Hong Kong Onine Payment System Registration Service

What is Payment Service Provider (PSP)?

Doing online business in Hong Kong is simple: no additional tax is imposed for online transaction, and no restriction of items that are not allowed to sell online.However, handling payment is a bit tricky, as it is unlikely that your business can directly incorporate the Hong Kong banks account services into your online business platform. Therefore, the wide range of payment intermediaries namely payment service providers (PSP) are available in the market for your services.

Those PSP are the link between your customers to your bank account.

For example, Paypal is one of the giant in the field as most of the online business has deployed. It allows customers and merchants to send and receive money completely in digital space without their banking information exposed to other. By which customers draw money from their credit card and/or banks account and send to the merchant’s PSP account.

Using PSP as intermediate money changers between the transactions adds an additional layer of security, making the payment more secure.

The drawback of using PSP is the addition of cost in each transaction. The PSP charge the merchants for keeping them running. PSP charge handling fee for each transaction when the merchants receive payments and remit money from PSP accounts to bank accounts.

Registration Requirement

• Company Information
  Company registration documents, particular of directions and shareholder
• Business Information
  Proof of business with supporting documents
• Company Bank Account
  A company bank account for received money from the PSP
• Credit Card Account
  A personal/organizational credit card for drawing money into the PSP
• General fees charged by PSP
  • One-off setup fee
  • Monthly membership fee
  • Transaction fee/rate (charged per transaction)
  • Money Withdrawal Fee (transfer form merchant account in PSP system to company bank account)
  • Exchange Currency Rate