Merchant payment codes and personal differences

Mondo Technology Updated on 2024-01-29

Merchant payment codes and personal payment codes are two common payment methods in the field of electronic payment. Although they are both paid by scanning***, there are some notable differences in terms of scope of use, features, and security.

1. Merchant collection code:

The merchant payment code is mainly used for the merchant to receive the amount paid by the customer. Merchants can place the payment code on the store counter, POS machine, or online platform. The merchant payment code is usually directly linked to the merchant's account, and the amount paid goes directly to the merchant's account. In addition, the merchant collection code can support a variety of payment methods, including Alipay, WeChat Pay, UnionPay, etc.

1.Wide range of use: Merchant payment codes are suitable for all kinds of merchants, including physical stores, restaurants, **, etc., and can meet the payment needs of different industries.

2.Record transaction information: The merchant collection code can record the relevant information of each transaction, such as transaction time, amount, etc., which is conducive to the management and analysis of transaction data by merchants.

3.Support refund function: Merchant payment codes usually have a refund function, which can process customer refund requests, improving the flexibility and convenience of transactions.

Second, the personal collection code:

Personal collection codes are mainly used for payments between individuals, such as transferring money between friends, paying for loans, etc. Personal payment codes are usually associated with an individual's payment account (e.g., Alipay, WeChat Pay). Personal collection codes generally only support specific payment methods, for example, Alipay personal collection codes can only be paid through Alipay.

1.Personal payment interaction: The personal collection code is mainly used for personal payment interaction, such as AA payment between friends, loan repayment, etc., which solves the convenience problem of payment between individuals.

2.Do not record transaction information: Personal collection codes generally do not record transaction information, but simply complete the payment process, which has certain advantages for personal privacy protection.

3.Lack of refund function: Personal collection codes generally do not have a refund function, once the payment is successful, it generally cannot be reversed, and the user needs to confirm the payment information before payment.

3. Security considerations:

1.The merchant payment code needs to be verified and qualified by the merchant to ensure the authenticity and legitimacy of the merchant. The merchant collection code involves a large amount of money, and the merchant needs to take corresponding security measures, such as preventing theft and information leakage. Merchant collection codes generally need to be scanned and paid through specific devices (such as POS machines), which increases the security of payment.

2.Personal collection codes generally do not require strict certification and review, making them more convenient to use. Personal payment codes involve a small amount of money and are relatively low-risk, but you still need to pay attention to problems such as fraud and information leakage. The personal collection code can be scanned and paid through smartphones and other devices, which is convenient and fast.

Fourth, the cost difference:

1.Merchant payment codes usually need to cooperate with a third-party payment institution and pay a certain processing fee. The handling fee of the merchant collection code is generally borne by the merchant, and the rate is determined according to the specific cooperation agreement.

2.Personal payment codes usually do not require additional fees and are provided to users free of charge.

Summary:

There are obvious differences between merchant and personal payment codes in terms of scope of use, functionality, security, and fees. The merchant collection code is suitable for merchants to receive customer payments, supports a variety of payment methods, and has high security and rich functionsPersonal payment codes are mainly used for payments between individuals, which are more convenient to use but have relatively simple functions.

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