What is an E-Payment System? - SecurionPay
Payment systems for laundry solutions - Electrolux.
Credit cards constitute a popular method of online payment but can be expensive for the merchant to accept because of transaction fees primarily. Debit cards constitute an excellent alternative with similar security but usually much cheaper charges. Besides card-based payments, alternative payment methods have emerged and sometimes even claimed market leadership. Wallets like PayPal and Alipay are playing major roles in the ecosystem. Bitcoin payment processors are a cheaper alternative for accepting payments online which also offer better protection from fraud.
Note: Setup fees may be higher if you apply for a payment plan by phone, mail, or in-person. Get more information on other payment plan options and fees .
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A payment system is a set of processes and technologies that transfer monetary value from one entity to another. Payments are typically made in exchange for the provision of goods, services, or to satisfy a legal obligation. They can be made in a variety of currencies using several methods such as cash, checks, electronic payments and cards. The essence of a payment system is that it uses cash-substitutes, such as checks or electronic messages, to create the debits and credits that transfer value.
Pros and cons of using an e-payment system
E-payment systems are made to facilitate the acceptance of electronic payments for online transactions. With the growing popularity of online shopping, e-payment systems became a must for online consumers — to make shopping and banking more convenient. It comes with many benefits, such as: