WHAT IS AN ELECTRONIC PAYMENT SYSTEM?

Question

Hello everyone, what is an electronic payment system and how does it work?

Answer 1

An electronic payment system is a type of digital infrastructure which facilitates the transfer of funds or money electronically between individuals and entities.

Electronic payment systems replace tradition check or cash transactions with digital transaction methods instead.

Electronic payment systems are more convenient, faster and more secure than cash or check transactions.

The electronic payments involve transactions which occur online or through digital devices instead of physical exchange of checks or currency.

The electronic payments have various payment methods including credit card and debit card transactions, bank transfers including wire transfers and ACH transfers, e wallets such as Google wallet, Apple Pay and mobile payments.

Electronic payments are often faster and even more efficient than traditional payment methods and allow for quick transfers and payments.

The most popular methods of electronic payments are debit cards, credit cards, virtual cards and ACH or direct deposit, direct debit and eletronic checks.

Answer 2

Hello, It is important not to confuse the Payment Processor with the Payment Gateway, because they are not the same thing. The processing center is engaged in the analysis and transmission of data on payments, while the responsibility of the payment gateway is the accuracy of the information provided. It is he who, based on the data received, decides to allow or reject the operation. Without the existence of a payment gateway, conducting a transaction on the Internet would be impossible in principle. Visually, the payment gateway is a page where the buyer enters his payment information. Having received this data, the payment gateway encrypts it and transmits it over a secure channel. You can get all these processes by integrating the payment system, for example, the pay admit company provides services for all payment solutions.