{"id":1008,"date":"2021-05-09T05:07:55","date_gmt":"2021-05-09T05:07:55","guid":{"rendered":"https:\/\/bcisnotes.com\/fourthsemester\/?p=1008"},"modified":"2021-05-09T05:07:55","modified_gmt":"2021-05-09T05:07:55","slug":"introduction-to-electronic-payment-electronic-payment-bcis-notes","status":"publish","type":"post","link":"https:\/\/bcisnotes.com\/fourthsemester\/introduction-to-electronic-payment-electronic-payment-bcis-notes\/","title":{"rendered":"Introduction to Electronic Payment || Electronic Payment || BCIS Notes"},"content":{"rendered":"

Introduction to Electronic Payment<\/h1>\n

An electronic payment (e-payment), in short, can be simply defined as paying for goods or services on the internet. It includes all financial operations using electronic devices, such as computers, smartphones or tablets.<\/p>\n

E-payments come with various methods, like credit or debit card payments or bank transfers. Note that one of the most popular and common online payment methods nowadays are credit cards.<\/p>\n

How e-payment works?<\/h3>\n

Online payments are made instantly, so it\u2019s convenient and saves lots of time. It is important, especially today when every aspect of our lives happens at a fast pace. The entire process behind the payment button is complicated, so here\u2019s the basics to make you understand it better.<\/p>\n

    \n
  1. Customer action<\/strong>\u2013 The process begins when a customer visits the merchant\u2019s site and adds to the cart items (products or services) they want to buy. They, then need to fill out the payment form with certain information (e.g. card number, expiration date, CVV code, address). Depending on the payment method, the customer is either redirected to external service or bank\u2019s website or continues the payment on the website or in an app.<\/li>\n
  2. Payment authentication by the operator<\/strong>\u2013 The payment gateway (with other parties involved) checks whether the payment information is valid. If everything\u2019s OK, the process continues and the payment gateway reports back the successful transaction. After that, the customer receives a payment confirmation \u2014 the notification is usually displayed in real-time.<\/li>\n
  3. Payment to the seller\u2019s account<\/strong>\u2013\u00a0An online payment provider receives a payment from a customer\u2019s bank and transfers it to the merchant\u2019s account.<\/li>\n<\/ol>\n

     <\/p>\n

    In general, e-payments are considered a fast and secure alternative to traditional payment methods, such as bank transfers, checks, etc. Accepting electronic payments comes with lots of benefits for both merchants (of any size) and consumers.<\/p>\n

    Moreover, electronic payments are highly effective for international transactions. It is generally cheaper, easier and faster than other payment methods. As a merchant, you don\u2019t have to worry about currency conversion or high commission.<\/p>\n

    If you liked our content\u00a0Introduction to Electronic Payment, then you may also like\u00a0PHP Exception Handling<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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