Payment Systems In Electronic Commerce

Payment methods have undergone series of changes in the history and people can easily

examine the difference between traditional systems and the payment options available currently.

With the advancement of e-commerce, the payment systems have been modified and the clients are facilitated with numerous options. The on transfer payments are shifted and a person can utilize the services of intermediaries which are operating to facilitate the people in their online transactions and payment procedures. The system involves cash substitutes including drafts, credit cards, internet banking systems and online payment. There are several agencies which are also operating in the market and their basic aim is facilitation of clients.

In electronic commerce, there are three basic modes of payment which facilitates the merchants and the customers. Since website is the interface, people cannot pay with the help of paper or plastic money. Therefore they require certain intermediary which helps them in remittance of funds from one place to another. In addition to this, smart cards and credit cards is another option which is available with the people to pay the bills. One of the recent payment systems which are developed for facilitation of parties of e-commerce is electronic bill presentment and payment.

The person who wants to analyze the best payment systems, has several alternatives to evaluate. Google checkout is the emerging payment system which is gaining popularity day by day. This is directly linked with PayPal which is another payment option available with the customers. In this manner, the money can be directly transferred to the email address. For accessing the services, customers need to sign up with the services of the company. Hence a strong network is established between different firms, which facilitate transfer of products and services for the customers and take payments from the customers on the behalf of the company. The payment is sent to the service providers after completion of formal procedures.

Salaries of employees and the other benefit packages can also be transferred by using these payment modes. Users can also receive money with the help of Amazon Payments or other related service providers. The service providers charge certain amount of money when the services are provided to them. Pricing strategies of each organization vary, depending upon the customer requirements and policies of the company. Sometimes the company charge on per month basis. On the other hand some of them charge prices on the basis of transactions. Therefore it is recommended to the customers to carefully analyze the pricing strategies of the company before purchasing their services.

Digital wallets and mobile payment systems are other payment options which are gaining importance day by day. With the advent of new technology, the payment procedures have been simplified and convenience is provided to the people. In the current age, people can easily pay their bills by staying in their homes by using internet banking systems. The banks and other financial institutes have specified several payment options and people can easily select them, depending upon their needs and requirements.

by:Guy Harolds

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