E-payments

4 Pages 998 Words

E-Payments
The Internet has taken its place beside the telephone and television as an important part of people's lives. Consumers use the Internet to shop, bank and invest online. Most consumers and businesses still use credit or debit cards to pay for online purchases making this the main way for people to pay over the Internet. Even with this fact, technologies such as e-wallets and digital certificates are making big strides into the arena of E-commerce.
And how would you like to pay?
Most online shoppers use credit cards to pay for their online purchases. But debit cards - which authorize merchants to debit your bank account electronically - are increasing in use. Your debit card may be an automated teller machine (ATM) card that can be used for retail purchases. To complete a debit card transaction, you may have to use a personal identification number (PIN), some form of a signature or other identification, or a combination of these identifiers. Some cards have both credit and debit features: You select the payment option at the point-of-sale. But remember, although a debit card may look like a credit card, the money for debit purchases is transferred almost immediately from your bank account to the merchant's account. In addition, your liability limits for a lost or stolen debit card and unauthorized use are different from your liability if your credit card is lost, stolen or used without your authorization This can create a hassle for both you and your customers. In tge business world, that can be very damageing. E-payments can be a the answer that you are looking for.
New electronic payment systems, sometimes referred to as "electronic money" or "e-money", are beginning to evolve. Their goal is to make purchasing simpler for both the customer and the business. For example, "stored-value" cards let you transfer cash value to a card. They're commonly used on public transportation, at colleges and universities and at gas s...