Merchant account in Macau
Merchant Account In Macau: MGTO × Beautiful Destinations Macao Image Campaign Video Source – Youtube – Macao Government Tourism Office
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HOW TO SET UP A MERCHANT ACCOUNT IN Macau?
Macau (Macao), a free port, is china’s special administrative region and is often referred as tiny Macau (21 Sq.km of land area). The area is fully urbanized and holds a highest population density compared to rest of the world. It is closer to Hong Kong and holds an export – oriented economy. It is in trading business with USA and Western Europe. The export sectors include: Textiles, and clothing. Besides manufacturing, the country’s revenue stream is from servicing of international bankers and traders.
Setting up merchant account with the bank for online card transactions, we need following documents:
Opening of merchant account with the sales organization or payment processors:
There are many payment processors or independent sales providers for online retailing. The following point needs to be taken care of before reaching any agreement:
PAYMENT PROCESSING IN MACAU
Paying online with credit or debit card is certainly a risk factor. The credibility is at stake for both business owners and the payment providers. The safety and security is the most important factor for high risk merchants dealing online. To trade online, one needs to authenticate the gateway agencies with reference checks and research. Now this is where ‘Quadra Pay’ comes into picture. We help you to choose the right service provider for your online business and make transaction and paper works hassle free!
ECHECK AND ACH PROCESSING
Most of the online payments are done through credit or debit card in Macau. However, there is an e-check option where the online buyers can make the payment from their account without the paper checks. The Automated Clearing House (ACH), an electronic payment, transfers the funds online.
CHARGEBACK ALERTS AND NOTIFICATIONS
Fraud detection! That’s what chargeback does. Sometimes while processing payments online, there is extra charge that could happen without intimation. In Macau credit or debit fraud is quite prevalent where billions of dollars are lost during online payments. As per the Federal Reserve data, in 2012 there were $4 billion in credit card fraud and in 2013 there $1.57 billion were found. Now this kind of detection is hard to track. A good chargeback alert system with the payment providers would secure the online environment.
Online Business In Macau
Though Macau’s local market is limited yet the online trading is growing rapidly. The online business started in the year 2015 and is still growing. More and more SMEs are venturing into e-commerce business due to competitive price and easy accessibility. The popular products in online category include: red wine, electronics, clothes and food. Many online payment providers have entered the market for secured online payments. Around 50% of online customers are Mainlanders while others are from Macau.
Macau is called “Monte Carlo of the Orient” as it is famous hub for gambling and there is a report of 5.8% of growth (2018) to the economy due to gambling. The online gambling is legal in Macau provided there is a Macanese license obtained to run the same. The online gambling revenue comes from offshore sites. Now to play online, these sites don’t accept MOP (Macanese Pataca) and need credit or debit card payments. The selection of right payment gateway processors really helps as exchange rates are much higher. We, at QuadraPay, would help in choosing the suitable payment providers to add more profit to your online gambling experience. Read more details on online gaming/gambling merchant account.