Six Criteria for Selecting A Payment Service Company

Suppose you run an online shop or wish to add electronic payment options for your business, how would you choose a right supplier as your acquiring partner among the numerous payment gateway companies in the market?

Payment Methods Supported
Service Fees
Provision of Merchant Portal
Data Security
Excellent Customer Service
Account Opening Approval Time

Payment Methods Supported

There is a wide range of payment methods available in the market nowadays, including credit cards such as Visa, Mastercard, and UnionPay, as well as e-wallets like Alipay, WeChat Pay, and PayMe. Additionally, there are mobile payment options like Apple Pay and Google Pay. If your business is facing mainland consumers, it is also crucial to consider enabling the acceptance of mainland e-wallets. The more payment methods an acquiring partner supports, the more convenience you can offer to your customers, which ultimately boosts your sales.

QFPay HK currently supports 15 different electronic payment methods, including those mentioned above.

Service Fees

Service fees charged by acquiring companies will be part of your operational costs, which makes pricing a vital consideration. Typically, acquiring companies charge a fixed percentage of the transaction value on each electronic payment transaction. The rate may vary depending on your business industry and transaction volume. Some companies also charge annual fees, monthly service fees, account setup fees, terminal rental fees, and installation fees. Before subscribing for payment services, you should clearly understand the various fees imposed by acquiring companies and compare their service offerings to determine if they align with your business needs.

Provision of Merchant Portal

Most acquiring companies provide a merchant portal for merchants to enquire about transaction records and conduct business analysis. However, you should be mindful of whether there are additional charges for this merchant portal. QFPay HK provides the management portal free of charge to all merchants. This allows you to view transaction data in real-time to facilitate analysis.

Data Security

Acquiring companies handle consumer transactions every day. When selecting an acquiring partner, it is crucial to ensure they comply with Payment Card Industry Data Security Standards (PCI DSS). This standard is jointly developed by five international card organizations – Visa, Mastercard, Discover, JCB, and AMEX – to safeguard transaction security and protect cardholders from the risk of personal information misuse. At QFPay HK, we also employ fraud prevention mechanisms that utilise machine learning to analyse transaction data and identify suspicious activities, reducing the chances of losses for merchants.

Excellent Customer Service

When encountering uncertainties in your day-to-day operations, whether you are facing technical issues or seeking general operational guidance, it is always preferable to have a dedicated team to assist you rather than relying solely on online research. At QFPay HK, we provide customer service through various channels, including WhatsApp, email and a hotline that operates from 10 am to 10 pm every day, ensuring prompt responses to your inquiries, regardless of whether it’s a working day.

Account Opening Approval Time

A short approval time allows you to start business without lengthy waiting periods. This improves the efficiency of your business operations and ensures you can begin accepting payments from your customers. With QFPay HK, as long as you have provided all the required documents, our approval process can be completed in one day. That facilitates account opening process for your convenience.