in China or Hong Kong may ask for a chargeback fee. Most of the times, this chargeback fee is at least $45. To help merchants in extending the life of the Credit Card processing account, the few payment service providers also utilize chargeback alerts and notification services.
With the help of chargeback alert and notification services, payment service providers are able to get notification directly from the card issuer. In case if there is a pre-dispute notification, the Merchant is liable to pay $45 pre-dispute fee. Most of the time these processors will not charge anything for refund fee. The fixed fee is also applicable and that is one unit. Merchants can easily request withdrawal and the withdrawal fee is usually $40.
Since tech support is considered as a high risk business, merchants are subjected to a rolling Reserve of 10% for 180 days. The holding period or arrears generally ranges from 7 days to 30 days. It varies depending upon the previous processing statement of the merchant or the current level of the chargeback on the system. The arrears can also be reduced as per the quality of performance of the merchant in terms of chargeback ratio.
The lower the chargeback ratio the better is the payout period. There are absolutely no application fees associated with the Chinese payment gateway for tech support. Monthly fees and yearly fees are also waived. The payment service provider offers free technical support and integration assistance to merchants. There is absolutely no cost involved in terms of the usage of the platform and compliance check.
Merchants get the opportunity to end the contract with a notification of 30 days. There is absolutely no cost involved in the termination or closing of the account. Charges may be applicable in case if the merchant is penalized because of any wrongdoings. The final fees, which the merchant pays depends a lot upon the volume of the transactions per month and it also varies depending upon the type of business.
Merchants in the high risk categories are subject to pay higher rates. Processing history also plays a critical role. A Merchant who has got a strong processing history with a low chargeback ratio or chargeback rate can certainly expect better pricing from the Chinese Payment Gateway or the Merchant account providers.
The rates also vary depending upon the currency in which the merchant required the settlement. The merchant should also know that the fixed fee of $1 is only charged, once the transaction is through and is approved. The rolling reserve is ideally returned to the merchant on weekly basis after completion of 180 days. This is standard for all high risk Merchants. Merchant processing higher volume of sales can also request faster settlement or faster withdrawal.
Currency conversion charges may be applicable primarily if the merchants want to get paid in a different currency. The processor also offers a ready to go platform in case if the merchant doesn’t have a tech team to create a website and integrate the Gateway. The processor is absolutely comfortable in helping the Merchants with a brand new website and also extends the efforts in the integration of the Gateway on the website. The merchant should utilize the Gateway in a proper way and should ensure a lower chargeback.
So what are you waiting for contact QuadraPay today to get a credit card processing solution for China.