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Guide to Setup Online Payment Merchant Account in Hong Kong
Fast, Secure, and Easy Online Transactions for You and Your Customer
Setup an online payment merchant account in Hong Kong for easier, hassle-free transactions. It’s especially useful if you provide online services to your clients.
About Merchant Accounts
A company based in Hong Kong can have several payment options. If your business account accepts credit and debit card transactions, you may setup a merchant account.
The type of merchant account you choose will depend on what your business needs. If you’re an online business, for example, you can setup a bank account and choose how the payment processor handles transactions.
A bank account is a mandatory requirement to incorporate a company in Hong Kong.
Why Setup an Online Payment Merchant Account?
Having this account makes it easier to accept debit and credit card transactions. A merchant account is an agreement between the merchant bank, payment processor and retailer.
Merchant accounts are usually established with the same bank the merchant has an account with. This makes it easier for the bank to assess your application and produce a favourable outcome.
Merchant Accounts Available in Hong Kong
The online payment merchant accounts available in Hong Kong include:
- Check21
- CardReady
- BankCard USA
- Banctek
- InterBill Inc.
- InChek, LLC
- Global Merchant Advisors (GMA)
- Humboldt Merchant Services
- EMC2 Billing
- ExpiTrans, Inc
- Glacier Payments
- Credipayments, LTD
Using Payment Service Providers (PSP) for Security
If you offer your clients online services, you need to give them a secure channel for their financial transactions. Hence, you need to register with PSP providers to setup your online payment capacity.
The PSP is the link between your bank account and your customers. PayPal is one example of a dominant PSP provider. Money is easily transferred and received in the digital space entirely. No bank account details are exposed to either party.
PSP transactions serve as an extra layer of security, giving you and your customers peace of mind. The one caveat is the additional cost incurred per transaction. PSPs charge a certain fee to the merchants and a handling fee per transaction. This happens each time money is deposited or remitted from PSPs to bank accounts.
Need an Online Payment Merchant Account in Hong Kong?
If you can’t be in the country physically to open one, 3E Accounting can help. With details such as the nature of your business, date of incorporation, types of preferred currencies and other key information, we can help you set up your account in no time. For more info about our range of services, our company formation team in Hong Kong is happy to assist. Contact us today and let’s get your business going.
