In recent days, the third-party licensed payment institution Kuaiqian Payment Clearing Information Co., Ltd. (hereinafter referred to as "Qiaoqian") has been troubled.
On the one hand, the skyrocketing POS machine fee rate has caused dissatisfaction with users, and on the other hand, there are continuous reports of personal consumers that POS machine has problems such as non-refunding of deposits... A stone has caused a lot of trouble. During the communication with many consumers, Beijing Business Daily reporters further learned that Kuaiqian cooperation agents have previously promoted POS machines on the grounds of applying for credit cards, claiming that they can apply for free and do not need to check their business licenses; in the actual cash-out process, the system will even automatically match users to nearby merchants, avoiding risks by transforming transactions.
price increase questioning, deposit disputes, illegal cash out, and sales chaos. These industry problems are actually not unfamiliar with many payment companies. And is the fast money that is in the whirlpool of public opinion this time really as consumers said? In this regard, Beijing Business Daily reporter also interviewed Kuaiqian Company as soon as possible and received the exclusive response from the latter...
Rate price increase storm fermenting
"Without any notification, privately adjusting the fee rate, losing a lot of money in vain, and requiring a refund of all price increase amounts." "The deposit was not refunded at the prescribed time, and the rate was raised three times without any SMS and phone notifications." "Without any phone number or text message, privately increasing the fee rate is a fraud"... Although it has been a while since the latest market remarks, consumers' dissatisfaction is almost vividly revealed.
On December 7, news about "Quaiqian Company raised its POS fee rate to 1.5%+3" spread throughout the payment circle. Beijing Business Daily reporters also found that a POS machine agent posted on WeChat Moments that Quaiqian POS machine Starting from midnight on December 7, all products have been officially raised to 1.5% + 3, which is much higher than the previous rate. Some agents even used this advertisement to remind users to change the equipment, claiming that "100,000 yuan is urgent, and all products are adjusted quickly. It is recommended that you stop using fast money and quickly ask me to replace the machine."... What is the concept of
1.5%+3? Why is the market reaction so big after the price adjustment? A Beijing Business Daily reporter interviewed many industry insiders and users and learned that the previous fee rate of Kuaiqian POS machine was mostly around 0.55%-0.6%. Taking the POS machine with a card swiping rate of 10,000 yuan and a fee rate of 0.6% as an example, it usually requires a handling fee of 60 yuan. If the price increases to 1.5%+3, users will need to pay a handling fee of 153 yuan. The fee of is 2.5 times or even nearly 3 times higher.
The user reacts more intensely. Recently, a Hubei consumer told a reporter from Beijing Business Daily that the fee rate has always been 0.58% when using fast money to browse POS machines, but it suddenly rose to 1.51% on December 7. During this period, he did not receive any calls or text messages, and there was no reminder on the system page of his transaction. The price increase change of
is proved by his trading record. According to the transaction details provided by the consumer to a Beijing Business Daily reporter, a card payment in his previous transaction showed that "the transaction was successful at 31,655.23 yuan, the transaction type was card payment, the transaction time was October 28, 2022, and the final settlement amount was 31,471.63 yuan". Based on this calculation, the card payment was about 0.58%; and in its latest transaction, it showed that "consumption was 28,000 yuan, the transaction type was card payment, the transaction time was December 7, 2022, and the final settlement was 27,577 yuan". Judging from the latest transaction, the card payment rate of has indeed risen to more than 1.5%.
Image source: Respondents provide
Similar situations have occurred recently. Beijing Business Daily reporters found on multiple platforms such as Heimao Complaints, Baidu Tieba and other platforms that as of December 15, many users expressed dissatisfaction with the rapid price increase. Most of the reasons for the complaints mainly mentioned that the price increase rate of is too high, and the lack of clear notification in advance has led to damage to the handling fee , etc.
Regarding the issue of rate increase and whether to inform you in advance, a Beijing Business Daily reporter interviewed Kuaiqian, but did not receive a clear response from the latter.
However, an insider told reporters that Kuaiqian's price increase behavior did not suddenly increase the price, nor was it a decision made without any notice. Its had issued a price increase notice in advance . It may be due to the channel strength problem and the lack of publicity caused many users not to see it, which led to the latter mistakenly thinking that the institution had suddenly increased the price. Although there is a notification channel for
, as of the day after the price increase, a reporter from Beijing Business Daily did not find the corresponding notification on the official website of Kuaiqian Company. There was no reminder from the trading system used by the user. In addition, when consulting the customer service for price increase, the other party also said that it was not aware of it.
What is the specific reason for this price increase? The aforementioned person familiar with the matter added, "The payment industry is difficult. In fact, many institutions are raising prices now. Kuaiqian's price increase is not for the sake of rising, but for actively seeking transformation and upgrading, providing better services and products. Therefore, there will be some considerations for business adjustments. Perhaps some users perceive the situation as POS machines are raising prices, , but this is actually the entire business of the institution is transforming ."
"Since this year, the rate price increase in the payment industry has indeed been quite common, which can be said to be the result of market competition and the influence of the general environment and multiple parties." Yu Baicheng, director of Zero One Research Institute, told Beijing Business Daily reporters that the supervision of the payment industry has been constantly strict, and there are many cases of penalty for agency merchants' violations. The strict supervision has reduced the chaos in payment terminals. Some of the make-up declines and violations in order to compete for the market are difficult to sustain. In addition, under the epidemic and other factors in recent years, some payment institutions have encountered pressure in their operations, and price increases can also improve their operating conditions to a certain extent.
Broadcom Consulting Financial Industry Senior Analyst Wang Pengbo pointed out that generally speaking, the regular offline collection and online payment service fee rates are still 0.6%-1% . The charging rates for different industries and scenarios are slightly different. Such obvious increases need to be clearly used for what kind of consumption scenarios. He also believes that this move may be related to the recession of offline collection industry this year. Under the premise that cost expenditure has increased significantly, increasing payment rates has become the most direct way for institutions to increase their income.
However, Wang Pengbo also mentioned that China's collection industry has the lowest fees in the world, and its profits are getting thinner and thinner. In addition, the rise of barcode payment has squeezed the transaction scale of real merchants. To a certain extent, offline collection institutions are inevitably hiding the price increase of . After the price increase, it will be beneficial to increase their own income in the short term and their performance will be improved, but in the long run, it may also cause merchant loss. But overall, merchants must be informed in advance, after all, merchants are actually the most sensitive group to rates.
Deposit cashing problem What is the solution to
pull out the radish and bring out the mud. In addition to the notification of rising rates, Kuaiqian's top priorities are also deposit disputes and cash out risks.
Beijing Business Daily reporter met with feedback from multiple Kuaiqian POS users during the interview. He had previously encountered Kuaiqian POS agents selling them. The other party mainly promoted the POS machine on the grounds of applying for a credit card. At that time, it claimed that it was free to apply for it and did not need to check the business license, and there was no mention of the online review. However, deducted the deposit fee of 299 yuan in actual operations. He still wants to refund it, but no one has accepted .
Another merchant also said that he encountered a Kuaiqian salesperson selling POS machines when he opened a store in 2019, but there was also a deposit of 239 yuan. At that time, he claimed that he would give a refund if he had enough money to buy a certain amount, but has not been refunded for three years.
"After receiving it, the salesperson asked me to brush 299 yuan. The salesperson said it was in seconds, but it still has not been received and no one can contact me."In the name of applying for a credit card, I forcibly fooled me to apply for a POS machine, and I would not refund the money after collecting it. "From the user feedback, similar problems have occurred in many merchants and even individual consumers.
According to the feedback from many fast money users interviewed by Beijing Business Daily reporters, the main purpose of applying for POS machines was for their own use, and they used cash out by credit card for capital turnover. Judging from the process of processing, users do not need to go through strict qualification review of special merchants to handle POS machines, nor do they have any information proof and related training. only needs to enter their personal ID number .
Image source: Respondents provide
. In the industry's view, such behavior has involved violations. As Wang Pengbo told Beijing Business Daily reporters, natural person payment institutions must not directly sell POS machines. In principle, persons are natural persons without other attributes. They are of POS machines that cannot apply for user bank card swiping, and must have business behavior and consumption scenarios. Only merchants can apply for POS machines; small and micro businesses without business licenses can develop into small and micro businesses that acquire bills through their personal identity documents, plus some auxiliary supporting documents such as business premises, and only then can the collection agency provide them with basic daily sales and daily payment services.
" Therefore, directly selling POS machines to pure natural persons and not used for normal consumption will involve a certain degree of violation. Payment institutions must also bear supervision responsibilities for such operations by agents. "Wang Pengbo said. In addition to the false qualification review, the system will even change transactions for cashing out behavior, and different amounts will automatically match different consumption scenarios. According to the transaction screenshots provided by consumer users in Hubei, the transaction is 28,000 yuan, and the transaction is displayed as a local gold store, while the card is 31,655 yuan. This transaction is displayed in a local jewelry store, , but these actual transactions are actually cashing out 3 through credit card.
The method of "matching merchants" is actually a commonly used cash out method in the industry, which mainly tries to avoid fund supervision by transforming transactions. However, in the industry, this operation model may have involved violations.
As the head of the relevant department of the central bank previously emphasized, at present, some market entities are not the means of transforming transactions. The discontinued renovation makes it difficult to restore the real consumption scenarios of transaction information. It not only infringes on the legitimate rights and interests of consumers and causes complaints and disputes, but also brings opportunities for criminals to transfer illegal and criminal funds through the passage.
At present, credit card cashing is suspected of illegal acts, and the crime of using POS machines to cash out is also clear. Another person close to the regulator is also the same Touching to Beijing Business Daily reporters, "POS machine access review must be guaranteed to be a merchant. Such a behavior of cashing out codes without business characteristics and individuals who are randomly brushed is a serious violation, and the regulator will further strengthen measures to crack down on it in the future."
Who is collecting deposit to make transactions?
Recently, in response to the non-refundable deposits reported by many users, the promotion of POS machines to individuals in the name of applying for cards, and whether the system matches transactions for cash-out behavior, a Beijing Business Daily reporter also interviewed and confirmed with Kuaiqian Company. The latter responded, "The above-mentioned situations are serious incorrect, including not limited to our never charged any user deposits, nor are there any personal salespersons selling related products. Kuaiqian always puts the protection of the rights and interests of merchants and consumers first, adheres to the starting point of work, takes customer needs as the premise of compliant operations, actively seeks business transformation, adheres to the long-term path of sustainable development of , and serves the real economy and people's lives with practical actions."
also has the same response from Kuaiqian Company. The company's official customer service was also inquired by the Beijing Business Daily reporter on the grounds of applying for a POS machine. The latter clearly informed that the POS machine is no longer produced for individuals. It is necessary to have a business license and operate a store to apply for the enterprise version. When the reporter further asked whether the individual could apply for a credit card, the customer service said that the POS machine had nothing to do with the credit card and the official could no longer provide it. If there is any need, you can directly contact the service agent to see if there is any inventory.
According to the feedback from many consumers, most of them pointed out the POS deposit problem at the licensed payment institutions Kuaiqian; however, from the response of Kuaiqian and many industry insiders, the agency exhibition in also has a considerable responsibility. In addition, Beijing Business Daily reporters tried to interview agents, but many users told them that the agents they were selling were missing.
"Generally, the exhibition party will use the first deposit to freeze the hardware cost of the POS machine, so the first deposit that the user has not received should be withheld by the payment institution or agent. If the deposit is never returned to the user, it may be suspected of fraud and false propaganda." Li Ya, a lawyer at Beijing Zhongwen Law Firm, told Beijing Business Daily reporters.
However, the aforementioned insider pointed out, "Qiaoqian never charges deposits when he is engaged in the industry, but there are also situations where some other brands collect deposits during the promotion process under the name of Kuaiqian. In fact, there were similar cases before; in the payment industry, it is indeed not ruled out that some agents have some irregular behaviors in the process of business development. Once Kuaiqian finds that there are corresponding violations, they will clear the agent as soon as possible and ask them to do a good job in the follow-up work for users. "
Wang Pengbo said, "The deposit is not included in the account, which may be caused by false publicity by offline agents, in order to induce cardholders to apply for POS machines and increase sales performance."
At present, the payment industry outsourcing market is mixed. In the view of industry insiders, the chaos in the POS machine industry is endless. In addition to the management loopholes of payment institutions, relevant outsourcing service providers should also be held accountable. Third-party payment institutions provide POS machine services. should clearly indicate that there is a risk of illegality and irregularity in cashing out behaviors, and monitor and stop fictitious transactions and illegal cashing out behaviors during the use of POS machine.
Multi-pronged approach to strengthen compliance governance
Before many industry storms, Kuaiqian Company itself was also issued a huge fine by regulators.
Previously, on February 7, the administrative penalty information disclosure form disclosed by the Shanghai headquarters of the People's Bank of China showed that Kuaiqian was fined 10.04 million yuan for four illegal acts, including violation of account management regulations, violation of liquidation management regulations, failure to fulfill customer identity identification obligations in accordance with regulations, and transactions with unidentified customers, was fined 10.04 million yuan and ordered to correct the problem within a time limit. Although
was disclosed in 2022, Kuaiqian Company told Beijing Business Daily reporters that this punishment is the result of the handling of problems found in the central bank's comprehensive inspection of Kuaiqian in 2020. Kuaiqian set up a special rectification team as soon as possible that year. In accordance with the various regulatory requirements, he comprehensively and in-depth self-inspection and rectification, formulated a detailed improvement plan, and while ensuring the smooth operation of the business, completed the rectification of all problems in a timely manner.
"We will take this as a warning, actively implement various regulatory requirements, improve corporate governance, upgrade system capabilities, optimize service processes, and further improve the compliance level of the company's business operations." Kuaiqian Company said.
In fact, it is not just Kuaiqian Company. In recent years, many payment companies have received huge fines, and the hidden concerns in compliance are highlighted.Yu Baicheng told Beijing Business Daily reporters that the third-party payment field is fiercely competitive. Some payment institutions may relax in access and management of special merchants in the face of operating pressure, but in fact, the gain may not be worth the loss in the end.
For subsequent institutions' compliance governance, the previous regulatory notice has made it clear that there are four requirements for the management of special merchants of payment institutions. First, strictly review special merchants, second, strictly accept terminal management, third, strengthen risk monitoring of collection business, and fourth, improve the classification inspection mechanism of special merchants.
Li Ya believes that the payment institutions in should first regulate from the institutional aspect. For example, for transaction types with higher risks, a special risk management system should be formulated, a real-name management system should be implemented for special merchants, and a special merchant inspection system should be established.
Secondly, various measures should be implemented in accordance with the system, such as establishing a collection transaction risk monitoring system, establishing a special merchant information management system, etc., and using scientific means to strengthen the management of collection business.
Finally, we should be wary of all red lines. Institutions shall not misappropriate funds to be settled by special merchants. If a special merchant finds that there are suspected bank card cash out, money laundering, fraud and other risk events, we should immediately take corresponding measures. If it is found that suspected of illegal and criminal activities, we should report the case to the public security organs in a timely manner.
"It is recommended that payment institutions should strengthen internal control of the enterprise, enhance the risk compliance awareness of relevant personnel, and at the same time hire a team of special legal consultants to do a good job in pre-prevention and risk disposal. First, improve the internal management mechanism, second, establish a compliance risk control department; third, carry out regular employee training." Li Ya said.
Wang Pengbo said that payment institutions should still strictly abide by relevant laws, regulations and regulations. For example, under the premise of the "Regulations on the Management of Payment Acceptance Terminals", form a linkage mechanism with banks, strengthen the awareness of risk prevention, and strengthen agency management.
Reporter丨Liu Sihong
Edit丨Zhang Lan
Picture丨Quai Qian Company official website screenshot, photo provided by the interviewee, screenshot of the black cat complaint platform, Visual China, Yitu.com
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