The Various Payment Choices for Consumer Transactions

Controls affecting the University’s finances directly commands a top priority. The spending and paying of the P-Card charges proved enlightening for the need of better controls. An analysis of frequency and amounts spent on each card revealed daily amounts exceeded 19 times and the monthly limits were surpassed seven times within the audit period. Subsequently, duplicate transaction also revealed to be a problem. Billy Manson had a total of 20 seemingly duplicates transactions, of exact amounts, dates and descriptions indicating further review needs to be

In today’s economy cash or a credit card is needed to meet the basic human need. It is a clear fact that we need cash or credit to purchase items such as food, clothing, to pay bills, as well as buy gas for our daily travels. However, when you are out shopping and discover that you have used all the cash in your possession, which is when we realize that the benefit of having a credit card is very beneficial. Although cash and credit cards are similar in that, they both are used to pay for goods and service. Both can be useful for the card user when they are managed wisely. While both cash and credit card share several differences that can affect the individuals who have them such as being stolen, high- interest rate, and personal identity. With cash you are limited to the amount that is in your wallet or purse, unlike with a credit card, you are allowed to pay for your purchase at a later date.

Once a payment transaction is made, the payment gate either receives a decline or accepted response from the issuing bank. Sensitive data pass through this channel so choosing which payment gateway for your ecommerce store is crucial.

explains the change from former popular cash flow accounting to accrual accounting measures as a gradual process (2015, p. 1046). This was mainly due to the passing from cash-deliveries to commercial credit-deliveries. Toma et al. further argues that in the contemporary economy, most transactions are made through credit payments, making cash flow accounting less relevant. They explain the change to accrual accounting measures as necessary in today’s society in order to provide the users with more timely and accurate financial

Another major aspect is the network of Ebay and Paypal. Ebay acquired Paypal (sometime in 2002), which is a service facilitating

especially for small players, as the barriers of entry remain low, allowing new entrants into an already saturated market. The industry is in the mature phase as revenue growth has decreased from 10.7% in 2014, to 12.1% in 2015, to 4.0% in 2016.

According to the methodology plan, the first step was to pilot test the questionnaire with Bank X and an external bank with respect to its structure and the feasibility of the contents in receiving a positive response. The contacts within the two pilot banks after checking with relevant departments responded with feedback that conveyed their concern

Online shopping is a form of electronic commerce where the buyer is directly online to the seller's computer usually via the internet. There is no intermediary service. The sale and purchase transaction is completed electronically and interactively in real-time such as Amazon.com for new books. If an intermediary is present, then the sale and purchase transaction is called electronic commerce such as eBay.com.

Another factor to consider is customers’ affordability to make payment. Frequency of payment can be annually, quarterly and monthly. Therefore, the right processes must be in place to ensure efficiency in collecting payments.

Payments system all over the world has experienced a period of dramatic change. Consumers, businesses, and government are moving away from paper checks and towards electronic forms of payment. Technological advances and competitive forces are fundamentally altering the payments landscape, with important implications for efficiency, safety, and access.

(Snellman, Vesala, & Humphrey, 2001) Defines e-payments as any payment service that makes use of information and communications technologies including Integrated Circuit (IC) cards, cryptography and telecommunications. However, in this study, e-payment refers to all electronic transactions as payment for goods and services. An electronic payment transaction is an execution of a protocol by which amount of money is taken from a payer and given to a payee (Akhilesh, Abhishek, Suresh,

Under FFS payment system, each service is unbundled and paid for separately. Fee-for-service generates payments driven by the volume of services produced. The service providers, usually a physician, receives a set fee for a particular service, such as office visit, test, procedure, or other health care service, either directly from the patient or from an insurer or other payers.

Mobile payment technology offers benefits to consumers and merchants by providing advanced payment control and convenience for consumers and an elevated output for merchants.

A very ordinary forms of mobile payment is user usually subscribe an additional mobile services from their fixed mobile account. Normally people use this payment method to purchase software, music, or other correspondence authorities via mobile phone. The fees will be sum up with the monthly basis of an individual customer. No doubt this micropayment method is convenience and quick. Feig (2007) stated, “…allowing users to charge their purchases at participating Web sites to their mobiles phone bills without having to sign up for an account of even going through a credit card. The customer sends a text to the retailer and the transaction is complete in

Contents • What is E-payment? • Types of E-payment Systems • Digital Token-based Electronic Payment Systems • Smart Cards & Electronic Payment Systems • Credit Card-based Electronic Payment Systems • Risk & Electronic Payment Systems • Designing Electronic Payment System