Jingdong Accelerates Third-party Merchant Account Settlement
Tencent Tech, 12/19/13
According to an industry insider, Beijing-based B2C e-commerce platform Jingdong has begun testing of a one-day merchant account settlement system for third-party merchants on the Jingdong open platform site. The new system integrates Jingdong's payment, account settlement, and open platform services, allowing third-party merchants who open an account with Jingdong's payment subsidiary Chinabank Payments to receive payment for goods sold on the Jingdong open platform one day after customer orders are received. Deposits will be made directly into merchant Chinabank Payments accounts.
In the future, Chinabank will add merchant financial services, as well as utility payment features for ordinary customers. The Jingdong open platform's new account settlement system is expected to launch in early 2014. The service will first be opened to major Jingdong third-party merchants, and will gradually be opened to other merchants on the platform.
Prior to this, the minimum amount required for account settlement with merchants on the open platform was 30 days, with payment sometimes taking several months.
Editor's Note: For more information on this topic, please see "Jingdong: Open Platform to Contribute 50% of Revenue by 2016," MD 7/29/13 issue.
Keywords: e-commerce Internet B2C open platform Jingdong Chinabank Payment
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