What is a payment gateway?
A payment gateway records and transfers payment data entered from a customer onto the website from which they are making a purchase.
Using the technology involved, the customer is then notified whether their payment has been accepted or declined.
If the payment is declined, the funds are transferred back to the customer.
The function of a payment gateway is to securely validate and authenticate the financial information a customer provides to ensure that the right amount of funds is available for the merchant to successfully receive a payment.
In doing so, payment portals act as an interface between a merchant’s website and its acquirer.
All payment details and personal information are passed securely from the customer to the acquiring bank via a merchant account.
Many merchants and e-commerce business owners prefer to use a payment gateway as it allows them to increase their sales, boost their level of innovation and drive business growth.
Having a variety of payment methods available for customers to choose from your website gives them more flexibility and convenience, encouraging them to make a purchase.
If you are interested in learning more about the different types of payment gateways, you can view our article here.
What are the most popular payment gateways for businesses in Hong Kong?
Stripe is a leading payment gateway in Hong Kong, mainly due to its customizable nature.
Through Stripe, you can tailor the payment gateway provided so it is in line with your website.
This is a huge selling point compared to other payment gateways that usually have a structured checkout template or end up sending customers to another website to make their payment and complete the order.
Stripe allows you to build a payment gateway that is easy to navigate and also fits the aesthetic and branding of your website.
Other benefits of using Stripe include its subscription management and recurring payment processing features.
Stripe also assists companies in tackling fraud, sending invoices, getting finance, and managing business spending.
If you want to learn how to connect Stripe to your website, take a look at our article here.
2. Venmo For Business
Venmo for business is a mobile payment software application owned by PayPal.
Through Venmo, customers are given the choice of completing their payment either through the business website they are making a purchase from or through a mobile application.
Similar to PayPal, the Venmo payment option can be added anywhere on your business website including the home page, product page, checkout page, and shopping cart page.
Due to the service they provide, Venmo has built an active community of more than 70 million people which should give potential customers the confidence that they can trust Venmo with their business’ payment processing.
PayPal Commerce Platform is used to process payments for e-commerce businesses for millions of companies.
A major advantage of using Paypal is that regardless of the size of your business, the PayPal Commerce Platform can be used and integrated into your website.
Over the past few years, PayPal has also developed a reputation for being a trusted payment processing company.
Therefore, companies are encouraged to use PayPal and benefit from it being free to join.
Additionally, using PayPal as a payment gateway gives customers the confidence that they are entering their personal and financial information onto a secure payment platform.
If you're interested in finding out more about the requirements of Paypal Business Accounts in Hong Kong, you might want to check out this blog.
Adyen is a global payment gateway that offers a unique service.
Through Adyen, international merchants are able to use domestic payment methods without having to be a company that is set up domestically.
Businesses that use Adyen are able to accept 250 payment methods and 187 currencies regardless of where they are located.
This is extremely beneficial for bigger merchants that have an international brand and customers from all over the world.
Adyen has also built a reputation for being a secure payment gateway.
If a business is ever sent an unauthorized payment or a buyer claims that they never received an item, Adyen’s Seller Protection covers the business from the full amount of the eligible payment.
Lastly, while Adyen is argued to be similar to PayPal, reviews suggest that what sets Ayden apart is its exceptional customer support compared to other payment gateways.
Paymetric, a Worldplay Company offers integrated and streamlined payments for large-scale enterprises worldwide.
Their parent company, WorldPay is the one that provides the network with payment processing.
Due to the platform being hosted on the cloud, their operational expenses are lower and their payment processing is much faster.
Paymetric is a good option for large enterprises and global brands due to the payment gateway’s experience and expertise in working with companies of that size.
However, although it is not their specialty, they do also provide services to small to medium-sized businesses from time to time.
Blue Snap is another single, global platform that accepts multi-currency payments from anywhere in the world and on any device.
Not only does this simplify a business’ payment tools stacks but offers more flexibility for potential customers.
Through Blue Snap, you benefit from an all-in-one solution that will help you start processing payments quickly and easily.
Blue Snap also has a consolidated reporting feature that gives you access to data that you can use to grow your business.
Additionally, Blue Snap accepts all payment methods and major credit cards including MasterCard, American Express, Diners Club, JCB, and Visa.
Regional cards such as China Union Pay and Carte Bleue are also accepted.
NMI is another popular payment platform that offers flexibility and provides special features which allow customers to benefit from a better experience.
It currently has over 255,00 merchants, 237,000 connected devices, and 3000 technology partners.
NMI also offers customizable payment gateways so companies can build the exact one they need to fit their business model and website functionality.
When it comes to e-commerce payments, NMI makes it easier for merchants to quickly start accepting payments online which allows them to generate more sales as it avoids any delays which ultimately disrupt business.
Moreover, through NMI, a business can process their payments from multiple channels all through one uniform platform.
This includes a website, in-person store, or mobile application.
Checkout.com has become a popular payment gateway recently as the company has raised $380 million within a year and reached an extremely impressive valuation of $5.5 billion.
This payment gateway provides a one-stop shop for all things payment related ranging from accepting and processing transactions to detecting fraud and processing refunds.
So what makes Checkout different compared to other payment gateways?
Checkout only engages in enterprise and works with big merchants and operates solely online.
Since Checkout only works with a small number of big companies, it allows bigger enterprises to benefit from specialized customer service and tailored payment solutions.
AsiaPay is a leading payment processor based in Hong Kong that mainly offers services to businesses operating within the country.
This makes AsiaPay a great choice for businesses that primarily sell to locals in Hong Kong.
AsiaPay uses Paydollar as its e-commerce payment processing service which accepts payments from up to 126 currencies.
Additionally, the payment processing service also accepts regular payment methods including credit and debit card payments from local banking services like China UnionPay and AliPay.
Since payments from China are widely accepted, AsiaPay is a good choice for businesses that sell within China.
eWay is another payment gateway that has been operating in Hong Kong since 2009.
Originally, an Australian company serving primarily local businesses, they have now expanded to Hong Kong.
The process to register for eWay is extremely quick, allowing you to start taking payments within the next couple of days.
eWay offers multiple payment plans including a fee per transaction or an all-in-one plan with no monthly fee and both come with endless free online customer support.
We hope this list has given you some insight into the possibilities for payment gateways in Hong Kong.
Hong Kong businesses have a lot of options when it comes to choosing a payment gateway.
The best option for you will depend on your specific needs and the type of business you run. There are many different factors to consider when choosing a payment gateway, and it's important to make sure you choose one that meets all of your requirements.
What is a payment gateway?
A payment gateway is a digital software or system that instructs payments from a customer to a merchant's bank account.
Do I need a payment gateway?