Yes, base62 __can_be__ used for URL encoding. But that is not its only use. "All men are Greek, but not all Greeks are men".
Using a variety of online sources, I have concluded that base16 0551a7be6aa14c6d93d014b02c4ec40d is converted to base62 A2HFM1ZYZLfqTOc9Iv1cT by interpreting the base16 encoding as a representation of an integer, namely base10 7070118273220996960834318043337114637.
The following describes how I reached that conclusion, and I provide a VBA __prototype__ of an implementation of the conversion, as "proof of concept".
PS.... That is not the only way to interpret the problem. I would have interpreted it differently, treating the data as a bit stream. But then, the base62 encoding would have been very different. OTOH, perhaps LPLA's example is incorrect, based on his misinterpretation and online converters that he stumbled across, as I did.
@LPLA, if there is any doubt, please provide some context for the conversion. That is, what are you doing that requires the base62 conversion of that data? For example, encoding blockchains?
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Caveat: I reference several websites. But I cannot vouch for their correctness.
In fact, note that https://en.wikipedia.org/wiki/Base62 is ambiguous.
The conversion table indicates that 0 through 61 correspond to the characters ABCDEFGHIJKLMNOPQRSTUVWXYZabcdefghijklmnopqrstuvwxyz0123456789.
But in fact(?), 0 through 61 correspond to 0123456789ABCDEFGHIJKLMNOPQRSTUVWXYZabcdefghijklmnopqrstuvwxyz, as implied at the beginning of the article.
The latter is consistent with the online base62 converter cited below, as well as with some online sources and the example in the OP. Moreover, it is consistent with what I would expect.
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When I enter base16 0551a7be6aa14c6d93d014b02c4ec40d, with and without the leading zero, into the base62 converter at https://math.tools/calculator/base/16-62, the result is indeed base62 A2HFM1ZYZLfqTOc9Iv1cT.
And when I enter the base16 value into the hex-to-decimal converter at https://www.scopulus.co.uk/tools/hexconverter.htm, the result is base10 7070118273220996960834318043337114637.
I cannot demonstrate that base10 7070118273220996960834318043337114637 can be converted to base16 551a7be6aa14c6d93d014b02c4ec40d and base62 A2HFM1ZYZLfqTOc9Iv1cT, because the base10 value is too large even for VBA type Decimal.
However, I can demonstrate the conversions by using the highlighted subset, base10 73220996960834318043337114637.
Enter that base10 value at https://www.scopulus.co.uk/tools/hexconverter.htm, and we get base16 EC96FD36D315FCF56C4EC40D.
Enter that base16 value at https://math.tools/calculator/base/16-62, and we get base62 1XE4kWaxLeHgOKoQP.
The following VBA procedure demonstrates the calculations.
Option Explicit
Sub doit()
' https://www.scopulus.co.uk/tools/hexconverter.htm
' converts base16 to base10 as follows:
' b16 = "0551a7be6aa14c6d93d014b02c4ec40d"
' b10 = "7070118273220996960834318043337114637" ' exceeds CDec limit
'
' https://math.tools/calculator/base/16-62
' converts base16 to base62 as follows:
' b16 = "0551a7be6aa14c6d93d014b02c4ec40d" ' with and without leading zero
' b62 = "A2HFM1ZYZLfqTOc9Iv1cT"
'
'... try a smaller number ...
Dim b10 As Variant
b10 = CDec("73220996960834318043337114637") ' const
Const b16 As String = "EC96FD36D315FCF56C4EC40D" ' https://www.scopulus.co.uk/tools/hexconverter.htm
Const b62 As String = "1XE4kWaxLeHgOKoQP" ' https://math.tools/calculator/base/16-62
Dim x As Variant, xInt As Variant, xMod As Variant, i As Long
' base16 to base10 conversion
Dim x10 As Variant, c As String * 1, ci As Long
x10 = CDec(0)
For i = 1 To Len(b16)
c = LCase(Mid(b16, i, 1))
If "0" <= c And c <= "9" Then ci = Asc(c) - Asc("0") Else ci = Asc(c) - Asc("a") + 10
x10 = x10 * 16 + ci
Next
' base10 to base62 conversion
Const c62 As String = "0123456789ABCDEFGHIJKLMNOPQRSTUVWXYZabcdefghijklmnopqrstuvwxyz"
Dim x62 As String
x = x10
Do
xInt = Int(x / 62)
xMod = x - xInt * 62
x62 = Mid(c62, xMod + 1, 1) & x62
x = xInt
Loop Until x = 0
' **** not needed ****
' base10 to base16 conversion
Const c16 As String = "0123456789ABCDEF"
Dim x16 As String
x = b10
Do
xInt = Int(x / 16)
xMod = x - xInt * 16
x16 = Mid(c16, xMod + 1, 1) & x16
x = xInt
Loop Until x = 0
Dim s As String
s = "b16: " & b16 & _
vbNewLine & "x16: " & x16 & _
vbNewLine & "b10: " & b10 & _
vbNewLine & "x10: " & x10 & _
vbNewLine & "b62: " & b62 & _
vbNewLine & "x62: " & x62
Debug.Print s
MsgBox s
End Sub
The next step is to implement a multiprecision version.
"The exercise is left for the student". 
PS.... There are third-party add-ons for doing basic arithmetic with very large numbers. I cannot vouch for any of them.
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