How to open a PayMe business account?

From small, family-owned shops to the big, household-name franchises, Hong Kong’s businesses are thriving. Listed as a leading financial centre in 2024, Hong Kong is not showing signs of slowing down.

Just like anywhere in the world, Hong Kong people like to make sure they can rake in the profits for their business efforts. One of the most well-known digital wallets is called PayMe, and it’s everywhere!

Friends use PayMe to reimburse each other for everyday expenses, and businesses use PayMe to collect payment at point of sale. The HSBC-owned digital wallet has made way for the success of numerous Hong Kong businesses. Now, you can get your own account, too.

This article targets businesses in Hong Kong who may need help setting up a PayMe business account. Let’s get started with the step-by-step process!

What is PayMe for Business?

There are two main products within PayMe, the individual and the business account. This article focuses on business accounts.

PayMe can benefit your business in several different ways. Primarily, it allows you to collect payments. But there are several unique features that have paved the way for the app’s success in Hong Kong.

First, it is possible to create a pay code for a customer that can be accessed offline or online. That is, if you want to facilitate payment using pay codes, the app will help you make one that can be printed onto a paper invoice equally as it can be posted on social media.

Second, PayMe users can access their funds whenever they want, at no additional cost. There is no minimum requirement for a transfer amount. It is even possible to set up an automatic transfer to your bank account.

Finally, you can connect multiple devices to your PayMe for Business account. Additional terminals can be activated so that your business can receive payments from a variety of locations.

Fees

The fees for using PayMe for Business are simple. For regular business app transactions, a 1.2% fee will apply. And if you use a PayMe API (through your integrated website or mobile app, for example) or a point-of-sale terminal, then you will need to pay a fee of 1.5% on each transaction.

Can I use PayMe Personal for business?

PayMe Personal is a bit limited compared to PayMe Business in terms of overall collection and transaction amounts.

For personal users, there are daily, monthly, and annual limits on topping up and transferring funds to a bank account, as well as annual limits on both sending and receiving money.

On the other hand, PayMe for Business has no limits on the amount you can transfer to your bank account or the funds you can collect. Therefore, using PayMe Personal for business purposes may not be suitable if your transaction volume is high. So you might look into your business needs and conduct more research to decide whether you will need PayMe for Business.

Who can open a PayMe business account?

You will need an HSBC Commercial account if you are opening a PayMe business account.

If you aren’t an HSBC Commercial Banking customer, you can still sign up for PayMe by seeking support from certain acquiring partners, including AsiaPay HK Limited, Global Payments Asia-Pacific (HK) Limited, Hang Seng Bank Limited, ITS Global Limited, and iFlare Hong Kong Limited.

What documents do I need to open a PayMe business account?

To open a Business account, you’ll need several things:

• A business mobile device that functions as a terminal in the store.
• A good data or Wi-Fi connection.
• A smartphone or tablet (iOS 12.0 or above, Android 7.0 or above).
• An HK business mobile number, which will serve as your login ID and which will be required for receiving codes and logging in.
• A business email address that can receive verification emails, transaction alerts, and PIN reset requests.
• An HSBC Business Internet Banking account and its details.
• The security device that corresponds to that HSBC Business Internet Banking account.

Additionally, you will need to be able to log into your HSBC Business Internet Banking account so that you can verify your business there. You will need to select the business bank account that will receive all payments collected in PayMe for Business.

Optionally, you can also have your business logo to hand.

How to open a PayMe business account?

It takes ten simple steps to open a PayMe business account.

1. Download the PayMe for Business app.
2. Enter your business mobile number, business name, and business email.
3. Choose your business category and upload a logo.
4. Create a six-digit pin and verify your email address.
5. Enter your HSBC Business Internet Banking username.
6. Enter your HSBC Business Internet Banking password.
7. Verify your login with a security device or using the Business Express App.
8. Choose the business profile that you will use.
9. Choose the bank account that you will use.
10. Start collecting payments using PayCodes and more!

How long does it take to open a PayMe business account?

It doesn’t take long to open a PayMe business account. You can start using PayMe for Business immediately after completing the set-up of the app. As for the API, if you're using PayMe’s online platform partner, you are immediately integrated after providing the merchant ID and registered business email.

In this article, we learnt how to open a PayMe business account. We discovered associated fees, the requirements for opening a business account, the documents required for opening an account, and the amount of time set-up usually takes for different systems.

Hong Kong’s bustling economy necessitates a great business banking app, and, in downloading PayMe, you might have found your best solution for local banking.

PayMe users can transfer collected payments to local bank accounts, but if you want to send or receive money internationally, you don’t have to go through a traditional bank. Contrary to expectations, business owners can use a Wise Business account to get paid in over 23 currencies and send low-cost international transfers to more than 70 countries, including Mainland China, in more than 50 currencies at mid-market rates.

Most payments with Wise are instant or arrive within an hour and you can track the transfer from the app or web to put your mind at ease. You can also pay up to 1,000 people in just one click, making payment to customers, freelancers, employees, investors, and suppliers around the world so much easier.

Here are the great features that come with a Wise Business account:

• Free self-service account setup: Open your account online in minutes with no monthly fees and start enjoying hassle-free payment services right away.
• Manage global funds with ease: Get paid in 23+ currencies in one account, including local account numbers for 8+ major currencies, so you can receive local transfers for free.
• No hidden exchange rate markups: All fees are transparent, with real-time market exchange rates, and fees as low as 0.26%. Save more on every transaction.
• Instant cross-border payments: Send moeny to 140+ counrties. Quick processing — over 60% of remittances arrive within 20 seconds. Track your payments in real-time.
• Easily handle bulk payments: Upload a CSV file and the system will process up to 1,000 payments at once. You can also integrate Wise’s API for fully automated payment workflows.
• Professional invoicing tool: Create and send invoices, add your account details or payment links, making payments simpler and quicker.
• Boost team collaboration: Add team members to your account, work together on payments, download statements, and track transactions more efficiently.

It’s quick and easy to open a Wise Business account, with a fully digital application, verification and on-boarding process. Sign up today to experience an efficient cross-border payment platform that helps streamline your business operations and improve your company’s competitiveness.

Get started with Wise Business

Sources last checked on 16-Dec-2024.