What is the difference between personal payment code and merchant payment code?

Differences: 1. The application for a merchant collection code requires a business license, operating license and other relevant documents from the bank or payment service institution; while the application for a personal collection code only requires a personal ID card and mobile phone number. 2. Merchant payment codes support any type of bank card, while personal payment codes do not support credit cards. 3. The merchant's payment code is D 1, which means it will arrive the next day; while the personal payment code will arrive in real time. 4. When withdrawing cash from a merchant’s payment code, the transaction deduction points are between 0.38% and 0.6%; while there are no transaction deduction points for personal payment codes. If you need to withdraw cash to a bank card, a 0.1% fee will be deducted.

The operating environment of this tutorial: HarmonyOS 2 system, HONOR V30 mobile phone.

Starting from March 1st, personal collection codes cannot be used for business collections. The merchant's personal payment code needs to be converted into a merchant payment code for use; then, what is the difference between the personal payment code and the merchant's payment code? At present, many small and micro merchants use personal payment codes, and merchant payment codes can actually enjoy more rights. Let’s take a detailed analysis of the difference between personal payment codes and merchant payment codes.

1. Different application methods

• #Merchant payment code: You need to provide a business license, business license and other relevant information to the bank or payment service institution Certificates, different industries have different requirements, but one thing is clear, that is, you must have a certificate;

• # #Personal payment code: Application only requires a personal ID card and mobile phone number;

2. Different functions

Although there are two Both payment codes can collect money, but they support different payment methods. Merchant payment codes support any type of bank card, such as debit card, credit card, etc., while personal payment codes do not support credit cards and can only be borrowed. Credit card or change balance.

3. Different payment paths

Merchant payment code: WeChat’s is called the merchant’s payment code, and Alipay’s is called the merchant’s payment code. The payment of both They are all directly transferred to the bank card or balance bound to the account;

Personal payment code: The personal payment code is directly transferred to the account balance. For example, if you use WeChat, the change will be transferred directly to WeChat, and if Alipay is transferred, the balance will be transferred to the account;

4. Different payment methods

Merchant payment code: D 1 arrival, that is, arrival the next day, that is to say, today’s payment will be received tomorrow Only then can it be used;

Personal payment code: real-time arrival;

5. Withdrawal rates are different:

Merchant payment code: Withdraw to the bound account, transaction deduction points are between 0.38% and 0.6%, and the rates vary according to different industries;

Personal payment code: No transaction deduction points , if you need to withdraw cash to a bank card, a 0.1% fee will be deducted. If you use the balance for direct consumption, there is no need for any handling fee;

6. Other differences

Merchant payment codes can be used to view business reports, and can also be used for marketing and promotion, such as using some payment discounts, issuing coupons, etc., while personal payment codes can only be used to collect money. There is no operating report, you can only view payment details, and you cannot issue coupons.

[Extended information]

The payment codes of merchants and individuals on WeChat are two completely different types. They are not the same code. Not only do they look different, The same, there are differences in functions, rates, payment methods, limits, etc. The biggest difference is that the money received from the personal payment code is first transferred to the WeChat wallet balance and then withdrawn to the bank card, while the merchant payment code is automatically withdrawn to the bank card the next day.

Which one is better, WeChat merchant payment code or personal payment code?

Each merchant or individual payment code has its own benefits. It is difficult to say which one is better. It depends on which one is more suitable for you. If the amount of WeChat payment every day is relatively large and the frequency If it is very high, the merchant's payment code will look better. On the contrary, if you need to collect money but the amount is not large and the frequency is not high, then you can use a personal one.

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