1. The buyer sends a payment instruction from his credit card to the issuing bank.
2. The bank advances money to our bank
3. The bank informs the cardholder of the repayment date and amount when the interest-free period expires.
After that, although we have completed the transaction, the payment is only 1% guaranteed when the buyer takes the following actions:
(1) The buyer repays before the repayment date expires, and the transaction is successfully completed. Our payment was successful.
(2) The part that the buyer pays first is generally greater than the minimum repayment amount stipulated by the bank, and the rest is used as a loan from the bank, and the interest is confirmed to be paid, and then the principal and interest will be repaid gradually. In the end, the buyer gets financing convenience, the bank gets interest income, and the seller gets the payment in time, and * * * wins.
if the buyer proves that the payment transaction has been cancelled, the reasons may be return of goods, shortage, or quality problems, then the trouble will come: when the buyer notifies the card-issuing bank to cancel the payment, the card-issuing bank notifies the credit card clearing company, such as VISA, MASTER or our UnionPay, to request a refund. The credit card clearing company will then deduct the refund from the payee's bank. Then the payee's bank will debit our card to the credit card clearing company.