From the bartering system some 12000 years ago to the emergence of hard cash 2000 years ago, and paper cheques and plastic cards in recent times, we have used a variety of payment options. And as the technology kept getting better, with it came the e-payment system. E-payments systems are made to allow the acceptance of e-payments for online transactions. As the name suggests, E-payments allow the consumer to make payments for goods and services and pay bill online without the use of cheques and cash. It may be a relatively new concept, but for the people who use an internet payment app, it isn’t so alien either.
The popularity of e-payments is on the rise due to the increase in online shopping. This is because customers usually gravitate towards a bill payment app and shipping method that offers more convenience and flexibility. This is an opportunity for businesses to expand their brand presence and increase their revenue considerably.
Although the process to pay mobile bills looks easy, understanding how the e-payment systems work is a bit tricky. The main participants of e-payment systems include the cardholder, the merchant, the issuer, the acquirer, the payment processer, and the payment gateway. The transactions are divided into two types: one-time vendor payments and recurring vendor payments. You can either opt for credit and debit cards or e-checks for the transaction. While using an internet payment app, what concerns us is security. E-payments use several security standards to safeguard our finances.
E-payment systems are the future of transactions and we should welcome digitization wholeheartedly. E-payments using a bill payment app are much secure and faster alternative than traditional payment methods and they benefit the consumer and the merchant. After all, the only thing we all want is convenience.
Although the process to pay mobile bills looks easy, understanding how the e-payment systems work is a bit tricky. The main participants of e-payment systems include the cardholder,