DBS Hong Kong, Yedpay launch all-in-one sales management solution

Source: DBS. Representatives of DBS Bank and Yedpay commemorate the launch of DBS Max Merchant Solutions.
Source: DBS. Representatives of DBS Bank and Yedpay commemorate the launch of DBS Max Merchant Solutions.

DBS Bank in Hong Kong and The Payment Cards Group (Yedpay) have launched DBS MAX Merchant Solutions, a one-stop solution for managing sales operations. This suite of tools streamlines payment collections and enhances operational efficiency for merchants in Hong Kong, with payment collection settlements proceeding as quickly as a day after the transactions*.

Recent research by DBS Hong Kong** has highlighted that nearly 70% of merchant respondents are currently utilising digital payment methods, with 86% planning to adopt new digital payment methods in their operation within the next 12 months. However, inaccurate financial records due to reconciliation challenges (35%) and inefficient settlement time from their payment acquirers (31%) are their main challenges.

As businesses continue to navigate the evolving landscape of digital payments, DBS Hong Kong remains dedicated to providing tailored solutions that enhance operational efficiency and support sustainable growth. The new DBS MAX Merchant Solutions offer swift onboarding, where business accounts can be opened in as little as one working day, and collection settlements processed as quickly as a day after the transaction. 

The solution is compatible with a wide range of 21 payment options, and can be flexibly integrated with various sales channels. By consolidating sales operation data and bank account information into a single platform, DBS MAX Merchant Solutions allows merchants to enhance efficiency, gain data-driven insights, and advance their digital transformation, while providing banking-level security safeguards.

Boris Chan, MD and Head of Global Transaction Services, DBS Bank Hong Kong said: “We are excited to partner with Yedpay to make business operations easier for merchants. This solution addresses two critical merchant pain points - reconciliation challenges and slow settlement time. By combining the strengths of DBS and Yedpay, DBS MAX Merchant Solutions enable them to manage collections seamlessly, while expanding their range of digital payment options and providing a comprehensive support to the merchants.”

Beatrice Tai, COO, Yedpay stated: “Over the past few years, Yedpay has evolved from a payment service provider into an acquirer. We have developed a comprehensive understanding of the challenges, complexities, time constraints, and costs that merchants face in payment and settlement processes. We see tremendous opportunity to collaborate with DBS Hong Kong, combining our new cloud-based processing technology with DBS’ banking expertise to jointly develop solutions that streamline processes for merchants. By working hand-in-hand, we can deliver seamless settlement solutions that reduce friction and costs for merchants.”

*Only applicable to offline transactions completed through the Yedpay Portable POS Device and is subject to the actual cases of individual merchants. For more details, please consult the service provider Yedpay. DBS Bank Hong Kong is the provider for payment collections via Faster Payment System (FPS) and other payment collection methods under DBS MAX Merchant Solutions are provided by The Payment Cards Group (Yedpay). The Bank is not liable for the services/products provided by the third party service provider. For the full disclaimer of the service, please visit go.dbs.com/3RZKTaC

**A recent DBS Hong Kong survey in August, Merchant Collection Solutions and Challenges for Local Businesses, interviewed 200 representatives from Hong Kong to examine the payment landscape, pain points and customer expectations and the level of satisfaction with current collection solutions. 

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