<p>Supply chain finance (SCF) alleviates funding challenges for small and medium-sized enterprises (SMEs) in e-commerce. Dynamic discounting (DD), as a financing model that can improve capital efficiency and operational stability, holds significant value for exploring its application in e-commerce in enterprises. DDs of e-commerce-based supply chain include three stages, and they are business chain, hub-and-spoke network, and digital ecosystem models. We found that in the first two stages, the discount rate is fairly close, while those in the digital ecology mode have an inflection point when the buyer’s working capital (WC) cost exceeds the bank’s financing cost. In addition, the amount of WC affects participants’ profits, and the impact in the hub-and-spoke network model is higher than that in the digital ecosystem model. Moreover, there are differences in the optimal early payment time among the three stages: In the business chain model, the optimal early payment period does not change with the discount rate and WC, but in the digital ecosystem model, this value is related to both parameters. In the e-commerce industry, the evolution of DDs to a higher level is directly correlated with the increased variety of participants and enterprises. Consequently, the greater the number of profit growth points for enterprises, the more stable the operation of the supply chain becomes.</p>