What kind of industrial chain does cross-border micro-e-commerce payment follow? Only by clarifying this issue can cross-border micro-e-commerce avoid mistakes in the payment link. Because once there is a mistake in the payment link, it will inevitably affect the entire transaction process. If there is a deviation in the transaction process, cross-border micro-e-commerce will naturally fail.
Generally speaking, the payment of cross-border micro-e-commerce is mainly divided into two parts: cross-border payment agency business and cross-border collection agency business, namely overseas acquisition and foreign card acquisition.
Overseas acquisition is from the perspective of import. Domestic consumers purchase goods from overseas merchants through e-commerce platforms, and payment institutions purchase foreign exchange for domestic consumers and pay them to overseas merchants. In other words, domestic consumers can “shop overseas” without exchanging foreign currency, and foreign merchants will feel the purchasing power of domestic consumers more directly.
Foreign card acquisition is from the perspective of export. Foreign consumers purchase goods from domestic merchants through e-commerce platforms, and payment institutions purchase foreign exchange for foreign consumers and pay them to domestic merchants. In other words, foreign consumers no longer need to exchange RMB to shop, and domestic merchants will feel the purchasing power of foreign consumers more directly.
Through the understanding of the overseas acquiring payment industry chain and the foreign card acquiring payment industry chain, we can know that in this industry chain, the payment institutions play a core role. With the existence of payment institutions, the entire commercial transaction process of cross-border micro-e-commerce can be carried out in a more concise process.
Imagine that if there were no payment institutions, domestic consumers would first have to exchange RMB into foreign currency when purchasing overseas products. Since the exchange rates between countries are not static, domestic consumers often need to take the trouble to calculate the product prices when purchasing overseas products, which will undoubtedly bring a lot of trouble to domestic consumers’ shopping and reduce the shopping experience of domestic consumers. With the participation of payment institutions, these problems will be solved.