As a busy e-commerce platform, Wish has attracted countless sellers to settle in. However, for sellers who want to open a store on this platform, in addition to meeting the settlement requirements, another issue that people are concerned about is capital turnover. Therefore, it is particularly important to understand how Wish collects payments. This article will introduce in detail how Wish sellers collect payments and what to pay attention to.
On the Wish platform, sellers have a variety of ways to collect payments, each of which has its advantages and disadvantages and needs to be selected according to their own circumstances. The following are some common payment methods:
1. Online payment.
This is a fast and convenient payment method suitable for small transactions. Consumers can complete payments directly online, and with the help of third-party payment companies, the rights and interests of consumers are ensured. But at the same time, this method also has certain risks, especially in large transactions. In the online payment category, there are two common payment methods:
① Electronic account category.
This method mainly completes payment through transfers between electronic accounts. Although it is convenient and fast, it is more risky when it comes to large transactions.
② International credit card payment.
This method is to complete the collection of payment through the payment channel provided by a third-party credit card payment company. Although the security of payment is ensured to a certain extent, some consumers may worry about the leakage of personal information.
2. Bank remittance mode.
The bank remittance mode is mainly suitable for large-amount payments, and payments are made through bank transfers or remittance companies. Although this method is safe and reliable, it is not suitable for small-amount collections. At the same time, the payment cannot be withdrawn after payment, and the protection of consumers’ rights and interests is relatively weak. It is mainly used for wholesale foreign trade collection.
Different payment methods are suitable for different sellers and buyers, and each method has its own advantages and disadvantages. Generally speaking, merchants may prefer “irrevocable” payment methods because this can reduce the risk of fraud. However, consumers often prefer to use third-party payment because this method can better protect the rights and interests of both parties.
Although the convenience of online payment is popular, it is mainly suitable for small transactions and is not suitable for large transactions due to security risks and fees. Therefore, when choosing a payment method, sellers need to make wise decisions based on the transaction amount and their own situation.
LianLian Cross-border Payment provides global cross-border export enterprises with safe and convenient cross-border full-process services such as fund settlement and tax compliance. LianLian Cross-border Payment has realized the collection function of more than 60 sites of more than 20 global cross-border e-commerce platforms such as Amazon and eBay, as well as settlement in more than ten mainstream currencies such as US dollars, euros, and pounds, and has served more than 500,000 cross-border e-commerce companies. In addition, in order to continue to meet the different dimensional needs of cross-border e-commerce sellers, LianLian Cross-border Payment has joined hands with well-known partners in the industry to launch a number of products to help sellers solve problems such as store opening, Amazon claims, and domestic and foreign taxation. For example, VAT services cover Europe and the Middle East, and LianLian can help users quickly comply with taxes in many European countries, the UAE and Saudi Arabia; Tax Refund Manager helps sellers complete domestic tax compliance while increasing profits by up to 10%, and one-click store opening efficiently opens stores on 8 major global e-commerce platforms, helping Chinese sellers expand their territory globally.
For foreign trade retail payment collection, it is not easy to find a payment method that suits both parties. The difference in needs between sellers and consumers makes choosing the right payment method a challenge. As a seller, you should satisfy consumers’ needs as much as possible and provide diversified payment options while ensuring your own interests.
In short, Wish sellers need to consider many factors when choosing payment methods, including transaction amount, payment security, consumer demand, etc. Only by understanding the characteristics and advantages and disadvantages of various payment methods and making wise decisions based on your own situation can you succeed on the Wish platform.