What is UnionPay?
China UnionPay is the only domestic card in China, one of the largest markets in the world. As UnionPay continues its dominance and more affluent Chinese choose to travel to foreign countries for business and vacation, accepting UnionPay is becoming a beacon of foreign business.
Using payment terminals that are compatible with UnionPay allows foreign travelers to use cards without having to use foreign methods of payment. This leads to greater numbers of foreign customers using US-based products and services. Offering UnionPay is especially important for businesses that receive large amounts of tourist traffic.
How can small businesses accept UnionPay?
In 2005, UnionPay formed an alliance with Discover. This means that if you currently accept Discover, you also accept UnionPay. As of 2013, Discover even accepts card-not-present transactions. UnionPay is becoming a very accessible card for in-person transactions and will continue to become more prevalent for businesses as the card becomes more widely accepted abroad.
At 99 Merchant Account, all our machines are compatible with Discover cards and, therefore, also with UnionPay. This allows you to reap all the benefits of catering to one of the largest, most rapidly growing markets in the world.