Electronic Payment Methods are the way that a buyer chooses to compensate the seller of a good or service that is also acceptable to the seller.
Online there are many payments methods to make Online cash transactions easier, In this article, we will show you the most popular online payments methods.
Electronic Payment Process is a way of making transactions or paying for goods and services through an electronic medium, without the use of checks or cash. As the world advances more with technology development, we can see the rise of electronic payment systems and payment processing devices.
Electronic Payment Methods
Important characteristics for an Internet payment system include security, reliability, scalability, anonymity, acceptability, customer base, flexibility, convertibility, efficiency, ease of integration with applications, and ease of use. They have regulated transactions that take place digitally through your mobile device.
Electronic payment allows your customers to make cashless payments for goods and services through cards, mobile phones or the internet. It presents a number of advantages, including cost and time savings, increased sales and reduced transaction costs.
Credit Payment System
Credit Card It is a card issued by a financial company which enables the cardholder to borrow funds. The funds may be used as payment for goods and services. Issuance of credit cards has the condition that the cardholder will pay back the original, borrowed amount plus any additional agreed-upon charges.
E-wallets A mobile wallet is a virtual wallet that stores payment card information on a mobile device. Such as PayPal. This can include purchasing items online with a computer or using a smartphone to purchase something at a store. An individual’s bank account can also be linked to the digital wallet.
Smart card It is a physical electronic authorization device used to control access to a resource. It is typically a plastic credit card sized card with an embedded integrated circuit.
Cash Payment System
Direct debit It is a financial transaction in which one person withdraws funds from another person’s bank account. Direct debits are typically used for recurring payments, such as credit card and utility bills, where the payment amounts vary from one payment to another.
E-check It is an electronic version of a paper check that provides different payment processing times and less waste. With an eCheck, money is electronically transferred from the payers’ checking account and directly deposited to the seller’s account, after passing through the ACH network.
E-cash It is an internet-based system that facilitates the transfer of funds anonymously. Similar to credit cards, eCash historically has been free to users, while sellers have paid a fee.
Stored-value card It is a type of electronic bank debit card. Stored-value cards have a specific dollar value programmed into them. Banks provide these cards as a service for customers who cannot open a checking or other deposit accounts.