An international payment gateway allows merchants to receive money for their products and services. Having a secure but fast payment gateway solution is incredibly important for businesses operating domestically and internationally. Having a solution that offers flexibility of both a range of fiat currencies and cryptocurrencies, whilst offering cost-effective and competitive fees is something to look for when choosing the right payment gateway solution for your China based business, or for accepting payments from clients in China.
In 2018, 92% of people in urban areas of China used some form of mobile payment provider as their main method of payment, with 47% of rural people also using the same method. Electronic methods of payment have also seen a significant rise of 6.3% in the early part of 2020. Overall, there has been a yearly increase of around 73.6%.
What is a payment gateway?
A payment gateway is a term that refers to the method in which merchants receive payment from a customer or client. With a traditional payment gateway, customers put in their payment details after check-out and then the gateway communicates with the payment processor and issuing bank to authorise the transaction.
What options are available?
In the past, setting up a payment gateway has been timely and not very cost-effective. It traditionally leaves the merchant with two options:
- 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.
E-wallets now provide a third option. The increase in cost-effective, safe, and reliable mobile e-commerce and digital wallet services has given merchants the opportunity to replace these inefficient methods of transaction by integrating an e-wallet, like STICPAY, as the payment gateway.
Benefits of STICPAY as a payment gateway in China
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.
- Global 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: Chinese 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. 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 China bank wire service click here.
Originally published at https://sticpay.com on November 1, 2021.
