Introduction to QFPay: understanding the payment methods, fees and system features

Kirstie Lau4 minutes
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Introduction to QFPay: understanding the payment methods, fees and system features
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What is QFPay?

QFPay HK is a fintech company founded in 2015. It provides intelligent payment solutions for both online and offline merchants. In its first year, QFPay focused on developing electronic wallet payment systems. It soon became one of the first e-payment service providers for WeChat Pay and Alipay in Hong Kong in the following year. Its business gradually expanded to cover a wider range of payment solutions later on.

QFPay has earned trust from many famous corporations throughout the years. Well-known enterprises such as the large chain grocery store 759 Shop and SF Express have adopted their payment systems. The leading fintech company has also been chosen as the electronic payment service provider for the Standard Chartered Hong Kong Marathon. The City University of Hong Kong has also started using QFPay HK to collect tuition fees since 2022.

As of today, QFPay has already served over one million merchants across Asia, with over 200 billion RMB GMV to date.

What electronic payment solutions does QFPay provide and what are their features?

QFPay provides various electronic payment solutions for online shops, including a “checkout page” feature, which allows e-commerce businesses to set up a payment data list in a cashier page that is integrated into their website. Customers can directly choose their preferred payment methods without being redirected to other websites. Businesses may also choose to close their deals by directing their customers to a checkout page maintained by QFPay.

Besides, QFPay also provides a “payment link” solution which allows merchants to easily collect payments. Businesses can generate a link to send to their customers, who can then make payments conveniently through mobile devices or computers.

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QFPay’s payment services and payment methods

QFPay provides payment services for online and physical shops separately.

For physical shops, QFPay provides mobile payment terminals that accept multiple local and international payment methods, such as credit cards and QR codes. The fintech company has also launched its own application that connects the payment terminal with QFPay’s smart terminal, allowing merchants to input the money amount and the payment method preferred by the customers so that they can collect the payment effortlessly by tapping or swiping the card.

For online shops, aside from the one-off payment features – “checkout page” and “payment link” – mentioned above, QFPay also supports “recurring payments” suitable for e-commerce businesses that provide subscription services to customers.

Currently, QFPay supports 15 payment methods, including Visa, Mastercard, UnionPay, Apple Pay, Google Pay, Samsung Pay, PayMe, Alipay, Alipay HK, WeChat Pay, WeChat Pay HK, BoC Pay, Tap & Go, FPS and UnionPay App. Merchants can choose to activate all methods at once or select specific options as per their preference.

Benefits of using QFPay

As the fastest growing payment service provider in recent years, QFPay provides various payment solutions for businesses. Below are the benefits of using QFPay:

1.  Simple installation

Installing QFPay requires no coding knowledge. Businesses only need a set of API or plugin modules to connect the QFPay system with their existing infrastructure. Detailed installation methods will be discussed below.

2. Real-time access to transaction records

Businesses can log in to the free merchant backend provided by QFPay anytime to track their transaction records, without needing to wait for daily or monthly statements.

3. Security

QFPay values transaction security and utilises tokenisation technology which can transform sensitive credit card details into unique identifiers, only retaining necessary information, thus ensuring data security.

4. No redirection

Using In-App and H5 technologies, QFPay connects businesses’ shops to their checkout page so that customers can directly pay using their preferred payment method without being redirected to other pages. Businesses can incorporate their logos and brand colors into the checkout form to create a more brand-consistent payment experience for their customers.

How to register and install QFPay?

Businesses have to prepare documents for verification, sign contracts and undergo risk assessment conducted by QFPay HK. The account opening process can be completed as fast as within one working day.

Installing QFPay requires no coding knowledge. After opening an account, businesses will receive a confirmation email, which contains business information such as their merchant ID (MCHID), API code and API key etc. Simply log in to the CMS backend for simple configuration. Taking Posify CMS as an example, log in to the system backend and go to the “Payment and Currency” page, add QFPay as a payment method, and then go to the “Settings” page and enter the MCHID, API code and API key provided in the email. Once all are completed, the installation is done.

Besides, QFPay provides plugins and payment gateways that supports Shopify, WooCommerce, OpenCart and Magento. If your online shops are built on any of the above systems, you can easily download and set up QFPay for your shop.

QFPay’s fees and charges

QFPay does not charge an annual fee or machine rental fee. It charges handling fees for each transaction according to the rates agreed upon in the contract. The actual amounts are not publicly listed on their website. Please inquire directly with QFPay.

Payment needs of small-and-medium-sized enterprises and online shops

Ensuring a smooth checkout experience is key to reducing shopping cart abandonment rates. If small-and-medium-sized enterprises can provide a variety of international payment methods for their customers under limited budget, it will definitely reduce purchase blockers and increase sales. In the long run, it will provide a favourable condition for businesses to explore new markets and broaden the customer base.

Aside from collecting payments, businesses also have to make payments to global suppliers and vendors, and pay salaries to employees from different countries or regions. If each cross-border transaction requires currency conversion fees and handling charges, profits will be eroded gradually. Furthermore, if payment and collections are processed using separate tools, it’ll require extra time for reconciliation, wasting human resources.

Therefore, a platform which can process payment and collection altogether will help to ease unnecessary costs.

Other payment and collection methods available on the market

Airwallex is an all-in-one global financial and remittance platform. Aside from providing global payment collection service, which allows businesses to collect payments from customers made with over 160 global and local payment methods. Airwallex also serves as a financial management platform. It helps businesses to save up to 80% on foreign exchange costs and provide like-to-like settlement in more than 11 currencies. Besides, e-commerce businesses can also set up payment links to collect payments worldwide using payment methods preferred by the customer.

Below is a table that briefly compares the basic services provided by QFPay and Airwallex:

Comparing QFPay and Airwallex’s services

QFPay Airwallex
Fees No account opening fee or monthly fee
Transaction fees apply according to the rates agreed upon in the contracts
Please inquire directly with QFPay for the actual fees
No account opening fee or monthly fee
Payments fees apply according transaction amount
Fees are 3.30% + HK$2.35; +0.3% for international cards
Checkout page No redirection No redirection
Payment links
Can even create links with a customised domain,
such as your company name
E-commerce platform plugins
Supported payment methods 15 types 160+ types
Multi-currency account
Funds are directly remitted into your bank account right
after the payments are received

Funds are directly remitted into your multi-currency account
without the need for forced currency exchange
Accounting software integration
Requires separate reconciliation

Can integrate with accounting softwares such as Xero for
automatic data synchronisation, saving reconciliation time

Airwallex’s Global Accounts are well-equipped with various functions. Aside from providing global payment collection, it also serves as an all-in-one financial management platform, which enables remittances to over 180 countries or regions worldwide. It also provides instant issuance of virtual corporate cards and employee cards and offers expenses management tools for businesses. Over 100,000 users worldwide, including PURE Yoga Group, Travel Expert and bowtie, have chosen Airwallex’s services for their businesses.

Upload business proof documents in minutes and open an account as fast as two days. Click here to create an account for free!

Frequently asked questions

1. What is QFPay?

QFPay is a fintech company that provides intelligent payment solutions for online and physical shops. In its first year, it focused on developing electronic wallet payment systems. The business gradually expanded to cover a wider range of payment solutions later on, providing over 15 types of payment methods for businesses.

2. Which businesses are suitable for using QFPay services?

QFPay provides mobile payment terminals, an application that connects to their smart terminals and stand-alone payment QR codes, making it suitable for physical stores. On the other hand, QFPay also provides functions like “checkout page”, “payment link” and “recurring payments”, making it suitable for online shops.

3. What are the disadvantages of using QFPay?

QFPay’s intelligent payment solution only supports payment collection services. Businesses are not able to pay suppliers or employee salaries using QFPay. After receiving a payment, the funds are directly remitted into the company’s bank account which may result in forced and unnecessary conversion fees. Moreover, QFPay does not support accounting software integration and requires separate reconciliation which causes a waste in human resources. The scattered financial management process also prevents businesses from monitoring the financial status of their companies efficiently.

Open a global multi-currency account for free in Hong Kong

References:

Content related to QFPay is updated as of June 2024 according to information found from https://qfpay.global/ and is for reference only. Please visit the relevant official website to obtain the latest information.

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Kirstie Lau
Senior Associate, Growth Marketing

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