Benefits Of E Payment System

Electronic payment system electronic payment is a form of a financial exchanger that take place between the buyer and.

Benefits of e payment system.

It comes with many benefits such as. Electronic payment system it an e commerce environment payments take the form of money exchange in an electronic form and are therefore called electronic payments electronic payments e payments are an integral part of e commerce and are one of its most crucial aspects. With all the benefits of electronic payment it s no wonder that its use is on the rise. More than 12 billion ach payments were made in 2004 a 20 percent increase from 2003 the 2004 federal reserve payments study noted that from 2000 to 2003 electronic payments grew as payment by check declined which suggests that electronic payments are replacing checks.

Electronic payment systems are software systems that enable online credit card processing. Shared payment device management allows the cashier to push a transaction from any workstation to a shared payment device. Accepting credit cards is important to increase your revenues while not having to deal with the actual billing process yourself. An update on the electronic payment system in kenya and a look at its benefits and challenges photo electronic payment system in kenya.

E payment systems come with an increased need to protect sensitive financial information stored in a business s computer systems from unauthorized access. Since the transaction is quick and easy and one can pay via credit cards buyers are more likely to grab the deal if there is an online payment system in place. Launching an e commerce website ultimately improves the way of doing business increases level. At the moment kenya is fast becoming a cashless society with its transactional system as.

8 no banking account needed. Benefits of electronic payment system electronic payment is a form of a financial exchanger that take place between the buyer and the seller facilitated by means of electronic communications electronic payment is a financial exchange that takes place in an online environment benefits of electronic payment system. With the growing popularity of online shopping e payment systems became a must for online consumers to make shopping and banking more convenient. Among the benefits of the online payment system for e shops is that buyers are more likely to purchase if the payment process is instant.

10 more sales with last minute deals. Enterprises with in house e payment systems must incur additional costs in procuring installing and maintaining sophisticated payment security technologies. Naturally humans experience transitional changes in every facet. Another benefit to integrated payments and advanced terminal management is the system s ability to communicate seamlessly with multiple payment devices and work stations at once.

In the area of technology it is the desire of every nation to be counted among the developed.