03 JUN

How does the third party payment process work? What risks should be noted?

  • Life Style
  • Angle
  • Feb 25,2022
  • 23

How does the third party payment process work? What risks should be noted?

1. Consumers will purchase goods, and the buyer and seller will reach the intention of trading behavior.

2. The consumer will choose the best third party payment processors, transfer the payment to the third-party account, and set the delivery cycle.

3. The third party payment platform notifies the merchant that it has received the payment from the customer and requests the merchant to ship the goods within the specified time.

4. The merchant receives notification that the consumer has sent the goods according to the order and makes a corresponding record on the website.

5. The consumer receives the goods and confirms satisfaction, then notifies the third-party payment platform.

6. the consumer provides satisfaction, the third-party mobile payment service platform will be credited to the merchant account, the transaction is completed; the customer is dissatisfied with the goods

Third-party electronic payment system platform by confirming that the merchant received the returned goods, the payment will be transferred back to the consumer's personal account or temporarily exist in some third-party account waiting for the consumer's next transaction payment.

The concept of third party payment system

Third-party payment is a transaction support platform provided by independent third-party institutions that have contracts with major banks in the country where the product is located and abroad, with certain strength and reputation guarantees.

In a transaction on a third-party payment platform, the buyer uses the account provided by the third-party platform to purchase the goods and notify the seller of their arrival. The buyer can notify the seller of the payment and the third party transfers the money to the seller's account.

Principles of implementation of the third party payment system

Third-party institutions also have agreements with major banks that allow them to perform some form of data exchange and confirmation of relevant information.

This allows the third party to establish the payment process between the cardholder or consumer and the individual bank, as well as the final recipient or merchant.

Third-party payment companies can be extremely convenient for us in terms of improving our lives, but at the same time, there are risks to be aware of in the payment process.