Cross-border Popular Science What is the difference between independent website payment collection and acquiring? How to choose a third-party payment institution?

Difference between website payment collection and acquiring? How to choose a payment institution?

Many sellers who are just starting to make independent websites are not very clear about the difference between independent website collection and payment. Today, Qbit will popularize independent website collection, independent website payment, and the advantages of third-party payment platforms. Cross-border sellers who want to further understand independent website payment-related content must not miss this issue!

1. Independent website payment

For Chinese cross-border sellers, there may be many stores, so sellers need to collect money from various places; then they need to exchange these funds into domestic bank accounts. These two steps are usually referred to as payment collection. All Chinese cross-border sellers will encounter payment collection. In the past, without a payment platform to provide payment collection services, cross-border sellers needed to cooperate with banks, submit many documents, and the process was cumbersome and time-consuming.

2. Independent website collection

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The acquiring business is the act of a commercial bank or a third-party payment institution providing transaction fund settlement services to merchants. In the foreign trade scenario, commonly used collection methods are PayPal, international credit card collection, and local payment methods. Currently, the commonly used collection methods for independent websites are credit cards and local payments. From the perspective of improving buyer trust and user experience, it is necessary to choose to integrate the above two mainstream collection solutions of third-party payment institutions. Currently, the most commonly used payment methods for overseas buyers are PayPal and international credit cards such as VISA/MasterCard. Especially international credit cards, which have always been the mainstream payment method in Europe and the United States.

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Therefore, for independent website sellers, binding credit cards and providing local payment collection are crucial. This can not only increase consumer trust and improve user experience but also reduce risks and increase sales. By providing a credit card payment channel, independent website sellers can attract more consumers and improve order conversion rates. For independent website sellers, if they want their website to support customers using international credit cards for payment, they need to cooperate with third-party payment institutions.

3. Advantages of third-party payment platforms

1. Lower costs: It is very expensive to connect with multiple banks, while collaborating with third-party payment platforms can reduce the cost of direct connection between enterprises and banks, and meet the payment and receipt needs of enterprises. 2. High business fit: Third-party payment platforms can provide personalized financial solutions for overseas enterprises, which are more in line with the needs of international business. 3. Convenient operation: The payment methods of third-party payment platforms are more diverse and user-friendly. Payment can be completed with just a few simple steps, freeing enterprises from the complicated processes and high costs of traditional financial institutions. 4. Safe and compliant: Third-party payment institutions usually need to have multi-dimensional and sufficient guarantees such as financial licenses, payment systems, risk control, technical support, and security to provide stable and secure payment environments and service experiences for enterprise customers. In short, choosing a safe and reliable third-party payment company is very important, and it needs to be comprehensively considered from supporting business scenarios, fund security and compliance, payment success rate, and other aspects. Qbit provides a one-stop cross-border fund management platform, which supports independent site collection and supports more than 40 mainstream currencies such as US dollars, pounds, and euros. It also supports independent site users to bind global mainstream e-commerce platforms and collection tools such as Amazon, Shopify, Paypal, Stripe, Klarna, etc., and has a bank-level risk control and anti-money laundering system to ensure the safety of every customer transaction.

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