Advice on E-Commerce Payments in Korea?
I run a e-commerce site and I want to launch localized sites for Korea and Japan later this year.
Any advice on getting hooked up to the payments systems in these countries so Koreans and Japanese can pay by as means as possible, in addition to credit cards, such as ATM cards and mobile phone bills.
Does anyone have any information, or know where to turn for information, on the subject? Any names of companies that offer solutions – preferably turnkey- in this area?
Thanks.
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There are no online currency or payment system like PayPal or CyberCash in Korea. Most e-commerce sites use their local bank’s payment gateway to run limited credit card verification or bank account information and use the same method for money transfers. Please keep in mind over 50% online transactions are done using bank direct deposit/transfer system and not credit card payment.
Unfortunately there are no established IT firms in Korea that handles payment system or consulting so you’ll have to do the leg work yourself.
http://www.megahit.com
You might start with learning the languages first.
Many Korean Americans are also running their business with local Koreans. Most Koreans use credicards for the payment.
If you’d like cash, you may ask someone to open an account by his name for you, but it seems impossible, though.
But your websites should be displayed in Korean, as most Koreans don’t read Enlgish for shopping.
you should now Koreans’ are afriad of being swindled in making business with foreigners, so they pay visit to the very famous ones only like ebay.com or amazone.com.