Your terminal software has been updated so you can now accept UnionPay cards. This lets you offer your customers even more choice in how they pay and opens your business to more customers from among the over 5.4 billion UPI cardholders globally1. UnionPay International (UPI) is one of the largest card schemes based in China and with the number of Chinese tourists visiting the UK now expected to double2 there are lots of reasons your business could benefit from accepting this card type.
Benefit from recent terminal updates
What does this mean for you?
Your terminal has already automatically updated, so there’s nothing you need to do.
There are some things you need to be aware of.
One simple cost across all UnionPay transactions – A Merchant Service Charge (“MSC”) of 2.25% will apply to each transaction except for refunds for which no MSC fee applies . This MSC will be deducted from the total amount of each transaction before any balance is remitted to you (called ‘net settlement’). This is different to what you may be used to with other card schemes where you are invoiced separately each month for this MSC fee.
Clear invoicing with a separate monthly statement – Your standard settlement time is three business days, but as the card scheme is based in China and there will be a delay in processing transactions during public holidays in China.
Payments settled around Chinese public holidays – Your settlement timescales will also be different at times, as the card scheme is based in China and there will be a delay in processing transactions during public holidays in China.