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Thanks for the updated FAQ! My ID photo was declined because "The ID name does not match the Weixin Pay real-name info". I had entered my last name. I can modify the real name after 15 days.

What's the right real name to use?

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Whatever is on your ID document, normally in the order Surname + Given Names, though this can sometimes get mixed up.

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Update: If you are paying to an individual account instead of a merchant account, then the limit per transaction seems to be 1,000 yuan. Moreover, you must physically be at the point of sale; scanning the QR code remotely doesn't seem to work. Many smaller companies and market vendors use individual accounts, so this affects a lot of payments.

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Update #2: Attempting to charge higher amounts (such as 6,000 yuan) can lead to the account being "restricted".

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