Question: What Are The Features Of Electronic Payment System?

What are the different types of payment systems?

Classification of Payment MethodsLarge Value Payment System:Retail Payment System: Cash Payment.

Paper Based Payments.

Cheques.

Demand Drafts.

Payment Orders or Banker’s Cheques: Card Based Payments.

Credit Card.

Debit Card.

Electronic Payments and Remittances.

Electronic Clearing Services: Electronic Funds Transfer:.

What are the online payment methods?

10 Online Payment Methods to ConsiderPaypal. Paypal is one of the biggest and most familiar of all the online payment options. … Amazon Pay. … Google Pay. … American Express. … Apple Pay. … Stripe. … Square. … Visa Checkout.More items…•

What are the main features of the electronic account payment system?

The basic characteristics of e-payment system are applicability, ease of use, security, reliability, trust, scalability, convertibility, interoperability, efficiency, anonymity, traceability, and authorisation type.

What are the advantages of electronic payment system?

Benefits of online paymentsLow labour costs. Since online payments are usually automatic, they have lower labour costs than manual payment methods, such as cheque, money order, cash and EFTPOS.Convenience for online sales. … Automatic. … Fast transaction speed. … Low risk of theft.

What is E payment methods?

An electronic payment is any kind of non-cash payment that doesn’t involve a paper check. Methods of electronic payments include credit cards, debit cards and the ACH (Automated Clearing House) network. … On some Web sites, you can use an e-check instead of a credit card.

How safe is electronic payment system?

Ensure all data is encrypted during transmission: When cardholder data is transmitted online, it is imperative that it be encrypted. Razorpay encrypts all information you share using checkout via TLS (Transport Layer Security). This prevents data interception during transmission from your system to Razorpay.

What is E cash and its advantages?

E-cash/ Network Money — online equivalent of a stored value card. The user can transfer money from a credit card or bank account into an e-cash account. It can then be used to make payments for e-commerce transactions. Advantages- it can be operated cheaply as the whole operation of the system is on the net.

What are the disadvantages of electronic payment system?

Disadvantages of online paymentsService fees. Payment gateways and third-party payment processors charge service fees.Inconvenient for offline sales. Online payment methods are inconvenient for offline sales.Vulnerability to cybercriminals. … Reliance on telecommunication infrastructure. … Technical problems.

What are the components of electronic payment system?

Let’s take a look at the five key components of an ideal and comprehensive e-payments program.1Commercial cards. … 2ACH payments. … 3Bill payments. … 4Wire transfers. … 5The backend stuff.