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Electronic payment processing – Its modes and advantages

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.

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