A third party service provider is an unaffiliated business that provides services to another business while maintaining separation from the businesses as a contracted entity. For example, many e- commerce stores use third party service providers to process and manage payments. The third-party payment processor provides a service to the ecommerce stores based on a contract between the parties. The IT field is common for third-party service providers as most businesses outsource server maintenance, security and other complex technical services to an experienced IT company. A third party is an individual or entity that is involved in a transaction but is not one of the principles, and, thus, has a lesser interest in the transaction. People usually ask What is an example of third party services?. A third party may also refer to an entity that a company uses to mitigate risk. For example, small investment firms face difficulty entering the industry when large firms continue leading the competition. One reason large firms grow more quickly is because they invest in middle and back-office infrastructure. To stay competitive, many small firms outsource those functions as a method of gaining a great share of the marketplace. Few examples are there that are considered as third party vendors such as-
1. Outsourced Data Centers
2. Consultants
3. Office Suppliers
4. Marketing and advertising
5. Data Centers

Third party services are web- based technologies that are not exclusively operated or controlled by a government entity or that involves significant participation of a nongovernment entity. For those who usually asks question like What is an example of third party services?. An example of a third party would be the escrow company in a real estate transaction, the escrow party acts as a neutral agent by collecting the documents and money that the buyer and seller exchange when completing the transactions. A collection agency may be another example of a third party. By leveraging third party outsourcing, companies also better utilize resources and reduce overhead, both of which increase operational efficiencies to lower the overall cost of services. Third-party outsourcing is a crucial part of managing a blended workforce that can handle your clients’ evolving needs. As the name implies, a blended workforce includes a blend of full-time and temporary employees, independent contractors, and skilled freelance workers. A blended workforce, including third party workers, makes it possible to increase your availability for repairs and to service a larger geographical area, giving a big boost to customer satisfaction overall.

While there is no doubt that having the right people in place is crucial to your organization's success, finding and hiring new talent can be expensive and time-consuming. Not to mention organizations across the country are experiencing field technicians labor shortages. Third party outsourcing can help lessen the impact of declining employee retention rates, especially when critical onboarding initiatives are in place. With business rules and configurable logic, you can automatically determine a technician’s eligibility for specific jobs as well as their unique ranking within your workforce. And with the implementation of a customer portal, this information is easily made available to your clients, which once again increases customer satisfaction. Third party Risk Management(TPRM), also known as vendor management, can be a complex and overwhelming process. It involves the assessment, oversight and ongoing monitoring of your vendors. There are many steps to learn about the process, lots of different terminology and sometimes just figuring out who is responsible for each task is exhausting.

A real estate escrow company acts as a third party to hold deeds, documents and funds involved in completing real estate transactions. The company deposits the funds in an account on behalf of the buyer and the seller. The escrow officer follows the direction of the lender, the buyer and seller in an efficient manner when handling the funds and documentation involved in the sale. Another example that is collection agency, which a company may hire for securing payment of company debt. Company invoices or initial customer contract typically state at which time a collection agency may be used for securing outstanding payments. Some businesses can carry debt for years, whereas others expect payment within 90 days. The schedule depends on the market and the company’s relationship with the client. The insurance brokers are also the example of third party services. They are the professionals who intermediate deals between insurance companies and their customers. They represent customers, working with them to understand their insurance needs and provides multiple choices to help them find a policy that fits both their needs and their budget. Insurance brokers receive a commission from insurance companies for every successful transaction they intermediate. So, for the question What is an example of third party services?, there are many suitable answers.

Seven Consultancy provides the specialized service of Third party payroll. Journey of Seven Consultancy started in 2007. Now it has crossed many milestones and added many feathers in its crown. Currently having operation in different cities of India and abroad to provide solution to the Human resource domain to our clients. It made us one of the top most trusted HR Consultancy in India. We provide not only resource recruitment services but also a complete solutions related to all the activities of Human Resource Management. We are one of the Top Third Party Payroll Service Provider in PAN India.