The basic business process of third-party payment includes the following steps:
1、Registration and Verification: Users register on the third-party payment platform and complete identity verification.
2、Linking Bank Accounts: Users link their bank accounts or credit/debit cards to the third-party payment account.
3、Transferring Funds: Users can transfer funds from their bank account to the third-party payment account.
4、Online Shopping: Users shop online and choose to pay via the third-party payment method.
5、Payment Processing: The third-party payment platform processes the payment, deducting the amount from the user's account and transferring it to the merchant's account.
6、Transaction Confirmation: Once the payment is successful, the third-party payment platform confirms the transaction to both the user and the merchant.
7、Dispute Resolution: If there are any issues with the transaction, the third-party payment platform provides a dispute resolution service.
8、Fund Withdrawal: Merchants can withdraw the funds received from the third-party payment platform to their bank account.
