Online Vs. Online Payment System

This paper is about E-Business / E-Commerce E-Trust, E-Security, & E-Privacy. The main topics that will be discussed are mainly from the consumers standpoint, but also a little from the E-Business and E-Commerce standpoint as well. The scope of this paper does not include details on how to establish security nor address privacy concerns.

Reliability: Jun and CAI (2009) identified one of the very important service quality dimensions of E-banking service quality is reliability. The online banking environment has grown tremendously over the past several years and will continue to grow as financial institutions continue to strive to allow customers to complete money transfers, pay bills, and access critical information online. During this same time, online banking has been plagued by Internet criminals and fraudsters attempting to steal customer information. Phishing, pharming, and other types of attacks have become well known and are widely used as a means for fraudsters to obtain information from customers and access online banking accounts. As a result, authenticating customers logging onto their online banking service has become a crucial concern of financial institutions (Gregory D. Williamson, 2006)

Payments are always an important of any business, whether it is traditional or online. In online business cash cannot be used as there is no direct contact between buyer and seller, therefore we use electronic payment systems. There are several methods using which one can pay for goods and services bought by buyer.

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.

Society has experienced several evolutions in diverse arenas during our brief existence on Earth. The human brain has devised tactics to locate animals for the benefit of clothing, shelter, and food. Humans established spoken and written language(s), created numeric systems, and via the advent of the internet, devised vectors for expansion of communication across the globe. In addition to global communication, the internet has transformed society by allowing people to express our creativity, dreams, and expand our knowledge. It has revolutionized how we entertain, trade stocks, date, and participate in government and commerce. The eruption of electronic commerce, or e-commerce, relies upon consumer trust in the e-commerce website, payment

In this essay I will be writing about Online Banking, its use, how it evolved, impacts and how it benefited the global businesses. In late 1980s, the term online banking became popular. But in 1990s, the financial institutions implemented the online banking services. Initially it took some time to adopt the customers to do monetary transactions through online banking. Afterwards, with increasing use of computers, internet and World Wide Web, banks introduced new form of banking called Online Banking. It is a service from a bank to perform banking transactions through internet. Transactions like paying bills, transferring funds, applications and payments over loans & mortgages, accounting statements viewing, viewing account’s transaction history, looking for products and services provided by banks, getting answers of queries instantly.

Consumers also need to trust the firms they buy from. Online business is on the spotlight when it comes to trust. Many customers have been cheated while buying online. For instance a customer buys a given commodity, pays for it and the seller disappears. Business leaders intending to carry out e-commerce have a challenge in internet based business transactions. Consumers want to be confident that what they are buying will be delivered and they will not suffer from any misguidance or failure of delivery may it be now or in the future. Reliability is the key to online business.

The use, acceptance, adoption and application of internet technology to businesses to boast their performances are not something new. Saffu et al., (2008), states that there has been a significant increase in the use and application of e-commerce in businesses in the past decade. E-commerce has benefits such as reduction in costs, increased business opportunities, reduced lead time and providing more personalized service to the customers (Turban et al., 2008). Internet banking or e-banking is one of the many tools of e-commerce adopted by the banking industry. Tools of information technology such as internet banking have significantly improved the quality of services offered by the banking

Apart from website design, perceptions of online trust play an important role in e-satisfaction. Trust is used in this essay because it includes both security and privacy. According to the finding of Koufaris and Hampton-Sosa (2004), although the number of the web users grows at a fast speed, only approximately 15% of those surfers buy online. Besides, an increasing

Traditional B2B invoicing, on-account arrangements and payments by check prove increasingly inefficient when companies can get immediate payments using credit cards and integrating other mobile payment systems into their eCommerce platforms. Technology and faster communications, secure encryptions of financial information and growing acceptance of mobile payments are influencing business-to-business organizations to offer more payment options to their customers. Integrating multiple payment solutions not only leads to faster payments and better cash flow but also simplifies accounting and provides backup verifications of

An online payment processing solution greatly improves the ease of payment via credit cards. Customers will no longer have to make the long drive to brick-and-mortar stores to make their purchases. Instead being able to perform transactions by using any computer connected to the internet from the comfort of their homes.

In an electronic commerce environment, trust is difficult relation to build and even more critical for business success than in traditional commerce. The electronic commerce is not an ordinary business environment where we can trust the vendors.

Electronic cheques allow users of e-commerce to pay with an electronic cheque, as an alternative payment option rather than using a credit or debit card to purchase goods online. Electronic cheques are more common in the US than in the UK, where credit and debit cards are used by the masses. Electronic cheques give business, universities, private companies and personal online sellers the ability to let their customer make an online payment by e-mailing their cheque to the business/person so they have their payment for their product. E-commerce has allowed for this new method of payment that has never been used previously by the public and now adds a new type of convenient payment method for non-credit/debit card users and customers who prefer not to give their bank details to PayPal or another online banking account.

With the introduction of internet and e-commerce many companies have been performing their business transactions through e portals such as C2B (Consumer to Business), B2C (Business to Consumer) etc. Increasing technology changes has bought tremendous changes in online business transactions and /or processes (buying and selling) and currently this process has become common. Currently E-commerce portals are playing a vital role in online business and here most consumers have varying opinions or views on online transactions especially security, privacy and trust. Security and privacy are the two major aspects that drive online businesses which leads online consumers to develop

Based on the finding of this study, all of users believe that there are two main factors adoption which are perceived usefulness and perceived ease of use leading them to use the e-payment. First of all, all of the respondents revealed that the reason of leading them for adoption of e-payment are the system available and beneficial for consumers at unconventional location and anytime. This opinion is in the lines of the research studies by Chinho and Conghoang (2011) on the factor of perceived usefulness. Users feel that the E-payment system can easily access and acceptance in anywhere compares with the traditional commerce by using cash in certain locations. Nowadays, most of the people would access the banking website such as Maybank2u to obtain the information and verify the transaction activity. The E-payment system are acceptable by public make the consumer convenience by surfing the website to purchase the item rather than going out to the shop. Besides that, all of the respondents also mention about that E-payment system are user friendly. Most of the people are preferred for simplicity which are clear and visible step or procedure in order to easily use with the E-payment system. The clear and visible procedure of the interfaces have lead users' intention learn how to use e-payment. These opinions are in the lines of the research conducted by Sanjeev and Krishna (2013) on the factor of perceived ease use. By using e-payment, users can save a lot of time because the