Guide for Hong Kong businesses on selecting a payment platform

Payment platforms support payment collections for businesses by offering a wide range of payment methods. Some advanced platforms, such as Airwallex, provide one-stop financial solutions that are especially suitable for small and medium-sized enterprises (SMEs) and cross-border eCommerce. Apart from streamlining transaction processes, payment platforms also help businesses reduce operating costs and minimise risks from currency fluctuations. In this guide, we will break down the three main types of payment platforms commonly used in Hong Kong. We will highlight the common payment and collection methods, fee structures, and explain the key factors to consider when choosing the right platform. We hope to help businesses drive sustainable growth by enhancing customer checkout experience. 

What is a payment platform?

A payment platform offers various services, including online and offline payment collection. These platforms support multiple currencies and payment methods, such as credit cards, digital wallets, and mobile payments. They transfer funds seamlessly while ensuring every transaction is secure. Additional features often include transaction records and reporting, data analytics, and expense management tools. All these functions make it easier for businesses to handle payments across borders, as well as to track and manage transaction information.

Why do Hong Kong businesses need a payment platform?

Amid the surge in global eCommerce, Hong Kong businesses – whether operating locally or expanding internationally – often need to accept payments from customers and partners around the world. A suitable and secure payment platform that can flexibly integrate with eCommerce platforms, websites, and systems of a company can help to streamline business operations. A platform that can offer multi-currency payment options can also help improve the customer checkout experience and build customer trust.

Some professional platforms, such as the all-in-one financial and payment platform Airwallex, even provide global payment collection and settlement functions. Airwallex’s multi-currency accounts support over 20 currencies, including USD, GBP, EUR, AUD, RMB, and HKD. Businesses can collect payments directly in the payer’s local currency to minimise currency risks and reduce operating costs. They can then reinvest the saved costs into scaling overseas.

Major types of payment platforms and their features

As explained above, payment platforms offer various services that enhance operational efficiency, such as secure payment systems, data management, and rapid settlement. Below are three main categories of payment platforms and their key features. Businesses can choose one that best fits with their operational needs.

• Online payment platforms are focused on supporting payment methods like credit cards and digital wallets. They are ideal for startups and eCommerce businesses.

• In-store payment platforms can integrate POS (Point of Sale) systems with mobile payments. They are suitable for businesses with physical retail locations.

• All-in-one cross-border payment platforms provide multi-currency accounts, currency exchange, and remittance services, such as Airwallex. They are suitable for businesses that work frequently with international clients.

Differences between payment platforms and payment processors

Payment platforms and payment processors are closely related but serve distinct functions in the transaction process. Payment platforms primarily manage the payment interface and handle the encrypted transmission of transaction data to ensure a secure and integrated payment process. Meanwhile, payment processors focus on transaction authorisation, fund settlement, and risk management, ensuring payments are successfully transferred from the customer’s account to the company’s business account. By working in tandem, they complete the full payment process.

Common cross-border payment methods

Various cross-border payment methods on the market suit businesses of different sizes and operational models.

• Traditional bank wire transfer is the most commonly used approach because of its reliability. Yet, it can incur higher fees, exchange costs, and longer processing times.

• Cross-border remittance and payment platforms, such as Airwallex, have become increasingly popular, offering features like fast currency exchange, multi-currency accounts, and easy integration with $0 account opening fees and no hidden charges.

• Digital wallets provide convenience and speed, making them suitable for businesses targeting local or mainland Chinese customers.

Key factors to consider for Hong Kong SMEs when choosing a payment platform

There are four essential factors that Hong Kong SMEs should consider when choosing a payment platform.

• Supported payment methods and currencies: These directly impact customer convenience at checkout.

• Security: It is crucial for fund protection – the platform should comply with international standards and hold proper licences.

• Technical compatibility and integration capabilities: The platform must be able to support smooth connections with the company’s existing business systems, such as its eCommerce platform.

• Clear fee structures and cost transparency: These are necessary for businesses to manage expenses and maximise profitability.

It is also important to note that although some global payment platforms support payments in multiple currencies and let customers pay in their local currency, they may require the payee to convert the received funds to a designated currency in order to settle the transaction. This results in additional currency conversion and settlement fees on top of per-transaction fees, and can potentially increase operating costs for businesses.

Popular payment platform in Hong Kong: Airwallex

As one of the most popular payment platforms in Hong Kong, Airwallex offers secure and comprehensive online payment solutions.

• Fast and all-rounded payment options: Airwallex offers more than 160 payment methods, including Visa, Mastercard, American Express, Apple Pay, Google Pay, FPS, Alipay, and WeChat Pay. Businesses can receive funds from over 180 countries while delivering a localised shopping experience that can help boost conversion rates and customer satisfaction.

• Time- and cost-effective multi-currency accounts: Businesses can set up multi-currency Global Accounts in over 60 countries, such as in USD, EUR, and AUD, and settle transactions directly in the currency paid by customers, eliminating the need for currency conversion. This approach helps save transaction time, avoid foreign exchange fees, and reduces hidden costs.

• Favourable exchange rates and transparent transactions: Airwallex supports international transfers across 200+ countries, with more than 120 destinations relying on local payment rails instead of SWIFT. 95% of payments can be completed within the same business day. Exchange rates are as low as 0.2% above the interbank rate, significantly reducing cross-border expenses. In addition, all transaction costs are clearly displayed, helping businesses to forecast expenses and manage global payments with confidence.

• Strict regulatory compliance: Airwallex holds over 60 international regulatory licences. The platform’s systems and processes meet the highest international security standards, including PCI DSS, SOC 1, and SOC 2, and leverage advanced multi-factor authentication, behavioural analysis, and machine learning to detect fraud in real time. These measures ensure fund security and minimise risks of data leakage.

Payment platform fee structures in Hong Kong

Payment platforms in Hong Kong typically use a fee model that combines a percentage of the transaction amount with a fixed charge. Plans may differ based on service levels and business size, and some platforms offer subscription options to lower the per-transaction cost. For cross-border transactions, additional currency conversion and remittance fees may apply.

Airwallex offers a simple and clear fee structure with no account opening, monthly, or hidden fees. Each credit card transaction incurs a 3.30% fee plus HK$2.35, with competitive exchange rates that start at just 0.2% above interbank rates. With Airwallex, businesses can save up to 80% on foreign exchange costs. Sign up today to supercharge your business.

Frequently asked questions

1. Are payment platforms suitable for small businesses in Hong Kong?

Yes. Payment platforms are ideal for small businesses in Hong Kong, as they offer flexible and diverse payment methods that can boost customer checkout convenience and increase conversion rates. In addition, they require minimal upfront investment, making it more accessible for SMEs to overcome limitations in funding and resources.

2. How do payment platforms calculate their charges?

Payment platforms usually charge a percentage fee per transaction plus a fixed fee. For cross-border payments, additional currency conversion and remittance charges may apply. The exact fees depend on each platform’s policy. Businesses should review and calculate the total cost carefully.

3. Do payment platforms guarantee fund security?

Airwallex holds over 60 international regulatory licences and strictly adheres to compliance standards. The platform also implements multi-factor authentication and encryption technologies to protect business funds and ensure transparent transactions.

4. Can I receive payments from overseas customers with payment platforms?

Yes. With Airwallex’s Checkout, Hong Kong businesses can easily accept payments from more than 180 countries. The platform supports multiple currencies and diverse payment methods. It also offers competitive exchange rates with fast international transfer services, making it ideal for businesses looking to expand overseas.

5. What are the differences between payment platforms and traditional banks?

Payment platforms support diverse payment channels and specialise in digital integration, connecting seamlessly with various business systems, such as eCommerce platforms. It delivers flexible and convenient cross-border transaction experiences. Meanwhile, traditional banks are more focused on products like insurance, wealth management, and foreign exchange, and typically do not provide API connectivity to digital platforms. For businesses seeking efficiency and diverse payment options, payment platforms are a better fit.

Disclaimer: This article was prepared in October 2025 based on voluntary online research and publicly available information. We have not personally tested every tool or provider mentioned. This article is for educational purposes only, and readers should independently evaluate each service provider based on their specific business requirements. Content is updated every six months. To request an update, please contact us at [email protected].