What is a Transaction Set ID?
Transaction Set ID is similar to a paper document and consists of numbers that enable retailers to get detailed information about the transaction that occurred. These transaction numbers have a unique number with a combination of alphabets called transaction set ID and signify that no other transaction has occurred under the same ID number.
Significance of Transaction Set ID in E-commerce Logistics
Like Unique ID, transaction set ID also helps maintain the transaction record and keep the supply chain in order. It also allows banks to have a clear picture of every transaction made by their customers on any marketplace. Some other significance of transaction ID are as follows:
- It helps customers to place a refund, return, or track their shipment if the delivery services are delayed.
- It also helps retailers have a detailed picture of transactions done by their customers.
- It helps maintain transparency between buyers and sellers.
How Transaction Set ID Number Works
Since the transaction set ID is unique for each product, only buyers and sellers can access their transaction ID. If a buyer has to trace the order, then a few things that are required along with the transaction id are–
- their name,
- credit or debit card details.
Once the information is filled in the ledger, buyers can get the exact location of their order.
Use Case With Transaction Set ID
Suppose a company gets an order and in every EDI standard, each transaction is assigned a transaction set ID. Companies can now use the transaction set ID in case of a refund or replacement. Sellers get to ask about the unique ID if the order has been misplaced or not in its best condition.