Merchant Account for Hong Kong Limited Company

It has been a while ago since we have been searching for most effective merchant account provider for Hong Kong companies, I must say there is barely a few choices if you want to find good gateway! However if you find one, there is a lot of criterias to fit in. When I was meeting all providers it looks like that you have to persuade them to become their customer.  I’m sure that in different business model it wont work everyone wants to get a customer! Customer is the key. However if you would like to know the criteria here you are, you will be requested by all merchant providers once applying for merchant solution.

Here is the fuel email (I’m just wondering why it’s so difficult? To get a Paypal, it takes just a few minutes to set it up), many merchant providers will ask for:

Before we deliver the tailored made payment solution and better understand for your business, we would like to collect some information regards to your business in Hong Kong.

Here are 2 company requirements if you want to set up the merchant account in Hong Kong~

 

I.  Company requirements:

1.      When did/will you launch your business in Hong Kong market?

2.      What is the nature for your business?

3.      What services you would like to apply for? Wire/Wireless terminal, Mobile terminal,  internet payment gateway, MOTO or instalment plan?

4.      What is your estimated total sales and card sales volume per year for Hong Kong market since this piece information to calculate the transaction fee for Visa and Master.

5.      What is the average ticket size for single transaction?

6.      How many card type you do prefer, i.e. Visa, MasterCard, CUP & Amex?

7.      How many currencies you want to accept for your online payment (if applicable)?

8.      Provide us with the audited account

9.      Company must be 2-4 years on the market. Explain in detail.

 

II.  Company requirements:

And I am pleased to advise the basic requirements that apply to E-Comm merchant account as below.

We will charge (1) E-Comm merchant account set up fee HK$50,000.00

(2) Merchant account annual service fee HK$30,000.00                  

                        (3) Merchant account discount rate at 6.5% pre transactions.
                        (4) All charges for technical/electronic connections will be on merchant’s own account.
                        (5) A deposit may need to be placed under lien to GPAP by the company as security in support of the e-commerce merchant account (minimum deposit amount :HKD$500,000)
Please provide respective documents listed below for opening an e-commerce merchant account with GPAP on credit card acceptance services.(1) HK Business Registration Certificate
(2)Branch Registration Certificate
(3)Certificate of Incorporation
(4)Identity Card/Passport of both Directors
(5)Latest 3-Month Main Banker Account Statement
(6)Notification of First Secretary and Directors (Form D1)
(7)Notification of Changes of Secretary and Directors (Form D2)
(8)Consent to Act as a Director (Form D3)
(9)Business Plan Proposal
(10)Latest 3-Year Financial Audit Statement
(11)Transaction Procedures e.g. Refund and Delivery
(12)Products Price List / Leaflet*Please note that all application from the merchant , the company MUST BE set up in Hong Kong for at least three years. Otherwise the application cannot be accepted.