What is the Difference Between E-Money and Payment Processors?

What is the Difference Between E-Money and Payment Processors

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What is Electronic Money?

Electronic money is a money that is transferred using a network connection to be able topurchase goods and services online. It is like a virtual money wherein transactions aremade through a payment processor online. Electronic money is also called as digitalmoney, e-currency, e-money, digital cash and or digital currency. E-money a person's realmoney that is transferred by a person using either bank accounts, credit cards or wiretransfers. In that way, a person who uses an electronic money will not worry about credit card theft as there will be a medium in which the user's money will be taken in and out of the internet.

What are Payment Processors?

Payment processors are companies that deals with a person's electronic money transferswherein they act as a medium to the user and the merchant's side. These are considered as an alternative to credit card payments online since transactions are secured. A popular payment processor I know is PayPal. PayPal is used by eBay as another option to payeBay purchases online. To purchase an item using PayPal, a buyer will only input his/herregistered email on PayPal and PayPal will secure the transactions made. Since an emailaddress is only required on PayPal, users will be safe from hackers and key loggers thatare often used before when credit card is the only option to pay online.HYIPs are a major users of these. Since HYIPs are using them, It's a great advantage toknow the difference of between these two. Electronic money and payment processors areoften being confused. They do look alike but their functions are different. Payment processors are like a virtual bank wherein electronic money are the virtual money to beused online.In conclusion, since credit card transactions online are not secured, use them in order foryou to be secured of any purchases you take. There are a lot of payment processorsonline to be used in either purchasing goods or investing in an online investmentfirm(HYIP). One thing to remember is that since it's money that we are talking about here.Please research thoroughly about them in order for you to be safe of scams. It's best to besecured by going into a payment processor that had been long trusted by users online sothat your electronic money will not go to waste.

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