The Rise of Electronic Payment
The Rise of Electronic Payment
The Rise of Electronic Payment
Electronic payment is the most convenient method of payment nowadays. It involves neither cash nor checks, which makes it easier for both merchants and customers to receive or pay for various purchases. Electronic payment, also known as e-payment, has seen a tremendous boost in popularity during the last few years because of its numerous benefits.
For merchants, accepting electronic payments is no longer an advantage in front of competitors, but a must. Among the benefits of e-payment is the wide range of payment options offered to consumers together with the convenient replacement of cash, checks and trips to the bank. Merchants who use electronic methods of payment will see a boost in profit since more clients will purchase their products since no delay in payment is involved.
There are several electronic payment methods that people use to shop online or pay merchants, and some of these are offered by Central Payment Corporation as well. Merchants can accept debit, credit and charge cards, together with other modern e-payment options such as e-checks, e-cash, mobile payment and digital wallets. Moreover, there are reliable payment service providers such as PayPal that offer their own payment system as well or companies such a Central Payment that can easily process payments for merchants in a simple, fast and secure manner.
The e-wallet or the digital wallet now provides online shoppers to safely use and store information and is accepted by many online merchants. It consists of a software installed on the user's side.
The mobile payment method is rapidly growing, but it's preponderantly used in Europe and Asia. Many online stores offer this payment method, as items can be purchased through SMS based payments, mobile web payments, direct mobile billing and contactless near field communication.
E-cash isn't a widespread payment method, but it was successfully used for Hong Kong's Octopus card system. The deposits are nearly the same to bank deposits. As they are received from users, the system using e-cash simply transfers the money into the merchant's bank account.
PayPal is basically an online bank where users can create accounts to later link them to their credit/debit cards and transfer funds. PayPal allows users to make purchases without revealing any kind of credit/debit card information or bank account information to merchants.
Central Payment Corporation is a company that has its own electronic payment processing system that can allows merchants to accept various payment methods, including those made with Visa and MasterCard cards, American Express cards and through the Discover Network.
However, there are some other programs that can be used by merchants to help them with offline payments as well. For example, making traditional checks interact with electronic verifications systems is only one of Central Payment's perks. With the eGold program offered by Central Payment Corporation, merchants can take checks as is they were credit cards and check them instantaneously. All it takes is to swipe the check through a reader supplied by Central Payment and merchants don't only make sure that the check won't bounce back, but they also get automatically transfer the money into their account and have it deposited there within 48 hours.
Moreover, since gift cards are so popular among internet users, Central Payment Corporation also offers three gift card programs to fit any merchant and their business. Merchants can get 50 cards immediately by simply signing up and paying a symbolic fee.
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