The different currencies used by countries around the world cause various problems in the conversion of capital in cross-border transactions between two countries or regions. To complete a transaction, global payments credit card processing you must have a settlement instrument and a payment system to help make the transaction happen.
Foreign trade usually involves two scenarios: buying and settling.
Buying foreign currency is buying foreign currency domestically and exchanging it for the equivalent value in RMB.
The settlement of foreign exchange refers to the settlement of foreign exchange by an enterprise or an individual at the exchange rate.
The process of cross-border e-commerce transactions in which goods are handed over to foreign buyers also requires payment to the domestic seller's own account.
This process involves payment by the buyer and receipt by the seller. In both cases, receipts and collections are extended here.
For platform sellers, the platform itself already provides collection services, and sellers only need to use the collection tools supported by the platform to receive payments.
The independent site, due to the natural nature of our country, will affect the two technical services involved.
What is bill collection? Payment for goods purchased by foreign buyers involves the transfer of information and funds between many organizations.
The specific process is as follows.
The buyer pays and the seller submits the payment information to the acquirer.
The acquirer can submit the information to the credit card issuer through the credit card organization student, the issuer receives the information, confirms the deduction and notifies the buyer and sends it back to the credit card organization;
If the deduction is successful, the payment will be transferred to the acquirer to complete the acquiring organization.
What is collection?
Collection is the process by which the seller withdraws funds from the collection vehicle to his or her account. In order to receive this money, the seller must also choose the right collection tool