How do you become an AlipayHK merchant?

Key takeaways

• Being an AlipayHK merchant allows you to tap into the payment service provider's cross-border reach of Mainland Chinese customers, on top of the pool of local customers already using AlipayHK.
• Whether you own a brick-and-mortar store or an online business, the AlipayHK digital wallet is a versatile payment method that allows you to accept both in-person and online payments.
• The AlipayHK merchant account provides a host of essential benefits and features that the personal account does not come equipped with.
• Complementing your adoption of the AlipayHK digital wallet with a payment terminal integrated with other payment options is a great way to expand your payment offerings, and cater to a wider base of customers with different payment preferences.

As the share of digital wallets in Hong Kong are forecast to increase to 51% by 2030, the pressure for businesses to pivot to payment methods that put the customer first is only getting stronger. As such, it's important for businesses to treat frictionless checkout as a necessity, and not just a bonus when it comes to payment.

However, building smooth checkout processes for your business isn't always easy. You may incur additional integration costs, experience downtime during setup, or even be overwhelmed by the array of payment solutions on the market. Read on to learn more about how the AlipayHK wallet can help your business — and how you can apply to be an AlipayHK merchant.

What is AlipayHK?

AlipayHK is a digital wallet and service platform that allows users to make digital payments, and carry out tasks such as paying bills, booking tickets online, and earning or redeeming points.

In Hong Kong, AlipayHK is most commonly used to make QR code payments.

Alipay vs AlipayHK

While both Alipay and AlipayHK function similarly as digital wallets and service platforms, they are ultimately built for different markets and cater to different needs.

Benefits of being an AlipayHK Merchant

1. ‍Receive and verify payments quickly and conveniently
   ‍To receive payments, all you need to do is show your payment QR code to your customer and let them scan the QR code. Payment status is updated in real-time, so you can validate the transaction instantly.‍
2. Gain access to a pool of local and Mainland customer
   ‍While local customers can use the AlipayHK app to make payments, Mainland Chinese customers can also use Alipay to pay AlipayHK merchants. The paid sum is automatically converted to Hong Kong Dollars, so you receive your funds directly in the local currency.‍
3. Manage and receive payments securely
   ‍AlipayHK uses advanced encryption technology to protect your transactions and your customers' payment data.
4. ‍Online and offline payments supported
   AlipayHK merchants can collect payments:
   
   • When the customer scans the AlipayHK QR code to pay.
   • Online via AlipayHK's web version and Alipay Merchant Centre, which allows merchants to collect payments. You can collect online payments if you run an e-commerce store, accept bookings, or sell services through your website,

AlipayHK accounts: Personal vs. merchant account

AlipayHK has two account types: ‍

• ‍Personal account
  ‍Payment via AlipayHK personal account is considered a person-to-person (P2P) fund transfer. Your customer enters the phone number, bank or AlipayHK account number linked to the AlipayHK account, and inputs the payment amount. You receive the funds almost instantly, but this account type does not allow AlipayHK merchants to collate day-to-day transactions in a single settlement report‍
• AlipayHK merchant account
  Payments collected via the AlipayHK merchant account are considered formal business transactions, giving you proper documentation and reporting for accounting, tax, and reconciliation purposes.

What you need to know before registering for AlipayHK accounts:

How to apply for AlipayHK

Application process:

1. Fill in the form on the official website or contact AlipayHK merchant service.
2. AlipayHK will follow up with your application

Required documents:

1. Business Registration
2. Certificate of Incorporation
3. Corporate bank account details, such as bank account number and the rolling months in the recent 3 months
4. Business nature and products on sales
5. Address, names of owners and the store
6. Details of legal person, such as contact number and email address (only for unlimited companies)

Expand your payment offerings with KPay's payment solutions

While AlipayHK opens up your business to a large user base, it's just one of the many payment methods your customers may prefer. Offering a wider range of payment options helps you cater to more customers, and secure more sales.

KPay's modern, unified solution for your business success

This is where a single smart terminal, like KPay Terminal Pro, can help with your cash flow:

• Accepts 20 major payment methods seamlessly on one portable device.
• No subscription fees, annual fees or terminal rental fees
• T+0 settlement delivers faster access to cash flow and liquidity, significantly boosting operational efficiency.
• 24/7, 365-day customer support to ensure merchants get up and running quickly should any issues occur.

With KPay Terminal Pro, you can reduce counter clutter, accept multiple payment methods including contactless and QR code payments, and have peace of mind when it comes to settlement, letting you focus on other important aspects of the business.

Take the next step to grow your business with KPay

Becoming an AlipayHK merchant is a strong first step toward meeting your customers where they already are. Strengthen your payments infrastructure and future-proof your business with KPay — accept more payment methods, settle funds faster, and give your customers a seamless checkout experience every time.

Contact our sales team or sign up online to get started with KPay Terminal Pro today.

FAQs

Can Alipay accounts pay AlipayHK merchants?

AlipayHK merchants in Hong Kong can collect payment from Alipay accounts. The funds will be converted into HKD through the cross-border pay-0ent function.

What are the transaction fees for AlipayHK merchants?

According to AlipayHK, the charge on merchants depends on their scale and nature of business; it can be as low as 0% for physical stores.

How long does it take for settled funds to arrive at the registered bank account?

When the revenue exceeds HK$20, AlipayHK will transfer the funds to the bank account within 1 working day. The processing time of every bank varies, but merchants usually receive their funds no later than 3 working days after settlement.