Illustrative image (Photo: VNA) This is to assist the parties to the transaction using protectedonline payments.
According to the Centre of Information and Digital Technology, theonline payment on e-commerce markets still faces many difficulties due tothe high return rate in e-commerce orders.
E-commerce platforms have had consumer protection mechanism, butthere has been no mechanism to protect shop owners and no formal or convenientdispute resolution mechanism.
In order to solve the difficulties, buyers and sellers often usean intermediary stage, which is a system to secure transactions under thedispute resolution option (Escrow).
This means that two parties ask a third party to hold money,papers or other assets for a transaction on their behalf before the transactionis completed.
By this way, buyers and sellers can trust each other on e-commerceplatforms and business-to-consumer (B2C) e-commerce websites.
The Escrow system of transaction assurance will solve the onlinepayment difficulties of the e-commerce market by building a reliableintermediary system, ensuring that transactions take place according toagreement between buyers, sellers and brokers.
In addition, the system provides a place to keep the payment ofthe buyer and will only transfer it to the seller when the transaction isconfirmed as successful from the parties participating in the transaction chain.
It also provides an online dispute resolution platform for theparties involved in the transaction.
Buyers and sellers have a default normal period of seven days toexecute contracts.
During the holding period, only when the buyer clicks on theapprove button to transfer the money to the seller, the money is actuallytransferred./.
VNA
