Source: Standard Chartered Bank (Hong Kong) Limited
Standard Chartered Bank (Hong Kong) Limited announced today an initiative to facilitate integrated payment solutions for hospitality and retail merchants located within Hong Kong, China and Macau.
Planet Payment [LSE: AIM: PPTR and PPT] a leading international multi-currency payment and data processor, will be serving as the regional transaction switch to Standard Chartered in connection with the initiative.
Currently, most merchants in the Greater China Region utilise a stand- alone credit card terminal to process transactions, which operates independently from the merchant's other business management solutions, such as property management systems. Now, with Standard Chartered's solution, merchants can integrate their credit card processing functionality directly with these business management solutions. The benefits of integrated solutions may include the streamlining of business operations by allowing for easier reporting and reconciliation of card transactions and reduction of operating costs through elimination of multiple credit card terminals and supporting phone lines at the point-of-sale.
In addition to supporting the processing of domestic Visa and MasterCard transactions, the solution will also support Standard Chartered's Dynamic Currency Conversion service, powered by Planet Payment, which provides customers with the convenience and certainty of paying in their home currencies based upon a real-time conversion performed at the point-of-sale.
"Standard Chartered Bank (Hong Kong) Limited prides itself on providing merchants with a robust suite of products and services that help merchants conduct business more efficiently and effectively," said Mary Lo, General Manager, Credit Cards & Personal Loans of Standard Chartered Bank (Hong Kong) Limited. "Our merchants in the Greater China Region have consistently inquired about integrated payment capability which can create efficiencies by directly feeding credit card transaction data directly into those systems which merchants use to run their business, such as hotel property management systems. With Planet Payment as our partner, we are confident that Standard Chartered Bank (Hong Kong) Limited will be in a position to fill this current market need."
"Planet Payment's approach has always been to develop processing solutions that do more than simply process credit card transactions, but that instead help improve the way that merchants conduct business," said Philip D. Beck, Chief Executive Officer of Planet Payment. "At Planet Payment, we develop these solutions by listening to the specific business requirements of our acquiring partners and their merchants. We are excited about working with Standard Chartered Bank (Hong Kong) Limited on this initiative, which will provide a solution to those merchants in the Greater China Region that have been seeking the improved reporting and greater efficiency that flow from integrated payment capabilities."