It’s Also Called An Electronic Payment System Or Online Payment System.
A simple action by a customer that quickly becomes very complex to execute. Digital money or digital currency is any type of payment that exists purely in electronic form and is accounted for and transferred using computers. Acceptance of electronic payments — transaction processing costs.
An Electronic Payment Is A Digital Transaction Between Two Parties.
The types of electronic payments your gateway should support to reach shoppers in this region include: Transaction utilising an electronic payment system provides a better audit trail than a corresponding transaction involving physical cash. The security architecture of the system is designed by using many security
Eft Has Become A Predominant Method Of Money Transfer Since It Is A Simple, Accessible, And Direct Method Of Payment Or Transfer Of.
Eft is defined as “any transfer of funds initiated through an electronic terminal, telephonic instrument, or computer or magnetic tape so as to order, instruct, or authorize a financial institution to debit or credit an account.” What is secure electronic transaction (set)? An electronic payment system architecture for composite payment transactions.
The Term “Eft” Stands For “Electronic Funds Transfer.” By Definition, It Is A Blanket Term For Electronic Transfers For Payment Processing.
The electronic payment system need to be secure for internet transaction participants such as payment gateway server, bank sever and merchant server. A payment gateway is an electronic service that allows merchants to process payment transactions using cards, electronic money and/or proprietary channels. An electronic funds transfer (eft), or direct deposit, is a digital movement of money from one bank account to another.these transfers take place independently from bank employees.
Electronic Funds Transfer Is One Of The Oldest Electronic Payment Systems.
(1) county treasurers are authorized to accept electronic payments for payment of any kind including, but not limited to, payment for taxes, fines, interest, penalties, special assessments, fees, rates, charges, or moneys due counties. Visa, mastercard, american express, discover, diners club, jcb, and china union pay. In this simplified model the customer orders or purchases a product from the business.