One More Option for Your China Online Payment Solution
In my earlier blog post “How to Choose a Chinese Online Payment Solution”, I introduced some of the more popular Chinese online payment solutions. Some are fit for non-Chinese companies and some aren’t. Most China-based payment companies know Chinese clients well, but have major problems dealing with non-Chinese companies.
Today I’ll introduce another option for receiving online payments from Chinese consumers: PayDollar.
5 Reasons You Should Consider PayDollar
- They can accept payments from several popular sources:
- Alipay, China’s most popular payment processor.
- 99Bill
- Chinese credit cards
- UnionPay
- PPS
- TenPay
- They provide support in English, Mandarin Chinese, Cantonese and Thai.
- Both Chinese and non-Chinese companies can register with them. Plus, they can transfer money from China to your company bank account even if it isn’t located in China.
- Multiple currency settlement: HKD, USD, CNY.
- Rapid settlement: Twice per month or T+1 days. (“T+1” means the day after the transfer.)
Fees
- Account set up fee: 1,000 HKD to 5,000 HKD, depending on the type of payments you would like to accept.
- Yearly service fee: 1,800 HKD to 3,600 HKD, also depending on which payment services you use.
- Transaction fee: from 3.0% to 3.8% of each transaction. This is negotiable if you have a large transaction volume.
Here’s how PayDollar’s fees compared to Alipay and PayPal.
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Account Set Up Fee
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Yearly Service Fee
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Transaction Fee
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PayDollar
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1,000 HKD to 5,000 HKD
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1,800 HKD to 3,600 HKD
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3.0% to 3.8%
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Alipay
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$1,000 USD
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N/A
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2.5% to 3.0%
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PayPal
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N/A
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N/A
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0.30 USD + 2.9% to 3.9%
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Signup Process
Both Chinese and non-Chinese companies can apply for PayDollar business accounts. PayDollar does not offer personal accounts.
Step 1: Fill out the application form and send it with your company info and contact info. (“Company info” includes a copy of the company’s business registration documents as well as a copy of a government-issued ID card or passport for a director of the company.)
Step 2: Wait for approval. They say it takes up to 7 days.
Step 3: The account will be activated.
Drawbacks
As you can see from the fees above, PayDollar does charge more than Alipay. They also have flat setup and yearly fees, unlike PayPal.
I searched for negative comments about PayDollar but I was only able to find one, which I've translated for you:
“I used it, and I would recommend that you do not use PayDollar for International trade. Within one or two months of paying the service fee and account access fee, PayDollar will use some excuse to terminate the contract, and end service. The consequence is that you won’t be able to withdraw the money in your account, not to mention getting a refund for their service fee.”
More Info
There are many other online payment solutions, each with different features.. If you like this blog post or are thinking of setting up a payment solution for China on your website, let me know. Also, subscribe to this blog.
Detailed diagrams of PayDollar’s payment flow
Other Chinese Payment Solutions
Samantha Wang is the manager at Nanjing Marketing Group, where she coordinates a wide variety of Chinese localization and marketing projects for Western clients. Samantha has a Bachelor of Management degree from Nanjing University of Technology.
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Hi Samantha,
We would like to thank you for writing this blog and showcasing our capabilities to accept China payments on a global scale.
In this regard, we would also like to take this opportunity to reply to the feedback above.
As part of our commitment in offering and delivering quality service to our merchants and to ensure the well-being and protection of every consumer, we are required to conduct a meticulous and systematic screening of our merchants before allowing them to accept payments online using various payment methods. These measures are to ensure the legitimacy of our merchants’ businesses as well as to protect the consumers from illegal or counterfeit products.
However, there are some merchants who fail to comply and opted to “under-declare” or “mask” their true line of business. In dealing with these rare cases, PayDollar conducts an investigation and if the merchant agrees to eliminate all illegal or counterfeit products on their website, PayDollar re-activates the merchant account otherwise; the merchant account will be terminated immediately. The merchant’s account balance will be temporarily withheld by PayDollar for a period of time to offset any potential refund or chargeback requests from its consumers, and the remaining balance will be returned to the merchant accordingly.
We have always strived to address these kinds of issues with our clients and we hope that we are able to address it today. Please do stay in touch and we welcome more feedback about our products and services in the future.
Thank you and we are grateful of your initiative in educating the public about online marketing.
Regards,
PayDollar team
enquiry@paydollar.com.cn
Hotline: +86 21 3397 3733, +86 21 3397 3933
Thanks for your comment and your team in Shanghai did helped me a lot with this blog post.
Hi Samantha,
Thanks for your helpful blog posts--I have learned a lot after reading through several posts.
I was wondering what you think about services like http://chinapaymentservices.com--do you have any experience with this company? I am considering using them to accept payments from Chinese customers and I'm wondering if that would be a good decision. They don't require a setup fee and seem like they might be a good option for me. Thanks again for your helpful blog!
Leighton
Thanks for you comment, we hasn't research with the site you mentioned so we can not give you an answer, but just a tip that before you go ahead with them, make sure you knows all the fees beside the set up fee, and refund policy things like these.
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