Types Of E Payment System

The different types of e commerce payments in use today are.

Types of e payment system.

Electronic payment system electronic payment is a form of a financial exchanger that take place between the buyer and. It is simple to use. Payment using credit card is one of most common mode of electronic payment. The service lets customers make prepayments and bank transfers to cover online payments.

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. Credit card is small plastic card with a unique number attached with an account. An electronic payment is any kind of non cash payment that doesn t involve a paper check. This includes the institutions instruments people rules procedures standards and technologies that make its exchange possible.

A typical example of stored value cards are gift cards. 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. Paypal is the leader in this arena with more than 200 million active users. 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. Methods of electronic payments include credit cards debit cards and the ach automated clearing house network. 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.

Electronic payment systems types there are several ways of transferring money from a bank or credit account to another user. A common type of payment system is called an operational network that links bank accounts and provides for monetary exchange using bank deposits. Credit card the most popular form of payment for e commerce transactions is through credit 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 payment system is any system used to settle financial transactions through the transfer of monetary value. The ach system comprises direct deposit direct debit and electronic checks e checks. This type of online payment service includes paypal google pay and apple pay.