Types Of E Payment System

Electronic payment system it an e commerce environment payments take the form of money exchange in an electronic form and are therefore called electronic payments electronic payments e payments are an integral part of e commerce and are one of its most crucial aspects.

Types of e payment system.

The different types of e commerce payments in use today are. Credit card a form of the e payment system which requires the use of the card issued by a financial institute to the cardholder for making payments online or through an electronic device without the use of cash. Credit card is small plastic card with a unique number attached with an account. Credit card the most popular form of payment for e commerce transactions is through credit cards.

The service lets customers make prepayments and bank transfers to cover online payments. Paypal is the leader in this arena with more than 200 million active users. The ach system comprises direct deposit direct debit and electronic checks e checks. Apart from them there are also alternative payment methods such as bank transfer electronic wallet smart card or bitcoin wallet bitcoin is the most popular cryptocurrency.

E cash is a form of an electronic payment system where a certain amount of money is stored on a client s device and made accessible for online transactions. Electronic payment systems types there are several ways of transferring money from a bank or credit account to another user. Payment using credit card is one of most common mode of electronic payment. An electronic payment is any kind of non cash payment that doesn t involve a paper check.

It is simple to use. Before learning about electronic payment systems it s important to note. This includes the institutions instruments people rules procedures standards and technologies that make its exchange possible. Types of e payment system one of the most popular online payment methods are credit and debit cards.

It has also a magnetic strip embedded in it which is used to read credit card via card readers. The customer has to just enter their credit card number and date of expiry in the appropriate area on the seller s web page. A typical example of stored value cards are gift cards. Stored value card a card with a certain amount of money that can be used to perform the transaction in the issuer store.

A common type of payment system is called an operational network that links bank accounts and provides for monetary exchange using bank deposits. Still one of the most popular e payment methods are credit and debit card payments. Methods of electronic payments include credit cards debit cards and the ach automated clearing house network.