In order to do so, you need to invest in an electronic payment system. Electronic commerce platforms nowadays seem to be used widely because of their great services and advantages. Payment of advance tax, selfassessment tax, tax on regular assessment, surtax, tax on distributed profits of domestic company and tax on distributed income to unit holders. Electronic payment systems 101 digital disruptions. Both types of payment systems are direct payment systems, i. A pay grade system sets up specific pay levels for particular jobs, while a going rate system looks at the pay through the industry for a certain job title.
Payment channels covers the four basic payments types. In this article different types of payment systems are discussed. For these types of payments, new payment forms are being introduced. Payment card types debit card the customer must have a bank account associated with the card. One of the most popular payment forms online are credit and debit cards. Whether youre just starting a business or are a key player in your industry, heres everything you need to know about electronic payment systems. There are several types of electronic payment systems available. E payment systems are widely used in those electronic commerce sites. In addition to a payment network, there are four main participants. Types of electronic payment systems electronic commerce, especially that involving consumers and digital products, places stringent demands on a payment system.
Methods of electronic payments include credit cards, debit cards and the ach automated clearing house network. Payment system, online electronic cash system, electronic cheque. Types of payment systems and instruments everyday people tradeexchange goods and services for money. Electronic payment systems dominate businesses on the world wide web. Payment of securities transaction tax, estate duty, wealthtax, gifttax, interesttax, expenditureother tax, hotel. The ach system comprises direct deposit, direct debit and electronic checks e checks.
Electronic payments include debit card, credit card, smart card, ewallet, ecash, electronic cheques etc. Payment of tdstcs by company or non company deductee. Transactions types in electronic cash payment systems. In this article different types of payment systems are. A credit card terminal accepts both credit and debit card transactions and allows merchants to accept credit cards at the point of. Credit card the most popular form of payment for ecommerce transactions is through credit cards. Nowadays, every individual and company familiar with ecommerce to make sales and purchase. Epayment methods could be classified into two areas, credit payment systems and cash payment systems. Using the epayment system has many benefits for payers, payees, ecommerce, banks, 2.
Ecash was developed to allow fully anonymous secure electronic cash to be used. Methods and types of electronic payment howstuffworks. This blurring of the lines between different types of payment transactions and different delivery channels may not be immediately apparent to the. An analysis and comparison of different types of electronic payment systems 2001 3. Electronic payment system types and features of epayment. The use of electronic payment mechanisms, such as the automated clearing house ach and atm and pos networks, however, have been growing rapidly. All about payment and settlement systems in india pdf.
This study used a descriptive research in soliciting information in the area of research and its target population was selected 18 nairobi government departments, which were operational between 20 and 2015. Electronic commerce payment systems must be convenient for web purchasing, transportable over the network, strong enough to. Types of e payment system one of the most popular online payment methods are credit and debit cards. Credit card a form of the epayment 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. The payment process is finalized and the applicant is referred back to the authorities application. For all these methods of electronic payment, there are three main types of transactions. Electronic payment is a financial exchange that takes place online between buyers and sellers electronically without the use of actual cash or money. Electronic cash payment protocols and systems what is ecash. The evolution of payment systems rish yadav, a senior consultant at capgemini, explains how core banking systems and processes. Its also called an electronic payment system or online payment system. Types of epayment system you know full detail in english. They are systems that facilitate businesses and consumers to transfer funds to one another.
This paper will highlight the background study, types of electronic payment systems available and which payment method users should choose considering the. Here we generally use various e payment method like creditdebit card, internet banking, e wallet for buying or selling products. There are two types of credit cards on the market today. This is a method of payment that allows you to make a payment and purchase a product or pay for a service anywhere around the globe as long as you have an internet connection. An electronic funds transfer is an electronic system used to transfer funds from one bank to another without the use of. Electronic payment systems offer many advantages to everyone who supply products or services, as well as the customer. This topic will be covered in greater detail in electronic payment systems 201. The electronic payment systems can be divided into online credit card payments, electronic cash, electronic checks, and small payments, because of the different types of payment methods and transaction environments. An epayment system is a way of making transactions or paying for goods and services through an electronic medium, without the use of checks or cash. Payment systems for ecommerce george mason university. The electronic payment system as an e commerce enabler. The different types of ecommerce payments in use today are. We use your linkedin profile and activity data to personalize ads and to show you more relevant ads. The growing use of internetbased banking and shopping has seen the growth of various e commerce payment systems and technology has been developed to increase, improve and provide secure e payment.
With money being the major medium of exchange, payments systems were developed out of a need to facilitate growth of commerce and economic development. A job evaluation system should be used to determine the relative value of one job to another. The payment and settlement systems act, 2007 the umbrella act governing all payment and. All the respondents have experience on online payments. These include electronic funds transfers, direct credits, direct debits, internet banking and ecommerce payment systems. Here is a list of exclusive advantages of electronic payment system gained by business owners while using the 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. In the research section, various types of customer opinions of online payment are studied by using questionnaire survey. Among these characteristics, compared to more traditional forms such as cash and check.
Advantages of electronic payment system paypax blog. An electronic payment system or online payment system can be defined as a type of inter. You click on the shopping cart icon, type in your credit card information and click on the checkout button. This is a huge opportunity for businesses to expand their brand presence and increase their revenue substantially. E payment systems to transfer money over the internet methods of traditional payment check, credit card, or cash methods of electronic payment electronic cash, software wallets, smart cards, andcreditdebit cards 10. What are the different types of ecommerce payment systems. In addition, innovation and competition have led to the use of new instruments and systems that rely increasingly on electronic payment mechanisms.
The most common are electronic funds transfer and a credit payment system. By and large, these electronic systems can be seen as a method of making payments for merchandise or services which have been established online using the internet 12. Electronic funds transfer is one of the oldest electronic payment systems. Among the four categories, small payment is a transaction dependent on the size of the payment and not on the type of transaction. This mode of payment, without using cash or cheque, is called an e commerce payment system and is also known as online or electronic payment systems. For all these methods of electronic payment, there are three main types. Card services atm, credit, debit, prepaid mobile payments.
With the advent of computers and electronic communications a large number of alternative electronic payment systems have emerged. A onetime customertovendor payment is commonly used when you shop online at an ecommmerce site, such as amazon. Payment processing and controls looks at payments from the corporate perspective dealing with topics such as making payments and process ing collections. This paper gives an explanation about essential elements of payment systems. Apart from them, there are also alternative payment methods, such as bank transfer, electronic wallet, smart card or bitcoin wallet bitcoin is. Regulation for epayment systems analytical approaches. Electronic payment system electronic payment is a form of a financial exchanger that take place between the buyer and. E payment factors the short history of e payments is littered with remains of companies that tried to introduce new payment systems di. Epayment systems have received different acceptance level throughout the world. Electronic payment systems 01 payment participants the main participants in card payments are described in the figure below. Upon completion of the presentation, you will be able to understand the concept of electronic payment system and its security services. Some proposed electronic payment systems are simply electronic version of existing payment systems such as cheques and. We argue that although technical standards and selfregulation by the financial industry are important, the law is an. What you need to know about electronic payment systems.
We use nigeria to exemplify a developing country that is increasingly pushing for adoption of a regulatory framework for e payment systems based on private ordering. Item processing ip remote deposit capture rdc fedline access solutions. Electronic payment systems overview of basic concepts creditcard based systems moto, ssl, set. Payment processing and controls looks at payments from the corporate perspective dealing with topics such as making payments and process. The verification of an industrial payment protocol. It an ecommerce environment, payments take the form of money exchange in an electronic form and are therefore called electronic payments, electronic payments epayments are an integral part of ecommerce and are one of its most crucial aspects.
Fundamentals of global payment systems and practices. The results of the research show that nowadays online payment systems are popular. Electronic payment system globip business investments and. A payment usually describes a transfer of monetary value between two. Electronic payment system accountability guidance the purpose of this note is to encourage an appropriate level of accountability in electronic payment systems in a manner consistent with historical precedent so that taxpayers can continue to rely on data from these systems.
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