Anti-Fraud Online Payment System is a payment gateway between a buyer to a seller aimed at preventing fraud from both parties.
Yesterday I talked about E-commerce with some problems/diagreement between a buyer and seller.
Some of those disagreement/problems are:
1. Absurd buyers who are not serious about buying and could order a product they don't have the money for: This is so true, especially in my country. A buyer would order for a product to be delivered and may end up saying the money is not yet available after product is already being shipped by shipping agent. There is even possiblity of the product being stolen by the buyer after the delivery arrives at the location set by the buyer
2. Merchants who don't have the money at hand but wants to get the product after the money is received: This is common especially on Instagram. Merchants put up products they don't have available online only to get them from their supplier after the money is received from the buyer.
3. Receiving an ordered Item totally different from what was Initially ordered: This is very common as some sellers tend to upload an attractive image of a product and ends sending a less quality item as that in the image.
4. Fraud from the Buyer: This is when a buyer buys a item he similarly has that is less quality or already damaged. Then asking for a return of product, so they can return the damaged product to the seller and still get their money back.
How Does The Anti-Fraud Online Payment System Works
The work of the Anti-fraud online payment system is to solve the disagreement and distrust between buyers and sellers. It will work as an escrow between both parties.
I believe this is how the popular eBay works if I'm not wrong. I don't know because eBay isn't often used by people in my country because of the custom fees which ends up being two or three times the price of the products we are buying sometimes.
So the Anti-fraud online payment System would act as a platform where sellers can register their business and be given a simple identification or registration number where intending buyers could search for their product on the system and then order for the product.
When a seller registers, she uploads her products on the system while at the same time leaves her ID number on her social media profile for buyers to check her store in the platform through the payment platform to make their order in the Anti-fraud payment system.
A merchant who has uploaded the product online will set the delivery duration after ordering by the buyer. When the buyer pays for such product, the money doesn't go to the buyer but held in transit by the system until the seller confirm the product is sent and the buyer confirms the product is received.
When the buyer pays for the product, the seller is notified and therefore has 24hours to arrange the product to be delivered. The seller will choose to either use the delivery agent of the Anti-fraud payment to deliver to the buyer or use their preferred delivery agent.
If the 24 hours time is elapsed without confirming product is sent, the money will be sent back to the buyer but If the seller confirms the product is sent, the payment system will check the delivery duration set by the seller and take note of it.
There will be a button where both seller and buyer can confirm if the product has been delivered. If the seller sets 3 days as delivery date, then she has until 3 days to confirm the product has been delivered.
After the seller confirms it has been delivered, the buyer would also have to confirm if it has also been delivered before the seller receives her payment. It would be necessary for the buyer to snap the product he/she receives immediately after delivery with the package and then upload it on the system to check if the product is exactly as it is described by the seller. That way, it would solve the first 3 problems listed above which are:
1. Absurd buyers who are not serious about buying and could order a product they don't have the money for
2. Merchants who don't have the money at hand but wants to get the product after the money is received
3. Receiving an ordered Item totally different from what was Initially ordered
HERE'S A QUESTION, DO YOU THINK THE FOURTH PROBLEM HAS BEEN SOLVED? STATE WHY AND REASONS?
Thanks so much for reading through. Your reply to the question would be well appreciated.
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