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.
