1. Home
2. Industry News
3. Payment industry

Payment industry

         Merchant account is a virtual account in third party gateway. The gateway provides technical service and payment service for the merchant, the account is an electronic data set in the payment system and doing transactions. The merchant can process and check and download, upload all relative data on the grounds of the merchant account information. It connects the customer and merchant  on receiving money and pay for the consuming. Generally the customer does not directly contact with the payment processor. But there are exceptions. In China there are third party payment companies who are well known and popular by Chinese people, it’s Alipay and Wechat which are not only credit card payment processing. The two are generated based on the ecommerce business platform or network social media. They are growing as the platform getting bigger and famous around users. They also developed many other function and market and provide convenient services such as utilities payment etc. Every store and even the stall on street accept their payment option. You don’t have to take cash, only if you take your smart phone, you can pay for all things you buy everywhere anytime. It is so welcomed by merchant and customer that they have covered almost every corner of China. But no wonder it can have such great market, the platform they rely on is a very large well known. Taobao which has their own payment processor which is Alipay is Chinese biggest online shopping center. Many users opened stores on Taobao. If you have never do business before and want to open an online store selling things you can just go through the procedure and have your own store. Of course the one who can run the store in good situation is who really wants to do it and do it good.