With the latest Faster Payment System (FPS) introduced by the HKMA, anyone can make any cross-bank / “SVF” payments in HKD and RMB instantly 24/7!
Back in the days, most online transactions limit payment methods to only credit cards and PayPal. These payment methods not only cost high in terms of money and time, but sellers also have to bear almost all risks. Hence, a massive share of current e-commerce sellers chose to collect the payment in the traditional way – bank transfer. Although it is low in price, handling orders and the reconciliation process manually is inconvenient and error-prone.
Through the QR code payment technique in FPS, along with the Fintech system developed by Vcan, online transactions can be done effortlessly: all customers have to do is scan the code with their smartphones.
E-SHOP OWNERS CAN ACCEPT PAYMENTS THROUGH FPS
Simple & efficient
24/7 No time limit
Payments acoss different banks
Save & secure
VcanFLY - E-SELLER'S SOULTION
Generate an unqiue QR code per order
Open API for banking system
Instant updates transaction status on e-shop
Automated reconciliation functions
Traces the payment ststus on each order
Save up to 88%online transaction cost in an innovative way！
INSTANT TRANSFER ON SOCIAL MEDIA
Sellers who sells on social media only, do not have an online webstore.
CHECK OUT MADE SIMPLE
Sellers who already have an online webstore.
VALET ORDER - SCAN AND PAY
Generates QR code available for
On-scene transaction and valet order
Is FPS safe?
I don't have a website of my own, can I still use the VcanFly service?
I have my own web store, how can it docks with the VcanFly system?
Apart from QR code, can phone number or email be used instead?
Can I use my own FPS account for the payment process?
I don't have a business bank account, what should I do?
What are the fees for the VcanFly service?
Are customers required to register FPS beforehand?
Is there a limit for the transaction amount?
What do I have to prepare if I decide to use the VcanFly Service?
“FPS” is launched by the Hong Kong Monetary Authority in 2018 as a payment financial infrastructure, operated by Hong Kong Interbank Clearing Limited (HKICL) to enable instant payments in Hong Kong. FPS provides consumers and merchants a safe, efficient and widely accessible retail payment service on a 24/7 basis.
Using the designated system under the Payment Systems and “SVF”, overseen by the Monetary Authority on a continuing basis for complying with safety and efficiency requirements, FPS is safe and secure to use for any online transactions.
Understanding the need for the merchants who do not have their own webstore, Vcan provides ready-made system and front-end shopping cart webpage. Customers can click on the link under posts or messages of a product on social media platforms, bringing them to a unique QR code generated specifically for that order. With that unique QR code, merchants can manage their social media promotion, order information and the payment status of each bill.
The order system charges on a monthly basis. If interested, please don’t hesistate to reach out to our customer service (email@example.com / +852 37073089).
We are able to provide the API that docks with the existing e-shops. When customers pay at the checkout in the webstore, they can choose “FPS” and pay by using the QR scan available in the app of each bank. After the scan, the transfer will proceed immediately, with an email notification confirming the transfer’s success. There will be a transaction report daily, summarizing the payment status of all orders, hence managing orders will no longer be a pain.
“FPS” supports mobile number, email and bank account number for the bank transfer. Although these methods allow the bank transfer process, it is unable to identify the transaction to the order; in the end, the reconciliation process has to be done manually. It is strongly suggested to use QR code payment while using VcanFly: With the QR code generated from the Vcan system, each exclusive code contains data such as order number, customer information and transaction amount. Merchants can trace the status of each order in a convenient manner.
This method does not generate a QR code per order, thus unable to serve the reconciliation function.
A local business bank account will be provided when registering the VcanFly account. The bank account will be under one of the collaborating banks with Vcan, so as to accept cross-bank transfers.
The ONLY fee is charged by a certain percentage, base on the transaction amount. There is no hidden fee like account opening fees, annual fees or management fees.
Payers are not required to pre-register FPS; yet it is mandatory for them to be accessible to online banking services and have that bank’s mobile APP.
However, merchants must have a bank account that accepts FPS transfers. If unspecified, the bank account will be set to Vcan’s default bank.
Various banks, account types and levels have distinctive daily transfer limits, varying from HKD 10K to 1M. However, the daily transaction limit can be manually changed, so as to avoid input errors or info leaks.
To begin, please first register a Vcan account by having the following ready:
1) Certificate of Incorporation (CI)
2) Business Registration (BR)
3) Annual Return (NAR1) OR Incorporation Form (Company Limited by Shares) (NNC1)
4) Identification documents (e.g. ID card ) of Directors and Shareholders (25% or above)
5) Proof of Address in between 3 months of Directors and Shareholders (25% or above)
Once the Vcan account is approved, a business bank account will be provided. In the meantime, Vcan’s IT team will assist the dockiing process of the system and the website. Once completed, the VcanFly services will be in use immediately. Be a step ahead of others, earn a double more than others!
We looked for FPS services that can provide instant reconciliation reports, and Vcan can do exactly what we would like to. Their customer service response rate is highly efficient, so as their tech spport team. The rate is reasonable. This service can sure help a lot for Hong Kong start-ups, highly recommended!!
Mai Bai Jia Ltd.
· Yang Peng Tao
The spectacular advantage that Vcan has allows them to provide services that perfectly fits the merchants’ need like the add-value fuction. I used their services confidently!