Essay on Electronic Payment System

(ii) One can easily pay their bills and transfer their money without any problem. Because of this people don’t have to stand in long queue and keep their receipt safely as transactions are viewed by the person at anytime.

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.

[A. Fees are displayed when you take money out of an ATM. Terms and conditions must be explained to the consumer when funds are withdrawn from an account. Disclosures must be written in comprehensible language. Any change in terms must be communicated to the consumer within 21 days of the change taking effect. Financial institutions are required to provide consumers with statements for electronic transactions. Any of these is acceptable.]

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.

Payment from its customers must be easy, accommodating, but secure for both parties. Payment by utilizing a major credit card company such as VISA or MasterCard may be acceptable if all current Personal Identifiable Information (PII) and EMV (EuroCard, MasterCard, VISA) chip security are adhered to. But, as a negotiable instrument, a payment by note such as check may be the preferred method. If the negotiable instrument meets the criteria of: payable to the bearer, payable on demand or at a definite time, and does not state any other undertaking by person promising or ordering

Since the number of taxi’s companies that use smart phone’s application to provide their services has increased, the popularity of those companies has increased too. Unfortunately, one of the famous taxi’s company in Saudi Arabia called Karim had lost their customer’s trust because the customers’ credit cards information has been stolen by a hacker, who hacked the company’s digital signature to accesses their server and steal information. In fact, the internet has influenced our life and the E-commerce was not an exception. Many customers prefer online shopping, leasing, and selling, which are considered trade contracts. As the contract should contain a signature that represents the agreement between parties, a written signature is not viable in E-commerce. As a result, electronic signatures have existed to provide convenient and faster service that E-commerce needs. In fact, electronic signatures have not taken as a proof of evidence except a digital signature because the requirement to accept the signature to proof documents could be existed only in a digital signature. In this paper, I argue that government should regulate a digital signature to satisfied E-commerce expectation and growing. First, I will define the digital signature and distinguish it from similar signatures. second, I will explain the usage of the digital signature in E-commerce and how it expanded. Third, I will explain the law importance

During account opening, the banker has the customer sign a signature card. Once the signature card is scanned, it is filed away. Sometimes, this may not happen and the document may be misplaced. There are two inconveniences that this may cause: customer inconvenience and customer information is compromised. The customer may be inconvenienced if the signature did not register properly in the system; the customer may need to come back into the branch to complete another signature card. In addition, there is so much personal information on this signature card that it would be detrimental to the bank and to the customer if this information had been retrieved by someone else. Electronic signatures could be a remedy for all these issues. If the customer signs a signature pad, there is no information being left on a paper that can potentially get lost. Also, the signature would already be on file before the customer leaves the branch so there would never be a need for the customer to return to the branch to re-sign a document.

With the advance technology, banking has become a 24 hours a day and seven days a week ability. Not too long ago banks were only open from 9:00am to 3:00pm, workers and businesses rushing to get to the bank before they close. Paychecks were handed out personally not direct deposit, cashing or depositing a paycheck entailed a trip to the bank. Now most companies have direct deposit and the printed paycheck is becoming a thing of the past, this is only one example of how technology in banking has changed in society. The electronic banking (e-banking) can be described as the automated method of new and traditional banking services which reduce cost, and simplify front and backend process satisfying customers.

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.

The process of globalization and liberalization has virtually transformed the way of running business across the globe. Technology has entered into every sphere of the human life and the financial sector is no exception to it. E-banking, a product of the research conducted in the field of banking and financial services over the last century, is being used in India for some time now in the form of digital data in computers, Automated Teller Machines, credit and debit cards, mobile banking and net banking. Internet or e-banking means that any user with a personal computer and a browser can get connected to his bank’s website to perform any of the virtual banking functions. E-banking services can be availed for payment of bill, fund transfer,

By making it easier to store and transfer personal information, e-business presents some threats to privacy. First, most electronic payment systems know who the buyers are. It may be necessary, then, to protect the buyers' identities. Businesses frequently use encryption to provide this protection.

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

When the checks of its customer are received for collection from other banks, the following should be checked very carefully;