1. How does the transaction flow?
A: Customer pays merchant by RMB directly from their China bank account at real-time exchange rate with WeChat or Alipay. Tencent settles the RMB to Alpha Pay then Alpha Pay settles to the merchant’s designated Canadian bank account in CAD.
2. Any chance for merchant to bear the difference in exchange rate in case the rates are different on the day the transaction was made and the day it’s settled?
A: Merchant does not have to bear any exchange rate difference in case rates fluctuate before settlement. The customer pays merchant at the real-time exchange rate provided by Tencent who will settle at the same rate.
3. How many days does settlement take?
A: T+2 (2 business days), settlement days can be manually set to T+1, T+3, weekly or monthly.
4. Does merchant still need to pay for service fee in case of refund?
A: No, there is no service fee
5. How to ensure the security upon payment transaction?
A: Alpha Pay is a FINTRAC-licensed payment company that is regulated under FINTRAC compliance. We are an official partner of WeChat & Alipay with all payment transactions being insured and protected by a well-established international insurance company. Also, Alpha Pay is MSB (Money Service Business) registered.
6. Can you quote some existing clients?
A: Alpha Pay signs up with both SME (small-medium enterprises) as well as national accounts. Examples of clients are: T&T Supermarket
7. Any additional charges incurred (other than service fee) upon settlement to merchant’s Canadian bank account?
A: Alpha Pay does not charge any additional handling other than the service fee of each transaction.
8. Is merchant paying service fee once every month or upon each successful transaction?
A: The service fee will be charged on every single successful payment transaction and the amount will be deducted directly upon settlement of payment to the merchant’s bank account per transaction.
9. Any payment limits on WeChat & Alipay & UnionPay transaction?
A: It depends on the individual, usually 10,000 per transaction.
10. Which bank is Alpha Pay working with on payment settlement?
A: All Banks. Tier 1: RBC, CIBC, TD. Tier 2: COAST CAPITAL. Tier 3
11. Any monthly statement for merchant?
A: Yes, Merchant can access to the back office or Alpha Pay APP to download monthly statement
12. How do we handle charge back and fraudulent cases?
A: With WeChat & Alipay & UnionPay, chargeback does not exist just like the debit transactions. Same as fraud, the consumer is responsible for safeguarding their payment and is 100% liable for all fraud.
13. Had Alpha Pay obtained PCI Compliance Certification in North America (Canada, USA) or others? If yes, what level of PCI compliance was being certified?
A: Yes, AlphaPay has PCI Compliance Certification.
14. When is the day end closing cut off time? Does merchant have to perform day-end closing manually with Alpha Pay terminal like those credit card terminals?
A: WeChat & Alipay transactions are auto cut off at 12:00 am PST. No manual day-end closing of transaction is needed.