Third-party payment platform eliminates fraudulent e-commerce transactions

Feb 25 - 2022

Third-party payment platform eliminates fraudulent e-commerce transactions

best third party payment processors provide a series of application interface programs that integrate various bank card payment methods into one interface and are responsible for interfacing with banks in the settlement of transactions.

Online shopping is faster and more convenient. Consumers and merchants do not need to open different bank accounts, which can help consumers to reduce the cost of online shopping, help enterprises to reduce operating costs, and help banks to save money.

It can also help banks save on portal development costs and bring some profit potential to banks.

Compared to SSL, SET and other payment service agreements, the use of third-party mobile payment development platforms can be simpler and more acceptable for corporate payment business operations.

SSL is a widely researched and used security management protocol in which we only need to verify the identity of the merchant, and SET is a relatively mature technology based on the design and development of credit card payment information systems.

In SET, the identity of each party needs to be authenticated by a CA. The procedures are complex, complicated, slow and costly to implement.

With the third-party electronic payment network platform, the transaction between merchants and customers is completed by the third party, making online market transactions more convenient.

Third, the third-party payment platform itself is part of a large portal and relies on the credit of partner banks. Therefore, the third-party payment platform can better break through the credit problem in online transactions, which is conducive to the rapid promotion of e-commerce.develop.

In the third-party platform transaction, the buyer purchases goods and pays for them using the account provided by the third-party platform, and the other party notifies the seller that the goods have arrived and ships the goods; After inspection of the goods, the buyer can notify the seller of payment.