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How the website hold payment as a third party like Fiver

How the website hold payment as a third party like Fiver

The “third party” means any party other than the two parties involved in, or planning to a transaction between them. So, if you and I are doing business, and you sell me something, and payment arrangements are made through the third party which is a website. For example, eBay is also an example of a third-party website with the seller and the buyer between these two parties.

website hold payment as a third party like Fiver

Figure: website hold payment as a third party like Fiver

 Introduction About Website AS Third Party

When two parties deals between them they use the third party to the transaction between them. The third party’s role may include to take a transaction from the buyer and gives it to the seller by this way it gives a transaction between them.

Nowadays as technology changes the transaction system also changes. The things you wants are done through a digital way of business. The online payment is conduct through third-party platforms. The buyer buys anything from any digital method of business it gives payment to the party from which they buy goods or its services from another party. It gives payment through the website to the third party that interacts between them to pay for these goods or purchase items. The money is then the website transfer to the seller’s account.

The money is then the seller withdrawn from the debit card of its bank account. For example PayPal, then PayPal is a third party website. It is not yours, not mine, but necessary to the transaction. The user that buys something from any digital method gives credit card number to PayPal portal and seller offers its good or services to it. The buyer use credit card for payment method. This is called a third-party digital transaction method to pay for buying items.

Payment Method

Third party payment is important in various situations and includes in various variety. It is not connected with the other two participants in the payment.  For example, if the A can sells items to B, the third party involve in it after when it sells the item to C. After selling the third party include in it. Third party websites as an approach only the website may contain links of websites operated or belonging by the third party. These links are not able to back to make it payable to some other one.

The other large number of transaction options available such as checks, drafts, and bank transfer, many people may wonder why they use this new method of payment. The online payment through the website is very easy, comfortable and exclusive beneficial that no other can gives that option. The payment through the website is more useful and faster than any other method.

The important thing is that does not give your credit card information to any website because it can be hacked from a hacker. You can also use only a trustworthy website that can role as the third party to hold payment from the buyer and gives it to the seller.  Because of a trusty third party, you can save to give information to it. Also, check that the website is trustworthy and do not give information to any website to face a problem of fraud.

Fazal Rehman Shamil Click Here to Know More
Instructor, Researcher, Blogger, SEO Expert, Poet and Publisher of International Journal Of Software, Technology & Science ISSN : 2616 - 5325
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