While you can find NihaoPay FAQs on their website, I have included some additional information in this article. These are the questions most online educators have asked me.
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What is NihaoPay?
NihaoPay is a leading international payment processor with exceptional customer service and low transaction fees. They make accepting payments from clients in China simple and easy!
What payments can NihaoPay process?
NihaoPay accepts RMB payments from China’s 3 main payment platforms:
- UnionPay
- AliPay
- WeChatPay
What are the fees?
NihaoPay only charges a low processing rate for each transaction and a flat rate settlement fee per payout. There is no setup fee or monthly fee.
The transaction rate of only 2.6% per transaction.
The payout fees vary depending on business location and payout currency. For ACH payments of USD to banks in the USA, the fee is only $0.30 per deposit.
How often are payouts to my bank?
NihaoPay offers website integration of their payment processor as well as a simple payment request system (EasyPay Order).
I prefer to use their EasyPay Order system, which offers payouts either once per month or once the account reaches $5,000 (your choice).
Using NihaoPay’s API to integrate their payment system into a website could possibly trigger additional transaction fees from the web host. However, their website integration offers more options for payout frequency.
I have been using NihaoPay since October 2021 for my own online teaching business, and every transaction and payout has occurred on time without error. They send me a monthly email with a spreadsheet of all transactions. The records for EasyPay Orders are also available within the NihaoPay Merchant Dashboard.
What currencies and countries does NihaoPay Support?
They currently support USD, CAD, EUR, GBP, AUD, JPY, HKD, RMB, and SGD.
NihaoPay is able to work with business entities registered in over 100 countries. Some of the supported countries include: USA, Canada, UK, Spain, Philippines, South America. Please contact me at Brandi@nihaopay.com for additional information regarding supported countries.
What foreign exchange rate does NihaoPay use?
They use the daily foreign exchange rates published by the Chinese payment platforms.
What are the requirements for being able to use NihaoPay to process payments?
As an official partner of WeChat Pay, NihaoPay fully vets all applicants to ensure that they meet the requirements of the payment platforms before approving them.
- Business registration (e.g. a trade name, EIN, LLC, etc.) Don’t let this requirement overwhelm or intimidate you — getting a business registration can be very quick, simple, and inexpensive/free!
- Business website
- A free website is fine, but a social media page (e.g. Facebook business page) will not suffice.
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Expedite Your Application!
There are 10 Benefits for Using Me as a Referral for NihaoPay, including having your application expedited and making that process easier and smoother. I also offer instant access to my exclusive, FREE video guide to help answer application questions. This is convenient so you can get instant answers and relevant information on your own time that will reduce application errors.
I aim to reply to emails and messages within 24 hours (but I often process it within a couple hours, if not immediately). This is regardless of nights, weekends, holidays, etc.
Giving Credit Where Credit Is Due
When you complete the contact form on NihaoPay’s website, it will sit in an email queue only to be processed by a random sales team member during normal US business hours with an expected turnaround time of a few business days. Their sales team earns a good salary plus commissions. However, as an independent contractor, I only get reimbursement for my applicants who get approved and use their services. If you bypass me and don’t even mention that I referred you, a random sales member will get credit and reimbursement for my work and effort.
It’s important to remember that NihaoPay works with many different kinds of companies, so their backend process will take longer when an applicant contacts them without any referral since they must determine exactly what is all is needed. However, NihaoPay already knows exactly what my applicants need on the backend of processing. This drastically cuts down on the processing time and simplifies the process for you as well.
More Info
Quick Guide
- Why a business registration is required:
- Simple business registrations that meet NihaoPay’s requirements:
Disclaimer – This post was approved by NihaoPay in May 2022.
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