Nowadays, when e-commerce is gaining a firmer footing in the global economy, the question of how to accept payments and make money transfers online is inevitably coming up. In this field payment systems become an excellent assistant.
Payment system, to put it simply, is a way to conduct financial transactions without using cash, by means of bank cards and electronic money. Here we can talk about payment for goods and services at various online stores, money transfers, and more.
Electronic payment system is a subset of the payment system. It provides the process of payments through the Internet.
With the development of e-commerce, the number of payment systems is increasing. They are becoming faster and more secure. This suggests that the number of cash transactions in the world will steadily decrease.
Possibilities of using electronic payment system
Bank cards and payment gateway. Internet payment using bank cards is the most common method. The most popular for this type of payment international payment systems Visa and Master Card. To make a payment by bank card, you must enter your card data, security code CVV2 / CVC2, and pass authentication, for example, by entering the code 3D Secure.
To make the process of buying a product from your favorite online store convenient and take a few minutes, there are payment gateways. They are an excellent tool that helps make the buying process comfortable for the user and the seller quickly get the money into his account. And it also allows you to expand the geography of customers, thereby increasing sales.
This is a kind of intermediary responsible for sending transaction information from the buyer to the payment processor and vice versa. You can connect the payment system to your business and accept payments for goods or services online. Once the buyer pays, the money will be available in your internal account. You can manage the money inside the system or withdraw it.
Money Transfers and Electronic Wallets
Payment systems also allow you to make money transfers. Modern technology allows you to send money transfers to the recipient’s bank accounts, to the card or within the payment system itself. Transfers are made instantly, regardless of the day and time of day, in different currencies, for a small commission.
Many payment systems also have electronic wallets among their services. This is a place where you can store electronic money. Electronic wallets can also be used to pay for services and make transfers. E-wallets are often not tied to a country and work with different currencies. One advantage of e-wallets is that you do not have to pay for their service. A commission is charged only for transactions.
In addition to standard e-wallets, there are also bitcoin wallets. Their purpose is similar to traditional e-wallets, except for the fact that a bitcoin wallet stores cryptocurrency and performs transactions only in bitcoins. After you create a bitcoin wallet, you will receive an address through which all transactions are made.