What is an electronic payment system?
The electronic payment system is a way to make paperless transactions by paying for goods and services through an electronic medium. e-Payment systems are also called e-commerce payment systems or online payment systems; they’re not just limited to online transactions but can be used to pay bills, utilities and other daily purchases. An electronic payment system can offer a number of benefits including convenience, security and speed. The most popular e-payment solutions include electronic point of sale devices, mobile credit card readers and mobile wallets such as online payment.
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How do electronic payment systems work?
Electronic payment processing allows for the secure, efficient and instantaneous transfer of funds from a customer’s account to a merchant’s. This can be achieved by different channels such as credit or debit card, Internet transfers and mobile telephone payments like pay with QR code. This process relies on the use of various network operators, payment service providers and merchants to ensure that transactions between these parties are successful.
- Credit card processing is a complex business, but it’s not hard to understand the basic process. Here’s how it works:
- The cardholder or customer buys a product or service online.
- The person or business that sells the product or service to the cardholder. In the financial services industry, you are called a merchant.
- The bank, or financial institution that provides the cardholder with the payment card is called the issuer.
- The financial institution that establishes an account with the business (you, the merchant), Is called the acquirer, or merchant account provider. The acquirer authorises the cardholder account.
- A payments processor handles the official transaction between the cardholder and merchant.
- Finally there is the payment gateway, which processes merchant payment text messages and uses security protocols and encryptions to ensure security. We cover more on payment gateways later.
- Methods and types of electronic payment systems
- Online payment gateways are the fastest and easiest way for small businesses to start accepting card payments. They can be set up quickly and easily, so you can start taking card payments from customers straight away.
A payment gateway lets you take card payments from any device with an internet connection. You can take payments by phone, email or through your website – wherever and whenever it suits you and your customers. That means more chances of making a sale and taking more money in.
How do online payment gateways work? An online payment gateway works like an online version of a card terminal, letting your business take card payments over the phone, via email or on your website. The most popular payment methods use a payment gateway.
Online banking: If you have a bank account with an internet-based bank (like First Direct), you can use its online banking service to make payments directly from your bank account using the bank’s secure website. This type of electronic payment is often known as BACS direct debit or standing order. It’s an easy way to pay regular bills such as utility bills or expenses like rent.
While you might already have put some of these PCI requirements into practice, put them in writing and check them regularly. It will help you maintain them and also help you avoid liability.
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