What platform should be used for cross-border e-commerce payment? Introduction to the six major platforms

Merchants in the cross-border e-commerce industry know that they need third-party payment support to operate normally, but in fact there are only so many mainstream payment platforms now, and most cross-border e-commerce platforms only support mainstream payment platforms. So which payment platform is better?

What platform is used for cross-border e-commerce payment ?

1. PayPal

PayPal is an international trade payment tool that is highly sought after by hundreds of millions of users around the world. It serves more than 200 markets and supports more than 100 currencies. In cross-border transactions, nearly 70% of online cross-border buyers prefer to use PayPal to pay for overseas purchases. It integrates popular international payment methods such as credit cards, debit cards, and electronic checks. After registering PayPal, you can immediately start accepting credit card payments and can easily withdraw cash through local banks in China, solving the problem of foreign trade collection.

2. Payoneer

Payoneer, also known as P card, is an institution authorized by MasterCard to issue cards. It provides simple and fast transfer services for alliances with a wide range of payment groups. It is suitable for sellers with small single amounts and a wide range of customers. Payoneer is the only U.S. bank account + U.S. MasterCard bank card that can be processed for free in China. In terms of usage, it is the recommended payment tool for platforms such as Amazon and wish.

3. Pingpong

Pingpong provides international clearing services for small and medium-sized cross-border e-commerce companies. Currently, it accepts corporate account registration and corporate legal representative account registration. It currently supports Amazon North America, Europe, Japan, Australia, India, Singapore, UAE, Brazil and Turkey, and also supports Wish, CDiscount, Shopee and eBay. PingPong cooperates with overseas banks in public-to-public business. The payment funds of overseas buyers will be settled in the reserve account of overseas banks for custody. After the funds are deposited, PingPong will update the balance in the seller's payment account. When the seller initiates a withdrawal on the Pingpong platform, Pingpong sends instructions to overseas banks to collect and settle foreign exchange and make funds enter the country. When the seller withdraws cash, PingPong will refer to the exchange rate of the Bank of China for currency conversion.

4. Payment

Payssion was founded in 2013. It is a one-stop global local payment provider. It is not an e-wallet yet. Through Payssion, you can access more than 300 local payment methods in the world, covering more than 100 countries in the world, including Europe, Latin America, the Middle East, Southeast Asia, Japan and South Korea, Africa, Australia, India, Russia, etc. Payssion mainly provides cross-border payment solutions for enterprises/individuals, mainly for users who are not covered by credit cards and PayPal. Through Payssion, you can access more than 300 local payment methods in the world, mainly supporting foreign local mainstream e-wallets, online bank transfers, prepaid cards, operator billing and cash payment methods.

5. International Credit Cards

An international credit card is a card issued by a bank in conjunction with an international credit card organization to people with good credit standing and can be used for overdraft consumption worldwide. The card is also used to confirm the user's identity on the international network. An international credit card can be applied for at a domestic bank. Usually, international credit cards use US dollars as the settlement currency, and foreign currency consumption with UnionPay cards abroad is settled in RMB. Different from traditional payment methods, third-party payment companies and banks usually work together, so the money cannot reach the merchant's account immediately. Third-party payment mainly plays the role of an intermediate guarantee.

6. Western Union

Western Union is the abbreviation of Western Union, the world's leading express remittance company with a history of 150 years. It has the world's largest and most advanced electronic remittance financial network, with agent outlets in nearly 200 countries and regions around the world, and millions of cooperative outlets in more than 200 countries around the world. China Everbright Bank, China Postal Savings Bank, China Construction Bank and many other banks are Western Union's Chinese partners. If you want to receive remittances through Western Union, you can bring your ID to the nearest Western Union cooperative outlet, or you can choose to follow the instructions on the Western Union official website.

You can use any mainstream payment platform on cross-border e-commerce platforms. We have introduced some mainstream payment platforms above. You can use any of them. Different payment platforms have different characteristics. You can choose according to your needs. If you choose a good payment platform, you will not have any worries about payment collection.

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