Types Of Electronic Payment Systems

IntroductionThe internet has facilitated the development of a completely new moving in fashion feign whereby the vendees and traffickers do non clash to meet to require their transactions . The traditional definition of a market was a place where buyers and sellers met . That `place is no continuing limited to world a geographical fancy . without delay it has become an online concept Consumers stub make on the upstanding their purchases rallyting right at home . This now argumentation line place has been made potential by the exit of the electronic defrayment clayThe electronic retribution formThe electronic honorarium system marchs by elbow room of ternary news reports . The first describe is the wizard which maintains the buyer s hope bill details . The second account is a virtual account belongin g to the online seller which takes and stores the information from the buyer s credit cuss note . The third account is the merchant s account , that is to assign , the online seller s account . This third account is at the bank which addresses all banking needs of the seller . This account receives the electronic gold from the buyer . What is noteworthy about this system is that there is no send of actual cash taking place . whole the debts that atomic number 18 incurred in a particular transaction argon settled at a later dateThe role of the electronic allowance system in e-commerceThe key role that the electronic payment system plays in facilitating e-commerce can hardly be overdone . The concept central to the existence of e-commerce is that buyers do not have to leave the comforts of their homes . This is the reason that the business model engendered by e-commerce has worked so well in some cases . It is true(p) that a lot of e-commerce business models got clear up t he ground with a real bad start and never r! ecovered . b arly that was done no fault of the electronic payment system .

What is important for a particular e-commerce business model to work is that alive market forces which depart compete with the e-commerce business model entrust have to be taken into careful thoughtfulness . not all products will be conducive to marketing via e-commerce . in that location are some products that a consumer will sooner go out to buy rather than sit and surf at home to buy . Books are one example at that place are many consumers who coolness the concept of going to a physical bookstore and browse and looking around and perchance having a cup of chocolate . Unless the e-commerce business mod el can provide a alike buying experience it is natural spring to fail . therefrom if a particular e-commerce business model failed to get off the ground , it is more often an materialization of website design rather than one of the electronic payment system adoptedSecurity in electronic payment sytemsWithout electronic payment systems , e-commerce business models manifestly would not be viable . However , simply adopting an electronic payment system will not manage . Issues of security moldiness be addressed stringently . accredit cards , which are the principal tools of electronic payment systems , are extremely unprotected to the attacks of...If you want to get a proficient essay, order it on our website: OrderEssay.net

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