Electronic payment processing – Its modes and advantages
Kevin Parker
Electronic payment processing is the new-age way of transactions. In simpler terms, it means creating a process for customers to pay for materials or services through online payment without the use of cash or checks. Most eCommerce websites, and even independent brands, incorporate this mode of payment into their online store, making it easy for customers to make purchases.
Let’s understand what this process means and some advantages of e-Payment Processing. Common modes of e-Payment Credit or debit cards Familiar to most people, this method involves an electronic payment device that starts the transaction process. The customer has to fill out details like card number, registered name, and a pin (depending on various banks and their protocols). The payment is then cleared by the customer’s bank. Most online transactions take place using this mode of e-Payment. Internet banking This digitally transfers funds from one bank account to another. Internet banking is often used by either consultants/freelancers or even small businesses for their customers. All you have to do is add the proper account details of the payee and transfer the agreed-upon amount. Direct debit This does not involve adding any payee to your bank account; instead, it involves a direct debit of funds from your account with the help of a third party. The amount is already mentioned in the payment link, or you can mention it yourself. E-wallet This is a type of prepaid account that stores funds transferred from your bank account. This e-Wallet has your bank details linked to it, which means you do not have to constantly re-fill the form with your details. You can simply put the amount that you need to be debited, and with a few clicks, the payment is made. Store credit card A lot of eCommerce websites use this kind of e-payment method. To give you an example of this kind of e-Payment is gift cards. The cards already have a prepaid monetary value attached to them, and you can simply use them to purchase your product or services. Advantages of e-Payment processing Fast payments There is no doubt that e-Payments make transactions so much easier and fast. You can buy commodities from a different country and transfer the money within seconds to make your purchase. If that isn’t fast, we don’t know what is. Convenient With literally everything moving on to the digital space, it is convenient to pay for things in just a few clicks. Today, you may forget your wallet, but you will not forget your smartphone. This behavior has also been integrated into e-Payments processes, and you can access digital money through your smartphone for most purchases—big or small. Easy to access data When transactions were on paper, manpower was required to fill in the details and keep files and invoices. Now, data is available on a single screen. It notes down the date, time, and place of purchase, and invoices are automatically created when a sale is made or a service is fulfilled. This makes it extremely easy to pull up records and data in real-time. Safety of using e-payment Since everything is turning digital, governments and tech companies are working to make these modes of payment secure and safe. Cybercrime is definitely a threat; however, some laws help provide solutions in case things go haywire. Always be aware of any fake advertisements and scams that ask you to share passwords or bank information that you wouldn’t otherwise need to share. If you notice any fraudulent activity, always file a report and temporarily block your cards.
You may like
Popular Black Friday Furniture Deals 2021
Finding the perfect furniture for your house can be a hectic task. While you may find the right set of...
Things to know about home appliance insurance
Home appliance insurance or the home appliance warranty policy refers to an insurance plan, which includes the cost of repair...
5 brands that offer the best tire deals
The biggest shopping event of the year concluded recently. If you missed a good deal on tires, this is your...
Black Friday deals that should not be missed
Most of us enjoy indulging in shopping. But holiday shopping is a nightmare more often than not. Most people would...
Top Reads
shopping
Top Cyber Monday Vacuum Cleaner Deals
Cyber Monday and Black Friday sales are about grabbing the best discounts from a plethora of deals available in the...
home & garden
6 reasons to buy patio covers and great online deals
Patio covers are the next big thing. Everyone in the country seems to be investing in shades for their patios...
shopping
Best Thanksgiving Gift baskets you can choose from in 2021
Gone are the days when Thanksgiving was all about bland holiday gift baskets. Today, you can find hundreds, probably thousands...
Trending Articles
personal finance
5 factors to consider before picking a financial advisor
Financial advisors or investment advisors help people attain their financial goals by managing their finances and savings. From budgeting guidance...
shopping
Popular Black Friday Furniture Deals 2021
insurance
Things to know about home appliance insurance
auto
5 brands that offer the best tire deals
shopping
Black Friday deals that should not be missed
personal finance
5 factors to consider before picking a financial advisor
Financial advisors or investment advisors help people attain their financial goals by managing their finances and savings. From budgeting guidance...