Nowadays, e-payments are an essential part of any e-commerce business and their popularity is growing rapidly. According to statistics, digital payments are projected to grow even further in 2021. In today’s article, we will tell you about electronic payment systems in general as well as e-payment methods and types.
The term e-payment refers to a technology that helps customers make payments using electronic methods. For example, they can easily make an online purchase via electronic payment solutions.
An e-commerce payment system is a tool that allows customers to pay for products or services electronically. When designing electronic payment systems, the system’s effectiveness, the security of each transaction, and degree of compatibility with the online shop should be taken into consideration.
Let’s look at the steps involved when processing an e-commerce payment.
The method of an electronic payment system is the way e-payments are implemented. Usually, these methods are classified into two main areas: The first refers to credit payment systems that include features such as credit or debit cards, e-wallets, and smart cards. The other is cash payment systems that comprise direct debits, e-checks, e-cash, and stored-value cards.
The type of transaction means how frequently transactions are made. Listed below are the two main transaction types with examples of e-payments:
Electronic payment systems are popular and convenient, even though they require more security layers for the transactions. At PurePay, we provide effective e-commerce payment processing for our clients. With instruments such as fraud and chargeback management, 3D secure, and PCI compliance of data, merchants can rest assured that their online business will operate safely with PurePay.
If you are looking to launch your online business, electronic payments or e-payments are the areas that need the most attention. A reliable e-payment solution will ensure that your e-commerce company is safe and effective. If you have any questions regarding e-payment systems, please don’t hesitate to contact us for assistance.