Step 1: The buyer purchases goods on the shopping platform and pays for the order through any payment channel such as WeChat or Alipay;

Step 2: The buyer's provision flows into the account designated by the central bank for supervision, while best third party payment processors sends the payment transaction data of the order to the seller and requests the seller to ship the goods within the prescribed time;

Step 3: The seller receives the notice and delivers the goods according to the order;

Step 4: After receiving the goods, the buyer checks the goods and confirms that the goods are received correctly and notifies the third-party payment platform;

Step 5: The third party payment platform will pay the money to the designated account according to the commission share ratio between the shopping platform and the seller until the transaction is completed.

It is clear that the third-party payment institution in the transaction process, the customer reserve is unified to the designated account, which is supervised by the central bank, and the payment institution shall not misappropriate or occupy the customer reserve.

This can effectively improve the credibility of the third-party payment platform, and at the same time, the platform's corporate account will not form an illegal pool of funds, thus making buyers' payments more secure.

As a third-party system, the payment settlement system is a tool that facilitates the closing of the transaction by linking all the links between the buyer and the platform.

The system adopts an API interface to connect to the platform enterprise, and connects to the platform enterprise with one click, and to the bank or third-party payment institution at the other end, so that enterprises can connect to all payment channels at the same time without dialing a hotline.

The system can meet the different payment and settlement needs of buyers and sellers. The order reserve directly flows into our internal account or third-party escrow account, effectively safeguarding capital security, supporting real-time order profit sharing and account sharing, and effectively improving the efficiency of enterprise transaction management.

With a general understanding of the settlement process of third-party payment platforms, we should also use the payment settlement system as soon as possible to complement business regulation, enhance the credibility of the platform, and promote trust between buyers and sellers.

• by Hailey
• Feb 25,2022
• Topics
• 352

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