Small and micro merchants refer to entity merchants who are exempt from industrial and commercial registration and do not have a business license in accordance with laws, regulations and relevant regulatory provisions. Small and micro merchants do not belong to individual industrial and commercial households. By definition, the biggest difference between small and micro merchants and individual industrial and commercial households is that small and micro merchants do not have a business license. For example, stalls selling pancakes and snacks are considered small and micro businesses

What are the differences between small and micro businesses and ordinary businesses? Take individual industrial and commercial households as an example.

1. The input materials are different

Small and micro merchants only need to provide ID card, bank card, and office business photos; individual industrial and commercial households need to provide business license, legal person ID card, Bank cards and office business photos.

2. Different rates

Small and micro merchants*** have eleven rates to choose from: 0.38%, 0.39%, 0.4%, 0.45%, 0.48%, 0.49 %, 0.5%, 0.55%, 0.58%, 0.59%, 0.6%; individual industrial and commercial households define rates based on the merchant’s business industry, most of which are 0.6%. For details, refer to the WeChat merchant backend standard rate table.

3. Different limits

Small and micro merchants: the daily collection limit is 50,000 yuan to 300,000 yuan, the daily collection limit of a credit card is 1,000 yuan, and the monthly collection limit is adjusted to 10,000 yuan. (The single transaction limit is 500~1,000 yuan. If the current single transaction limit is 500 yuan, please continue to maintain good transactions. Subsequent adjustments will be made based on the transaction status of the merchant account).

4. Different review cycles

The WeChat review cycle is about 5 minutes for small and micro merchants; 48 hours for ordinary merchants

5. Different payment permissions

Small and micro merchants only support payment code payment, JSAPI payment, mini program payment, and NATIVE payment. Application for app payment and h5 payment is not supported.

Up to now, WeChat’s official interface for small and micro businesses has been open to all service providers; major banks or third-party payment companies also support the inter-connection mode for small and micro businesses. Now for ordinary merchants, the materials used by small and micro businesses are simpler and more suitable for small vendors. Both the materials and quotas provided are sufficient for them. And it is limited to catering, offline retail, residential life services, leisure and entertainment, transportation industries and other offline industries to apply for small and micro merchants.