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SFP+ Connector: Third-party payment platforms

Author:admin / time:2021-05-19 / The number of clicks:320

There are many payment methods for consumers to use for online shopping. The most common payment methods are bank transfer and ATM transfer for credit card payments. However, the convenience of online shopping could also lead to privacy and security problems. Therefore, in recent years, many stores have resorted to third-party payment methods to protect the rights and interests of consumers and sellers. Today's SFP+ Connector and Technology article introduces several commonly used electronic shopping malls and third-party payment platforms.


Shopee and Electronic Payment Service

Have you noticed that the payment process for shopping via Shopee is a little different? Since the end of 2019, Shopee has exceeded the average daily amount (i.e., NTD 1 billion) of agency receipts and payments in a year, stipulated by the Financial Supervisory Commission (FSC). Its average trading volume in 2019 reached NTD 3.1 billion. Hence, the company applied for an electronic payment license and became the first foreign-funded electronic payment provider in Taiwan authorized by the FSC. In the future, Shopee plans to act as an agent for receiving and paying substantial transactions, accepting stored value payments and transferring funds between electronic payment accounts.

Similar to Taobao, the Shopee Electronic Payment Center offers a choice between cash on delivery and bank transfer to facilitate payment to merchants. After receiving the items in good order and condition, customers click on the "Confirm Receipt" and the Shopee Electronic Payment Center allocates funds to the seller to complete the transaction.

For merchants/sellers, money is stored in their Shopee Wallets and they can transfer it to their bank account by clicking on the "withdrawal" button or they can use it for other purchases on the Shopee Online Mall.


Taobao and Alipay

Taobao is one of the electronic shopping malls that Taiwanese love to use, because of the affordable and attractive items for sale like clothes, decorations, furniture, etc. The price of goods is also higher than the cp (cost performance) value of goods in Korean stores in Taiwan. Taobao Mall uses the third-party payment system Alipay. To use Alipay, customers in Taiwan must download the app first, then register their stored value cards to use Alipay in paying for goods and international freight charges on Taobao’s checkout page. After receiving the goods, press "Confirm Receipt" and Alipay allocates money to the seller, which is a great guarantee for customers who want to use Taobao for shopping but are afraid to pay for goods that they haven’t received.

The two third-party payment systems described above are commonly used by SFP+ Connector Technology readers. We also hope that through this article, everyone can learn more about third-party payment systems and platforms.