PayEase is a payment service provider which is based in China. Against a background where only 3% of the population of China had credit cards and most online purchases were paid for by cash on delivery, PayEase has rolled out an extensive range of payment services including point-of-sale terminals and mobile payment by mobile phones.
Today it partners most of banks in China and processes over 64 domestic credit and debit cards and international credit cards including Visa, MasterCard, and American Express.
The PayEase payment gateway now allows UK merchants to sell to customers in China who pay in their local currency. PayEase converts this to the currency of the merchant’s country and settles in the merchant’s account.
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PayEase describes its goal as being the delivery of a “simple and user-friendly payment platform for any user, anywhere, by any means”.
The company received a cross border payments licence in April 2014. This allows PayEase to process transactions in the renminbi (RMB – the Chinese currency), and settle funds in the merchants local currency (or any currency of their choice).
The advantage to UK merchants is that they can use the PayEase payment gateway to operate an e-commerce business focusing on providing products and services to China customers and thus access the largest market in the world.
PayEase collects renminbi in China, converts the currency automatically and deposits it in the merchant’s account. A full range of gateway services is provided including chargebacks and refunds. Importantly, China doesn’t make any tax deductions.
The PayEase cross-border licence doesn’t allow a completely open market as there are restrictions concerning the business categories in which it can operate. Permitted sectors are:
- Trading in physical goods
- Hotel and hospitality
- Airline tickets
- Digital content and software
Figures published by MasterCard suggest that China cross border e-commerce will exceed 50 billion RMB (around £5 billion) a year by 2015. As China continues to open up, this can only get larger. The opportunities for UK merchants are potentially huge.
The PayEase payment gateway has received acclaim from Visa which gave it a security and risk control cooperation award, saying the stability of the PayEase platform and innovative risk management “has been widely recognized throughout the industry”.
PayEase does not publish any pricing information for its payment gateway. Pricing is provided on an individual basis after the company has assessed your business and potential volumes.
Reasons to Choose the PayEase Payment Gateway
Any merchant that wishes to sell in China will find PayEase makes the process easy to set up and straightforward to run. There are other options, but PayEase appears to provide the most comprehensive range of services.
Unlike most payment gateway providers PayEase does not provide continuous real-time customer services. The support centre communicates through email and promises a 24 hour response to any queries.
If you are considering reaching out to the huge potential of the Chinese online market, PayEase could well be the payment gateway you are looking for. If you would like to explore this further or receive free no-obligation quotes, simply complete our quick quote form and we will get back to you today with information tailored to your business needs.COMPARE PRICES