TL;DR:
By integrating UnionPay, businesses can tap into the world’s largest cardholder base. This payment network offers a seamless and trusted payment experience for UnionPay cardholders, who enjoy benefits like no foreign transaction fees and various rewards. For merchants, accepting UnionPay means faster settlements, lower processing costs, and reduced fraud, ultimately leading to increased conversion rates and revenue.
Summary:
UnionPay is a global payment network with the largest cardholder base in the world, making it an essential payment option for businesses targeting UnionPay cardholders. UnionPay offers a variety of payment solutions, including debit and credit cards, mobile payments (QuickPass), and online payments (UPOP), which are integrated with popular digital wallets like Apple Pay and Samsung Pay.
For consumers, UnionPay cards offer numerous advantages, such as the absence of foreign transaction fees, access to a global ATM network, and a range of travel and lifestyle perks through the UnionPay Privileges platform. These benefits make it the preferred payment method for UnionPay cardholders.
For merchants, accepting UnionPay provides several key benefits:
- Access to a Massive Market: With nearly 9 billion cards issued worldwide, UnionPay opens the door to a vast and lucrative customer segment.
- Increased Sales: Offering a familiar and trusted payment method can significantly boost conversion rates, with some businesses seeing up to a 2x increase in revenue from UnionPay cardholders.
- Lower Costs and Faster Settlements: Payment processors like Payscout offer competitive processing fees (around 2.5%) and faster settlement times (as fast as 2 days).
- Enhanced Security: UnionPay’s system includes robust security features like SMS authentication and tokenization, which help to reduce fraud and chargebacks.
Integration can be achieved through Payverse, who offers APIs and plugins for seamless integration with e-commerce platforms and in-person points of sale. By displaying the UnionPay logo, businesses can signal to this large demographic that they are welcome, further encouraging patronage.
Is your e-commerce business ready to tap into a massive, underserved market? By integrating UnionPay with your payment platform, you can open your digital doors to millions of international shoppers. This guide provides a step-by-step overview of how to get started with Payverse, making a complex payment gateway integration seamless.
See our video “Guide To Accepting and ImprovingYour Customer Satisfaction With UnionPay”
The UnionPay Opportunity for Your Business
UnionPay is a global payment network with hundreds of millions of cardholders, many of whom are frequent travelers and online shoppers. In the United States, many merchants don’t accept UnionPay, creating a significant untapped opportunity. By offering this payment option, your business can attract a new, valuable customer base and stand out from the competition. Payverse makes this process easy, with a solution designed for popular e-commerce platforms.
Step-by-Step Guide to Integrating Payverse and UnionPay
This is a how-to-guide for setting up your e-commerce platform to accept UnionPay credit and debit cards through Payverse. The process is straightforward, but the specific steps may vary slightly depending on your platform.
For Shopify Merchants: The UnionPay Shopify Integration
Shopify is a leading platform for e-commerce, and integrating Payverse is simple.
- Add Payverse as a Payment Provider: In your Shopify admin, navigate to Settings > Payments.
- Activate Payverse: Find Payverse in the list of third-party payment providers and click to activate it. You will be prompted to enter your unique Payverse merchant credentials.
- Enable UnionPay: Once connected, Payverse’s solution will automatically enable UnionPay as a payment option for your customers, displaying the logo during checkout.
- Test the Integration: Conduct a test transaction to ensure the UnionPay option appears correctly and that payments are processed successfully.
For WooCommerce Users: Your New WooCommerce Payment Gateway
As the most popular e-commerce plugin for WordPress, WooCommerce can quickly accept UnionPay via a simple plugin.
- Install the Payverse Plugin: Go to your WordPress dashboard, navigate to Plugins > Add New, and search for the Payverse plugin. Install and activate it.
- Configure the Gateway: In your WooCommerce settings, go to Payments and select Payverse. Enter your merchant API keys and other required credentials.
- Enable UnionPay: In the plugin settings, make sure UnionPay is selected as an accepted card type. The plugin handles the technical setup, so your customers will see the UnionPay option at checkout.
- Confirm Functionality: Process a test order to verify that the WooCommerce payment gateway is functioning correctly.
For Magento Merchants: A Simplified E-Commerce Payment Setup
Magento is a powerful platform known for its flexibility. The Payverse integration simplifies the often-complex e-commerce payment setup.
- Obtain the Payverse Extension: Download the Payverse extension from the Magento Marketplace.
- Install the Extension: Follow the standard Magento installation procedure to add the Payverse extension to your store. This typically involves using a command-line interface or the Web Setup Wizard.
- Configure in the Admin Panel: Log in to your Magento admin panel and navigate to Stores > Settings > Configuration > Sales > Payment Methods. Find the Payverse gateway and enter your merchant credentials.
- Enable UnionPay: Within the configuration settings, enable UnionPay as a payment method. Payverse handles the rest, ensuring your checkout process is ready to accept UnionPay card payments.
Unlock Your Global Business Potential with Payverse
Integrating UnionPay with your e-commerce platform doesn’t have to be complicated. Payverse streamlines the process, allowing you to focus on what you do best: running your business. By offering a familiar payment method to UnionPay cardholders, you not only improve the customer experience but also gain a significant competitive edge in the market.
Ready to expand your reach? Contact Payverse today to learn more about our simple and powerful payment solutions.