INTRODUCTION OF E-PAYMENT SYSTEM :-
E-Payment:-
E-payment system is a way of making transactions or paying for goods and services through an electronic medium without the use of cheque or cash. it's also called and electronic payment system or on line payment system.
An e-commerce payment system facilities the acceptance of electronic payment for on line transaction.also known as a sample of electronic data interchange (EDI),e-commerce payment system have become increasingly popular due to the widespread use of the Internet-based shopping and banking.credit card have become one of the most common forms of payment for e-commerce transaction. on line payment can be conducted in different means, such as intelligent card (IC),e-cheque e-wallet,e-cash etc. |
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FEATURE OF E-PAYMENT SYSTEM:-
the following to be important features of the ideal electronic payment services.1) FREELY ACCESSIBLE (NON-DISCRIMINATORY):- like cash it should be available to a broad an audience as possible. including those that would be considered not credit worthy.
2)IMMEDIATE:- more like being handed a $1 bill than simply receiving and authorisation message.
3)ANONYMITY:- allowing for the transaction to be conducted between the sender and receiver.
4)FINAL:- more like being paid with $1 than having a potential dispute through an intermediary or financial institution.
5)TRANSACTION AMOUNT NEUTRAL:- large amount not favoured over smaller ones bcoz of transaction fees.
Business Ethics in E-Commerce
ADVANTAGE OF E-PAYMENT SYSTEM:-
- e-payment is very convenient for the customer.
- in most case ,you only need to enter your account information such as- your credit card number and shipping address-once. the information is stored in a data base on retailer's web server.when you come back to the website, you just log in with your user name and password .completing a transaction is a simple as clicking your mouse; all you have to do is confirm your purchase and you're done.
- improve customer retention . a customer is more likely to return to customer is more likely to return to same e-commerce site where his or her information has already been entered and stored.
- electronic payment lower costs for business .the more payment they can process electronically ,the less the spend on paper and postage. offering electronic payment can also help business.
DISADVANTAGE OF E-PAYMENT SYSTEM:-
- the main drawbacks to electronic payments are concern over privacy and the possibility of identify theft. fortunately ,there are many security available to protect ur sensitive personal information from falling into the wrong hands.
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