If you are doing or planning to do cross-border business, this article may be useful to you, because receiving payments is a very important part of international trade processes.
Today we're going to talk about a new cross-border payment platform: Creem. It can directly receive USD, EUR and other currencies to your domestic UnionPay card, local bank account, or even personal Alipay account. The following will use a Q&A format to explain issues that everyone may be concerned about.
1. What kind of platform is Creem?
It is a payment platform dedicated to providing minimalist payment API interfaces. In other words, its product form is manifested through API interfaces, not like a PayPal APP that you install on your phone. This may be difficult for ordinary people to understand, just get a general idea for now.
2. What are the payment scenarios for the Creem platform?
It targets two groups of people to initiate payments:
One is technical personnel who obtain payment links through the platform's API and initiate payments integrated with their own websites or other applications.
The other is ordinary people without technical skills (such as foreign trade bosses, foreign trade operators) who initiate payments by obtaining payment links based on products/services created on the platform.
3. What are the requirements for registering a Creem platform account?
Perhaps because it's a new platform, there are currently almost no requirements - both individuals and businesses can register directly.
4. What is the process of initiating a payment on the Creem platform?
1) Payment process with code: Register platform account--Get API key--Create product/service--Request payment link API--Customer payment
2) No-code payment process: Register platform account--Create product/service--Copy product payment link from page--Send to customer for payment
4. What are the differences between Creem and Stripe?
In my opinion, there are two main differences. One is that Creem registration is simple, while Chinese friends who want to register Stripe may need to register a US company, or complete complex registration processes through obtaining Hong Kong passports and purchasing foreign family cards. Another is that you can receive payments directly to Alipay, while with Stripe or other payment platforms, you need to first register with domestic cross-border payment platforms like WorldFirst, and then withdraw your Stripe balance to your domestic bank card account through WorldFirst, which is a bit cumbersome.
5. How to solve tax compliance issues when receiving payments through Creem?
Creem helps merchants directly solve tax compliance issues, and merchants don't need to worry about this aspect.
6. What are Creem's platform fees?
Creem charges platform fees including credit card transaction fees, currency exchange fees, tax fees, etc., and the remaining net sales amount will be paid to your account.
7. How much balance is required for withdrawal on Creem?
There are two withdrawal opportunities per month (1st and 15th), and each withdrawal must meet the account balance requirement of more than $50 or €50.
8. What are the payment restrictions on the Creem platform?
1. Personal Alipay payments: Maximum 50,000 RMB per transaction. (Maximum 300,000-600,000 RMB per year)
2. Personal UnionPay card payments: Maximum 33,000 RMB per transaction.
3. Corporate local bank account payments: No limit.
9. What is the time limit for customer refunds?
Customers can initiate refunds within 60 days of payment, regardless of whether your merchant policy states that refunds are not supported, the Creem platform supports customer refunds.
10. Which countries support payments through the Creem platform?
In other words, your customers need to be in the following countries for Creem to be suitable as your payment platform. This list may change later, depending on Creem platform support.
Andorra, Australia, Bangladesh, Brazil, Bulgaria, Canada, Chile, China, Colombia, Costa Rica, Egypt, Guatemala, Hong Kong, Hungary, Iceland, India, Indonesia, Israel, Japan, Kenya, Malaysia, Mexico, Morocco, Nepal, New Zealand, Nigeria, Pakistan, Philippines, Serbia, Singapore, South Africa, South Korea, Sri Lanka, Tanzania, Thailand, Turkey, Uganda, Ukraine, United Arab Emirates, United States, Uruguay, Vietnam, Zambia.
11. Which countries do not support payments through the Creem platform?
Afghanistan, Antarctica, Belarus, Burma (Myanmar), Central African Republic, Cuba, Crimea (Ukraine region), Democratic Republic of the Congo, Donetsk (Ukraine region), Haiti, Iran, Kherson (Ukraine region), Libya, Luhansk (Ukraine region), Mali, Netherlands Antilles, Nicaragua, North Korea, Russia, Somalia, South Sudan, Sudan, Syria, Venezuela, Yemen, Zaporizhzhia (Ukraine region), Zimbabwe
12. What products and services are prohibited on Creem?
- Any form of sexual orientation or pornographic content, including NSFW chatbots
- IPTV business
- Any kind of physical goods
- Spyware or parental control applications
- Donations or charitable contributions where no product exists or price exceeds product value
- Products or content for which you do not hold proper licenses or intellectual property rights
- Marketplaces - you can use your Creem store to "collaborate" selling other people's products
- Dating websites
- Private Label Rights (PLR) products or Master Resale Rights (MRR) products - this includes any products for which you have obtained sales licenses but do not hold original intellectual property rights
- Counterfeit goods
- Any products restricted by our payment processing partners
- Illegal or age-restricted products such as: drugs and drug paraphernalia, alcohol, tobacco, e-cigarette products
- Regulated products including: CBD, gambling, weapons, ammunition, paid auctions, raffles, lotteries, box businesses, work from home, get rich quick schemes, etc.
- Regulated services including: real estate, mortgages, loans, telemarketing, cellular/communications, door-to-door sales, bankruptcy, legal, merchant, debt reduction, collections, banking/finance, currency exchange, guarantees, etc.
- Timeshares
- Pharmacies, medications and health supplements
- Homework/essay mills
- Multi-level marketing, pyramid schemes or IBO plans
- NFT and crypto asset products.
If you have payment needs in this area, it is recommended to open an account early to avoid higher thresholds later. As shown in the image, search for "Creem" to enter the official website and register directly.
This article is basically complete. If you find it useful, please like and share.
