What is the process for cross-border payment collection from personal accounts? What should I pay attention to?

Now many friends are thinking about doing cross-border e-commerce. Now everyone allows individuals to enter cross-border e-commerce, but many friends' accounts are also personal. What is the process of cross-border payment for personal accounts?

What is the process for cross-border payment collection from personal accounts?

1. Outbound funds:

Involving 4 parties, namely buyers, third-party payment

The company, bank, and seller, with the buyer paying in RMB and the funds flowing to a third-party payment company with a financial license. The company then uses the funds to purchase foreign exchange from a partner bank and then pays it to the foreign seller to complete the payment process.

2. Capital Entry:

The same four parties are involved, and the flow of funds has changed. Foreign funds are converted into RMB after being settled by banks and then settled to domestic sellers.

The specific shopping process is as follows:

① Log in to overseas online shopping platforms and purchase goods (domestic consumers log in to overseas websites to determine the goods or services to be purchased and place an order).

② Product information (overseas e-commerce sends consumers’ orders, i.e. product information, to third-party payment).

③ Obtain a certification letter (third-party payment obtains domestic consumer certification information).

④ Enter authentication information, select RMB payment method, and confirm payment (domestic consumers enter information and select payment method).

⑤Payment information (third-party payment will send payment information to the custodian bank).

⑥ Foreign exchange purchase payment information (receiving foreign exchange purchase payment information from the custodian bank).

⑦ Foreign exchange purchase payment information (foreign e-commerce receives foreign exchange purchase payment information from third-party payment).

⑧Send goods (send products and related services to consumers).

The process of cross-border payment for personal accounts is a little more complicated. As long as you have authenticated the relevant conditions in advance, you can receive payments directly to your personal account later. Generally, Amazon allows company accounts or corporate accounts to receive payments.

Recommended reading:

Is cross-border e-commerce authentic and reliable? How to do cross-border e-commerce without a source of goods?

How much money can you make in a year doing cross-border e-commerce? What are the risks?

Is it difficult for an individual to engage in cross-border e-commerce? How much capital is required?