Chinese consumers represent a substantial market in Canada. Chinese tourism to Canada continues to grow, and Chinese tourists rank second in overall spending (only behind tourists from the United States). The largest number of international students in Canada are from China. And, of course, people of Chinese origin make up the largest number of immigrants to Canada. Does your business welcome the Chinese market?
To attract Chinese spending power, it makes sense for your business to offer the most popular Chinese Digital Payment platforms. Choosing a payment provider for WeChat Pay, Alipay and UnionPay shouldn’t be confusing. With the right information, you can make an informed decision that works well for your business. Here are some key questions to ask:
- Does the provider have a proven track record?
There are many payment providers out there, but you want to partner with one that has a great history of working with businesses to help them succeed. Ask for references to other customers who have similar business needs. Your provider should be happy to provide these to you.
- Is the provider in a stable financial position?
Just as your business provides reliable, continuous service to your customers, you should expect the same from your payment provider. This is why financial stability is essential, and good indicators of financial stability are a proven track record and a reputation built up over time.
- Does the provider have a long-term view of the market?
In a crowded field, newcomers to the payments industry often use low rates to attract customers. But do they also offer exceptional customer service? How about platforms that meet your customers’ needs? Do they have insight into, and offer, the newest payment technologies? Low rates might look attractive at the beginning, but in time, you may find that there are hidden costs.
- Does the provider offer predictable (and fast) processing times?
Knowing how long it will take funds to reach your account is vital when you’re running a business. Industry leaders offer T+1 settlement, meaning you’ll receive payments on the next business day after a transaction is posted. Other providers may offer T+2 or T+3 or even longer during Chinese holiday periods.
- Does the provider offer adequate support?
You should feel confident about this. Whether your business is large and well-established, or just getting started, a great relationship with your payment provider is crucial for continued growth. Ask for how long have they been in business, and what kind of customer service support they offer.