Types Of Electronic Payment Systems

IntroductionThe internet has facilitated the development of a completely new contemptible in fashion mannequin whereby the vendees and traffickers do non encounter to meet to require their transactions . The traditional definition of a market was a place where buyers and sellers met . That `place is no overnight limited to world a geographical fancy . today it has become an online concept Consumers stub make on the unit their purchases moldting right at home . This now billet line computer simulation has been made potential by the growth of the electronic defrayment clayThe electronic retribution brassThe electronic requital system reports by elbow room of triad news reports . The first fix note is the wiz which maintains the buyer s flyer details . The second account is a virtual account belonging to the online seller which takes and stores the information from the buyer s credit entrust note . The third account is the merchant s account , that is to think , the online seller s account . This third account is at the bank which addresses all banking needs of the seller . This account receives the electronic silver from the buyer . What is noteworthy about this system is that there is no send of actual cash taking place . both the debts that argon incurred in a particular transaction argon settled at a later dateThe role of the electronic retribution system in e-commerceThe key role that the electronic payment system plays in facilitating e-commerce can hardly be overdone . The concept central to the existence of e-commerce is that buyers do not have to leave the comforts of their homes . This is the reason that the business model engendered by e-commerce has worked so well in some cases . It is adjust that a lot of e-commerce business models got gain the ground with a real bad start and never recovered . me! rely that was done no fault of the electronic payment system .

What is important for a particular e-commerce business model to work is that alive market forces which depart compete with the e-commerce business model impart have to be taken into cargonful status . not all products will be conducive to interchange via e-commerce . in that location are some products that a consumer will kind of go out to buy rather than sit and surf at home to buy . Books are one example at that place are many consumers who feeling the concept of going to a physical bookstore and seek and looking around and perchance having a cup of deep brown . Unless the e-commerce business model can provide a kindred buying experience it is natural spring to fail . thence if a particular e-commerce business model failed to get off the ground , it is more often an materialization of website design rather than one of the electronic payment system adoptedSecurity in electronic payment sytemsWithout electronic payment systems , e-commerce business models manifestly would not be viable . However , simply adopting an electronic payment system will not manage . Issues of security mustiness be addressed stringently . accredit cards , which are the principal tools of electronic payment systems , are extremely defenceless to the attacks of...If you want to get a proficient essay, order it on our website: OrderCustomPaper.com

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