SFP Connector Technology: Third-Party Payment

Author：admin / time：2021-06-02 / The number of clicks：510

The number of consumers who use mobile payment has gradually grown in recent years. According to the statistics of the Financial Supervisory Commission, the amount of purchase and deposit transactions via e-payment has reached a new high at the end of September, 2019. This shows that consumers are enjoying and becoming accustomed to using mobile payment for their purchases. Mobile payment and e-payment were discussed in the previous article. Now, the sales from Taiwan SFP Connector company are going to share some interesting things about Third-Party Payment which has grown steadily in recent years.

 

What is third-party payment?

There are many ways to facilitate payment; these include credit cards, cash, remittance, fund transfer, e-payment, etc. Consumers can also choose a reputable entity that can process payments to shops/merchants. Third-party payment processors provide security for online transactions. They sign contracts with banks and provide them systems of payment and settlement to guarantee online transactions.  In short, customers do not pay directly to shops/merchants. Payment is handled by these third-party payment providers. By using this method, there is protection of privacy and there is no processing fee for international transactions.

 

How to use third-party payment?

The procedure is the same as online shopping. Customers select products they want to buy and proceed to the payment page. They can choose any third party payment provider like PayPal or Alipay and send their payment through PayPal using their credit cards first, then PayPal notifies the shop/merchant about the payment and requests for the goods to be shipped within the prescribed time. After customers receive the item/s in good condition, they send a request to PayPal to remit payment to the merchant, and this completes the whole process.

 

What are the features of third-party payment?

1. High security and privacy: With third-party payment, security remains extremely high because the payment and procedures are handled by a third-party provider, which is effective in preventing scams.
2. Various payment methods: Payment procedures are carried out online using credit card, telephone payment or mobile text payment, etc.
3. Management and control of transactions: By using third-party payment, customers can check the items they purchased before payment is released and so, their rights are protected. If there is a dispute between the customer and merchant, the third-party payment provider shall investigate the case and penalize the one who is found in violation of regulations (e.g., failure of the merchant to send the item after receiving the order, or customer’s refusal to pay for a delivered item).

Online shopping does not only offer convenience but also causes security concerns. A third-party payment provider can act as an intermediary for both parties in a transaction and offer assurance and security for convenient online shopping with the help of SFP connectors and the Internet.