Foreign sellers admitted to China online

[img_assist|nid=7001|title=|desc=|link=none|align=left|width=100|height=70]A leading provider of electronic payment and risk management solutions in the USA CyberSource Corporation in cooperation with China's leading payment & loyalty marketing service provider PayEase Technology Ltd. are working out a new system that will allow merchants in the US and UK to participate in the China online market.

Many online traders throughout the world strive to take positions on China e-business platform. It seems very alluring because of swift raising number of Internet consumers. Online payment in China is said to be "an underserved market with great potential".

Up to these days sellers dying to China commerce sector met a number of obstacles on the way. The conventional electronic payment tool in here is a debit card. There are several cards offered by over 20 different principal finance institutions in the country, merchants are obliged to associate with every one of them and which is more they are to meet licenses and domicile regulations.

Joint project of PayEase and CyberSource provides the merchants with the tool to access most of the electronic payment instruments and to operate with credit and debit cards from more than 20 main banks in China. In addition PayEase assists overseas companies to handle all the regulatory procedures and furthermore the company has consumer loyalty programs which will encourage Chinese nationals to work with new foreign merchants.

CyberSource on their part ensure online payments through PayEase by means of company's portal Decision Manager. It supports Chinese character set and helps to automate ordering according to national standards.

The president and COO of CyberSource Scott Cruickshank says: "We believe that PayEase has unmatched credentials for managing eCommerce in China for domestic and foreign companies, drawing upon years of experience working with English-speaking and multinational corporations seeking entry into that arena. We believe our merchants will now have a unique opportunity to engage consumers in China as growth in that market accelerates."