What are the risks of using personal PayMe for business transactions? How can merchants start accepting PayMe payments? This article will explain the application process for PayMe for Business, its fees, bank account requirements, and how merchants can set up a payment terminal to accept PayMe.
Want to accept not only PayMe but also Alipay+, WeChat Pay, and other e-wallets? KPay has you covered! The KPay Smart POS terminal supports 19 different payment methods in one machine, making it easy and convenient without multiple applications. New KPay customers who apply for the POS machine can enjoy a limited-time $0 transaction fee (rebate for merchant transaction fees on sales up to $30,000), plus extra cash and benefits worth up to $17,964! Be sure to read until the end for details on how to claim this offer.
PayMe for Business is a merchant payment platform launched by HSBC, enabling businesses to easily receive payments from over 3.2 million local consumers through PayMe. Beyond basic payment collection, PayMe for Business allows merchants to securely transfer funds to their business bank account, review transaction records, and download detailed transaction reports.
The personal version of PayMe and PayMe for Business differ in transaction limits, fees, and account requirements. While personal PayMe is easy to set up and doesn’t charge transaction fees, it has limits on deposits and transfers. If merchants use personal PayMe for business transactions, they not only face these limits but also risk having their accounts frozen due to frequent or large transactions, which can disrupt business operations.
Feature | Personal PayMe | PayMe for Business |
---|---|---|
Eligibility | None | HSBC business customers or designated third-party providers |
Transaction Limit | Daily transfer limit: HKD 20,000 | No transfer limit |
Fees | None | 1.1% via KPay Smart POS Terminal 1.2% via PayMe app 1.5% via PayMe API |
Bank Account Requirement | Not required | HSBC business account required for merchants |
Sales Management Platform | Not available | Provides sales tracking and management |
Benefits of PayMe for Business for merchants
Steps to open a PayMe for Business account
Documents required for account setup:
Steps:
Approval time: Please contact PayMe for details.
Applying for a KPay Smart POS Terminal
Only using PayMe for Business limits your payment options, which might cause you to miss potential customers! To support all popular payment methods in one system, consider applying for KPay’s Smart POS terminal. In addition to PayMe, it supports 17 major payment methods, including credit cards, WeChat Pay, Alipay+, and Apple Pay. Covering more payment options helps attract more customers and increases payment flexibility.
Required documents:
Application steps:
Approval time: As fast as 5 business days.
Using KPay Smart POS Terminal for Payment:
Using PayMe for Business App for payment:
Integrated with multiple leading POS Systems, supporting automatic reconciliation
KPay integrates with multiple major POS systems, helping merchants sync sales and payment data for faster checkout and fewer errors. The KPay app supports automatic reconciliation across POS systems, POS terminals, and bank accounts, making it easy to cross-check accounts and ensure accurate transactions, improving efficiency for audits and tax preparations.
Support for 17 major payment methods
The KPay Smart POS terminal supports PayMe for Business and a range of popular payment methods like Octopus, Alipay+, WeChat Pay, credit cards, Apple Pay, and more. One device covers all payment needs, saving space and enhancing customer convenience.
Flexible payments and express settlement
With KPay, merchants need only one POS terminal, avoiding the hassle of applying to multiple payment providers. KPay offers fast settlements, with T+1 instant settlement available after opening a quick payment account, ensuring funds are credited as quickly as the next day.
Instant transaction records in 1 App
The KPay merchant app allows real-time access to sales and transaction records, offering data analysis of sales trends, payment methods, and more. Merchants can download settlement reports at any time, providing clear insights to help with business decisions.
If you’re planning to apply for a POS terminal, don’t miss KPay’s latest welcome offer. New KPay merchants can enjoy $0 transaction fees for a limited time (rebate for fees on sales up to $30,000), plus additional cash and rewards worth up to $17,964!
*Terms and conditions apply.
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