Business accounts are crucial for managing a company’s financial transactions and maintaining smooth operations. However, for small merchants, applying for a business account can be challenging. The application process is time-consuming and complex, with some traditional banks requiring applicants to visit the bank for identity verification and “Know Your Customer” (KYC) checks, further prolonging the approval time.
In addition, according to KPay’s merchant survey, nearly 30% of respondents paid for account opening fees, monthly service fees, company registry fees, and hidden transaction fees, while some business accounts even have a minimum deposit requirement ranging from HKD 10,000 to HKD 500,000. These difficulties coupled with the lack of customer support for account issues, many start-up merchants choose to manage their company accounts with personal accounts.
However, using a personal account can confuse personal and business finances, making it hard to understand the company’s actual financial situation. You might also face sudden account freezes by the bank due to improper account usage, severely impacting business operations. KPay understands the challenges merchants face in account management, which is why we proudly introduce the new Fast Payment Account.
| Step 2 | Enter payment details and instructions |
| Step 3 | Pre-set approval flow for expenses |
| Step 4 | Choose payment account and currency |
| Step 5 | Local or international transfer and remittance |
| Step 6 | KPay App automatically analyses expense categories, organising them into different expenditure analyses and transaction reports. |
The Fast Payment Account supports transfers and remittances in 12 currencies to 11 countries and regions. Transfers can be completed as quickly as the same day, with international remittance fees as low as HKD 10, offering faster and more economical transfer channels to help merchants complete transactions without boundaries and enhance bill payment efficiency.
You can view detailed pay-in and pay-out records, trends, and income and expense distribution on the KPay App. You can also download various transaction records and monthly statements in a spreadsheet (.excel), CSV, or PDF format at any time, speeding up your annual auditing and tax filing processes.
KPay is excited to announce the launch of our new Fast Payment Account, offering merchants a fast online account opening experience, with T+1 express settlement, account management, pay-in and pay-out management, multi-currency transfers, and smart data analysis, among other functions and services. We aim to provide merchants with a simpler, more convenient, and efficient financial management experience.
Business accounts are crucial for managing a company’s financial transactions and maintaining smooth operations. However, for small merchants, applying for a business account can be challenging. The application process is time-consuming and complex, with some traditional banks requiring applicants to visit the bank for identity verification and “Know Your Customer” (KYC) checks, further prolonging the approval time.
In addition, according to KPay’s merchant survey, nearly 30% of respondents paid for account opening fees, monthly service fees, company registry fees, and hidden transaction fees, while some business accounts even have a minimum deposit requirement ranging from HKD 10,000 to HKD 500,000. These difficulties coupled with the lack of customer support for account issues, many start-up merchants choose to manage their company accounts with personal accounts.
However, using a personal account can confuse personal and business finances, making it hard to understand the company’s actual financial situation. You might also face sudden account freezes by the bank due to improper account usage, severely impacting business operations. KPay understands the challenges merchants face in account management, which is why we proudly introduce the new Fast Payment Account.
A Fast Payment Account is a business account designed for all merchants, offering a simple, fast, and online application experience, lowering the entry barriers to account opening. The account integrates T+1 settlement, transfers and remittances, one-stop pay-out processes and management, smart financial data analysis, and automated reports, providing a comprehensive financial management experience.
Applying for a Fast Payment Account is very simple. KPay merchants can submit their applications via the KPay App without the need for additional documents, completing the process in just three steps. Applications can be completed in as fast as 10 seconds, with approval in 48 hours, eliminating long processes and helping merchants get started quickly.
New KPay merchants can also apply for a Fast Payment Account when activating e-payment services, and track the application progress anytime via the KPay App.
By setting the Fast Payment Account as your KPay settlement account, you can upgrade to T+1 express settlement, receiving funds in your account the next day. This ensures stable cash flow and flexible fund management.
*Applicable for merchants currently using T+2 settlement
The Fast Payment Account, integrated with the KPay App’s Pay-Out Management function, allows you to handle bills at one stop. From automatically importing bills via multiple channels to the KPay App for centralised management to completing transfers and remittances, the process is simple and easy, making manual errors and inefficiency a thing of the past.
Use cases:
F&B industry: When ordering ingredients from overseas suppliers, use OCR scanning to import multiple electronic invoices into the KPay App and complete the transaction via international remittance through the KPay App.
Retail industry: Set the landlord as a payee and schedule a payment instruction on a specific date. The system automatically transfers rent to the landlord on the designated date.
| Step 1 | Electronic bill: Instantly import bills to the KPay App via instant messaging applications. Paper bill: Use OCR smart scanning to automatically import data from paper bills to the KPay App. |
| Step 2 | Enter payment details and instructions |
| Step 3 | Pre-set approval flow for expenses |
| Step 4 | Choose payment account and currency |
| Step 5 | Local or international transfer and remittance |
| Step 6 | KPay App automatically analyses expense categories, organising them into different expenditure analyses and transaction reports. |
The Fast Payment Account supports transfers and remittances in 12 currencies to 11 countries and regions. Transfers can be completed as quickly as the same day, with international remittance fees as low as HKD 10, offering faster and more economical transfer channels to help merchants complete transactions without boundaries and enhance bill payment efficiency.
You can view detailed pay-in and pay-out records, trends, and income and expense distribution on the KPay App. You can also download various transaction records and monthly statements in a spreadsheet (.excel), CSV, or PDF format at any time, speeding up your annual auditing and tax filing processes.
Funds in the Fast Payment Account are securely stored in our banking partner DBS Bank (Hong Kong). Our other service partner, Airwallex HK, collaborates with multiple international banks to provide merchants with cross-border remittances, foreign exchange, and payment transactions. To ensure the safety of your funds, KPay employs rigorous security standards to protect all funds and transactions processed through the Fast Payment Account.
- Simple and quick account opening experience
- No minimum deposit requirements, monthly service fees, or hidden charges
- Easy-to-use and comprehensive interface
- One-stop bill management
- Real-time customer service support: Live customer support from 10AM to 10PM every day
From now on, you can open a Fast Payment Account with a package fee of HKD 1,000 and enjoy the following limited-time benefits at a lower cost:
- Fee rebate for the first 250 Faster Payment System (FPS) transfers (worth HKD 1,250)
- Enjoy lower fees for FPS / ACH transfers
- Upgrade to T+1 settlement
Apply in 10 seconds and get a head start!
How to apply for a Fast Payment Account:
- Existing KPay merchants can log in to the KPay App.
- Click the “Activate Fast Payment Account” banner on the “Overview” or “Pay-Out” page.
- Read and agree to the relevant terms and conditions.
- Submit your application!
Click 'Started now' below to connect with us and learn more!
