How Does E-payment Work?

By Author: Prashant Bhurke
Total Articles: 15
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Worldwide retail sales in the year 2015 stood at around $22 trillion. Out of this, the internet accounted for around 7.4 % of the sales and generated $1.67 trillion worth of revenues (eMarketer). Global eCommerce will amount to $3.57 trillion by the year 2019, and will be 12.8% of the global sales. E-payments have made it possible for the online merchants sell across international borders and frontiers. The convenience, ease, simplicity, and speed of online shopping are some aspects that the customers like the most.

How do E-payments Work

E-payments are electronic payments that are used for the online transactions. Also known by the name EDI or Electronic Data Exchange, the electronic payment system is now popular across the globe. Customers can use a range of methods for paying for a good or service online. These include the credit cards, debit cards, digital wallets, net banking, and other online payment modes. The financial information is passed through and processed over a payment gateway. Once the customer inputs its card information ...
... in the payment gateway, the information passes in between the acquirer and card issuer bank, securely (in an encrypted form), and the transaction is concluded within seconds, in a very safe way.

Need of a Payment Gateway

Payment gateways are the need of all online eCommerce websites and online merchants. They need an expeditious payment gateway, and professional online payment services to process payments that the customers make through all kinds of modern online payment modes. A leading payment gateway has international payment processing capabilities as well (for instance EBS), and can process payments in all major international currencies, and through all major international credit card schemes.

100+ Payment Options

The best and most proficient payment gateways make it possible for the online merchants to process payments made by customers through all kinds of payment modes. For instance, the EBS payment gateway can process payments made by credit cards, net banking (the service provider allies with more than 50 leading banks in India), debit cards, digital wallets, digital wallets, cash cards, EMI, and others.

Credit/Debit Cards of Various Card Schemes

Anchor An online merchant should hire a leading payment gateway that offers a comprehensive electronic payment system, which can process all major credit card payments. The EBS payment gateway can process payment through 8 major international credit card schemes, including Visa, Amex, Discover, Master Card, Diner Club, and others.

Digital Wallets

Digital wallets are among the most modern ways of buying something online. Many of the times the individual’s bank account is linked to the wallet, from where the money for the transaction comes. Apart from online purchases, digital wallets can also be used for the NFC or the Near Field Communication payment systems as well. Digital wallet transactional information is secure and is encrypted to avoid hacks and frauds. The best and leading payment gateways can process the payments made through Oxigen, and other digital wallets.

IVRS

The Interactive Voice Response System, or IVRS, allows the customers to buy a product or service through the phone. Both landline and mobile phones can be used for an IVRS purchase. The customer is connected to the merchant via the phone and fills in the credit card information online. The transaction is also secured through OTP or One time Password, apart from the password and encryption.

Debit and Pin

The Debit and Pin transactions are also now quite popular, because of their ease and efficiency. Customers can enter their debit card number and Pin online, in order to purchase a good or service.