Payment Asia: An All-round E-Commerce Solution
Anka Yip, IT Development ManagerIn its presence of close to two decades, Payment Asia not only provided merchants with solutions for payment processing but took a further step and provided merchants with solutions regarding digital marketing, websites, and mobile application development. The company assists merchants to efficiently track leads to the sales cycle, acutely pinpointing what factors would contribute to an increase in sales and conversion rates. Payment Asia serves as a processing partner for merchants to help generate traffic to their websites to enhance their performance further.
Apart from assisting merchants in improving sales, Payment Asia looks forward to strengthening its relationship with them by integrating a solid customer relationship management system. The company’s competent staff regularly communicates with merchants for constructive feedback, so the quality of its services can be maintained, and to identify new issues, so the company can continue to provide an all-round service to all types of merchants.
The company has had a glorious journey in the e-commerce space that has served over 3000 clients. A client who significantly benefited from the company’s solutions is a Hang Seng listed blue-chip public hotel group, who was in need of a method to market and sell online product types other than its hotel rooms.
Payment Asia intends to deliver more artificial intelligence by introducing ‘Chat Bot’ to help solve merchant inquiries in real-time
Realizing that the existing solutions provided in the market could not serve such purpose, the client approached Payment Asia. The company thereafter assembled a team of digital marketers, web & mobile developers, banking relationship managers, and a dedicated support team. The team designed a voucher-based platform with in-house web technology capable of supporting just about any product from food to shuttle transportation, gift, and loyalty promotions.
Payment Asia has also helped merchants devise a fully managed and supported delivery model along with providing compliance audits for the payment card industry. Considering the growing requirements of its e-commerce clients, the company also extends post sales service to them, which includes setting up all product catalogs, SMS sales verifications, and mobile quick response code (QR code) recognition systems for vouchers. Their clientele also includes organizations in anti-fraud and chargeback management.
The key differentiator of Payment Asia lies in the fact that it brings a comprehensive approach to bring networking malfunction downtime to approximately zero, and withstand a single-point failure. To achieve this, the company went through a complete transformation phase in the first quarter of 2016, implementing cloud into its services. Another key element that sets the company apart is its optimal load balancing system that helps to keep track of the workflow in real-time. The system is integrated with a cross-city monitoring system, which assists merchants to resolve any technology issues in minutes. The company also helps with fraud detection leveraging artificial intelligence.
Since its inception, Payment Asia has developed various cutting-edge technologies to drive the e-commerce market. Yip believes that the future will be no different. In the coming years, Payment Asia intends to deliver more artificial intelligence by introducing ‘Chat Bot’ to help solve merchant inquiries in real-time. The Chat Bot will come with a monitoring system that brings out frequently asked questions and opens doors for Payment Asia to serve merchants more accurately and efficiently. Yip also states automated reporting is another function that Payment Asia plans to devise around the end of the year.
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With the incorporation of these novel services, Payment Asia aims to elevate ESG (Environmental, Social, and Governance) standards for payment solutions in the Hong Kong region. The implementation of AI-driven customer service and big data will offer clients a smooth and personalized experience while also optimizing the onboarding process, encompassing non-face-to-face client identification and internal vetting protocols for new customers.
Internally, the company has taken significant steps towards sustainability. They have discontinued the traditional practice of paper-based submission for expense claims and accounting. Instead, they have adopted AI technology for automated approval and report generation, benefiting all relevant departments with daily monitoring capabilities. These efforts underscore Payment Asia's commitment to driving ESG and sustainability principles within the financial services domain.
"We are thrilled to be the first in Hong Kong to offer such a comprehensive suite of automated payment services," said Paul Tang, COO of Payment Asia. "The use of AI can help multiply the efficiency of fintech companies. Our goal is to provide our customers with the best all-in-one experience. Adapting AI in our daily operation helps us to boost efficiency and turn our intentions for ESG into a workable reality."
Payment Asia is at the forefront of fully automated merchant onboarding processes, utilizing AI and machine learning algorithms. Through this approach, customer data can be promptly analyzed, and identities verified in real-time, eliminating bureaucratic delays and complex email correspondence. This streamlining enables merchants to significantly shorten their onboarding time while mitigating the risk of fraud. As data privacy and security grow in importance, e-KYC processes become increasingly crucial, and Payment Asia offers a solution that addresses these concerns without compromising security.
Furthermore, Payment Asia employs ChatGPT, an AI natural language model, to enhance daily customer service. By analyzing customer inquiries and providing comprehensive responses, ChatGPT contributes to improved customer satisfaction and retention rates. As the demand for online customer service rises, integrating AI tools like ChatGPT becomes essential for businesses seeking to maintain a competitive edge.
Additionally, Payment Asia has automated its accounting processes using a cloud-enabled platform, exemplifying their commitment to embracing ESG in financial services. The issuance of corporate cards to all staff allows for AI-based analysis of transaction data and expense categorization. An auto-approval expense platform generates reports for each department, facilitating expense tracking and cost management. AI's role is instrumental in promoting sustainability, as it leads to reduced environmental impact, heightened efficiency, and minimized paper usage.
Payment Asia strives to elevate the standards of payment solutions in Hong Kong and seeks to digitize its entire business model while offering efficient and eco-friendly solutions. Driven by a dedication to customer satisfaction, Payment Asia plans to continually introduce new services and technological innovations in the years to come. Read more