How to open an AlipayHK business account in Hong Kong?

Hong Kong is a prime gateway to mainland China and the world, offering businesses the opportunity to reach diverse markets. In China, local digital payment methods like Alipay and WeChat Pay dominate, while services like Visa and Mastercard are rare. To tap into Chinese consumer spending, Hong Kong businesses are encouraged to adopt these popular payment options.

This article will be a step-by-step guide for Hong Kong businesses looking to set up a business account, especially with Alipay. By the end, you’ll understand not just how to navigate the technical and regulatory complexities, but also how to manage your funds more efficiently and unlock the full potential of Chinese customer spending in Hong Kong.

Understanding Alipay for Hong Kong businesses

Many people may have already been familiar with Alipay, the digital payment app launched by Ant Group. But Alipay is far more than just a mobile wallet – it’s a super-app ecosystem. From making daily online and in-store payments to paying monthly bills, booking taxis, or even purchasing flight tickets, Alipay is widely used by many Chinese consumers for various transactions.

That’s why, including an Alipay payment option for your Hong Kong business is always a smart choice! Accepting Alipay can offer convenience for Chinese customers, potentially creating additional sales opportunities for your business.

It is worth noting that Alipay and AlipayHK are entirely different entities, and some features between them might be different. If you are doing business in Hong Kong, there is a high chance you will register under AlipayHK merchants instead of Alipay. But don’t worry: as an AlipayHK merchant, you can still accept payment from both AlipayHK or Alipay¹.

How to open an Alipay business account in Hong Kong

Eligibility and account types

Alipay offers two types of accounts: personal and merchant. As the name suggests, a personal account is tailored for individual needs while the merchant account is for businesses. Let’s look at how these accounts compare to each other:

AlipayHK Personal account:

• Eligibility: Individuals with a phone number from Hong Kong, China, or Macau**.**
• Primary purpose: Pay for goods and services to AlipayHK merchants.
• Function: Making payments, sending/receiving money, ordering taxis, book tickets, and more.

Alipay accounts for business or merchants:

• Eligibility: Businesses of every size
• Primary purpose: To receive payments from customers.
• Function: Generate QR codes for in-app, online or offline checkout. Access transaction reports and settlement tools. Participate in promotional campaigns on Alipay's ecosystem. Obtain real-time payment data.

So now you see, the biggest difference between these two lies between them is their primary use. The personal Alipay account has features for simple everyday spending or travel payments, and the merchant Alipay account is used to accept customer payments and manage sales.

The application process (Step-by-Step for HK businesses):

The application process for an AlipayHK business account varies depending on which type of payment you want to set up.

If you are operating a physical store – without the need to install a payment collection system, you can just apply for an AlipayHK business account online. For other types of account setup (like online payment or integration into existing POS), make a call to AlipayHK via (852) 2245-3201.

Required documentation (Crucial for HK):

Before getting into the required steps to set up a AlipayHK Merchants account, let’s explore what document you will need to prepare²:

• A valid HK phone number
• Company registration documents: Business Registration Certificate or Certificate of Incorporation.
• Bank account information: copies of bank card and bank statements within the last 3 months
• Information about the legal representative(s) (only required for unlimited liability company)
• Other documents might be required

Failing to provide the necessary paperwork is one of the most common pitfalls that can delay your application, or even result in outright rejection. To avoid this, make sure you consult with Alipay representatives to prepare the most suitable combination of documents for your business.

After getting all the required documents, explore how HK businesses can apply for an Alipay merchant account. Note that this process is only for physical store who does not intend to install a POS or integrate AlipayHK into the existing POS’s system:

1. Visit the Alipay for Merchants website.
2. Choose “Apply Now”
3. Complete the application form with your business details.
4. Wait for the Verification and Approval process from AlipayHK.

So the registration process for Alipay is not complicated. But it is worth noting that while you might meet all requirements, AlipayHK will reserve all the rights to refuse, limit, or suspend the Merchant account.

Using your Alipay business account for transactions

After successfully opening an AlipayHK business account, let’s see how AlipayHK can help you to boost the customer experience for transactions, hence increasing your sales and your financial flow.

You can start with the QR code payment function in AlipayHK.** AlipayHK will generate for your store a QR code to set up in the store or on your website. **Individual account holders can scan this QR code to pay you quickly. Another way is you scan your customer’s QR code to receive the payment. Pretty easy right? Yet, this isn’t the only paying function of Alipay – you can also integrate Alipay into your e-commerce platforms like Shopify or Woocommerce, even into your existing POS systems.

The money your customers pay to you will be held in your Alipay Merchant Account, and you can request a withdrawal of all or part of the funds at any time to your chosen banks. Once the account accumulates to 20 HKD, AlipayHK will start to settle your fund to the merchant’s bank account that you register with AlipayHK³. This process might take up to 3 working days, but might vary depending on the circumstances.

Fees and costs: A transparent breakdown

AlipayHK does not publish a standard fee structure for Hong Kong merchants – you will only know how much your fees and costs are after you register for an account.

In general, AlipayHK will charge a transaction fee based on use rate and sale amount, but it can be as low as 0% for the physical store⁴. However, you should always be aware that there might be other fees such as commission fee, payment rejection fees, administration fees, and other related fees from Alipay for different types of services.

Alipay and AlipayHK are indeed an excellent choice for you to include as a payment option. Alipay is used by many customers from mainland China, potentially helping you reach this customer segment.

However, as a merchant, if you need to send money to suppliers or other businesses, consider a Wise Business account, which offers international transfer services and can complement your payment systems. With a Wise Business account, you can also generate a QR code for customers to pay with a card.

Ready to accept payments from millions of Alipay users and manage your international funds more efficiently? Open a Wise Business account today and experience transparent currency conversion with clearly displayed fees and competitive global payment options.

Learn more about Wise