Types Of Electronic Payment Systems

IntroductionThe internet has facilitated the development of a completely new moving in fashion model whereby the vendees and traffickers do not 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 longer limited to world a geographical fancy . Now it has become an online concept Consumers stub make on the whole their purchases sitting right at home . This now business line model has been made potential by the emergence of the electronic defrayment clayThe electronic retribution systemThe electronic salary system works by elbow room of three news reports . The first account is the one which maintains the buyer s circular details . The second account is a virtual account belonging to the online seller which takes and stores the information from the buyer s credit bank note . The third account is the merchant s account , that is to say , 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 cash from the buyer . What is noteworthy about this system is that there is no send of actual cash taking place . All the debts that argon incurred in a particular transaction argon settled at a later dateThe role of the electronic payment 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 true that a lot of e-commerce business models got off the ground with a real bad start and never recovered . However 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 will have to be taken into careful consideration . not all products will be conducive to selling via e-commerce . in that location are some products that a consumer will rather go out to buy rather than sit and surf at home to buy . Books are one example at that place are many consumers who relish the concept of going to a physical bookstore and browsing and looking around and perchance having a cup of coffee . Unless the e-commerce business model can provide a similar buying experience it is natural spring to fail . Therefore 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 must be addressed stringently . accredit cards , which are the principal tools of electronic payment systems , are extremely vulnerable to the attacks of...If you want to get a proficient essay, order it on our website: Orderessay

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