Advantages And Disadvantages Of Electronic Payment System

As technology advances over the years, we have experienced and noticed that the trend in how payment are received have shift tremendously. Twenty years ago, check was the preferred way of payment. In today’s world, more and more payments are done by credit cards. Credit card transactions are instance that provides a faster payment method.

The service is available in multiple payment modes, online and through a network of agents. An instant confirmation is generated for the bill payments. The BBPS will transform the society from cash to electronic payment system, making it less dependent on cash.

When you are taking payment on the internet, you need to have a payment processor. This is a service that will collect you customer's credit card information and to tell you if the order was successful or not. Locally setting this up is fairly easy and all you have to do is create a sales letter, and a download page. And after somebody pays you it simply redirects them to the download page. And they did not pay you it does not redirect them to that download page.

d) Electronic Fund Transfer. Electric funds transfer (EFT) provides for payments and collections by transferring financial information electronically. PayPal offer online payments and money transfer among businesses and individuals, nationally and internationally, in various currencies, requiring only that recipients have an e-mail address.

Book Bunker’s interest in accepting payments online also requires knowledge regarding online security. Online security is vital to an e-commerce business, because customer information, as well as transaction information is available to hackers if the correct security protocols are not implemented. Creating a secure online environment for Book Bunker customers can be done through various security features such firewalls, software, and a secure e-pay service. Security protocols should be implemented prior to the online payment system being activated, to ensure the customer information and transaction records are protected. The acceptance on online payments will also require preparation, such as creating a merchant account, choosing a service, and imbedding the service on the Book Bunker website. Implementation can be time consuming, but the result will be increased revenue for Book Bunker, because customers will not be deterred by the requirement to complete sales over the phone or in the store.

The Purpose of this report is to show the use of current technologies for payment support procedures in small and medium businesses. Article covers various solutions to process payments and ultimately determine the best of them. SME’s are designed to the deal with B2B and/or B2C customers depending on the business needs. As per latest discovered trends in the North America the ‘payment’ is preferred if digitalized, such a trend is a result of efforts Fintech and Paytech companies like bitpay, Kabbage, kantox , etc.x. For intents and purposes payments flow can be categorized as consumer and business. Cash and card for former, cheque and EFT for latter. The need for demonetization emerges so as to match with the with rest of the world in the

Internet banking has made bank transaction easy and convenient in the sense that people can do the transactions from anywhere they, desire to i.e in the home, offices, and schools. It has helped to avoid unnecessary trips to the bank.

Therefore the installation, maintenance and customization of the e-commerce services should be based on various shopping carts which includes; Drag and drop designs, password protected web pages and individual pages for new products and the bestselling products, to name a few. These shopping carts offer various features that enable online product management services which should be crucial to the organization. In addition, they offer internet payment options such as, merchant accounts that should be helpful to the organization (secure trading, 2014). Also, they can support processing of credit cards in real-time. They can support payment by checks or cash on delivery. In addition, checks by email and manual getaways where; orders and information of payment are collected and processed offline.

In today’s evolutionary world, where technology keeps on revolutionizing our everyday tasks, electronic bill presentment and payment offer a whole new billing process by offering online and real time presentment of bills and payment choices. It offers great advantages and significantly improves customer care and customer relationship management. We will cover the information found in an electronic bill, followed by the process of a bill presentment. We will briefly compare traditional paper-based bills and electronic bills. And then, we will expose the different parties involved in an electronic bill presentment and payment, followed by the different evolution phases. The advantages and the risks associated with the

The payment systems and protocols have been developed with the development of the electronic commerce. The current system of payment is consisting of the merchant, customer, and the payment gateways, the procedure is that the merchant receives the information of the customer’s payment and forward this information to a payment gateway in order to process the payment. This procedure holds several risks to the customer’s information because of the ability of the merchant to save the information related to the customer and may misuse this information later. The other possibility is that the information is compromised and the merchant is unaware when the information of the customer payment is forwarded to a payment gateway.

Online payment processing services perform transactions at a much greater speed than manual processing. As well as ensuring error-free computations and faster processing time. Which means

The strategy should be creating according to the elasticity of the market to the prices as reported into the Case. “By 2009 electronic bill payment was gaining wider acceptations, with penetration given by convenience over traditional payment methods, saving on postage and improved perseptions of payment secutiry”

its was response rd by owner of the company to save company time and money , the payment process is made by either electronic funds ( paying online ) or by check or cash . And the last condition the company must keep these record which contain purchase record to establish any tax information and purchase order to confirm it . so we talked about the condition or steps of purchasing process in simple way .

In this approach, the merchant receives all the private information of client, forwards it to the PP and the PP connects to the issuer bank.

Lastly, many banks, utilities and other businesses now offer their customers the option of paying bills online, eliminating the need to write and mail paper checks or to keep paper records. By paying your bills online you can save time and money, lower the administrative costs of companies with which you do business, and reduce global warming by helping to prevent deforestation. Signing up for online bill paying is easy and doesn’t take much time. You can either choose to have certain bills paid automatically each month or elect to review and pay each bill yourself. Either way, you will receive outstanding returns on your small investment of time.