A Definitive Guide to E-Commerce Payment System(s)

Guide to E-Commerce Payment System

by Sukanya on 07/12/2017
E-commerce has opened up a world of opportunities for both entrepreneurs and shoppers. It offers the advantages of speed, the option to choose from an array of products and the convenience to shop, pay, and receive purchases from the comfort of home, office or on the move.

An e-Commerce payment system plays a vital role in shaping up an online business and facilitating the smooth exchange of money and goods, which is the crux of any business. So, if you’re looking to sell your products online, one of the most important steps is to have the right e-commerce payment system in place.

Outlining the term “e-commerce payment system”

E-commerce payment systems facilitate online transactions using electronic payment mechanisms. E-payments are used by e-commerce sites to enable paperless transactions against the purchase of goods and services.

With advancements in technology, e-payments have grown exponentially thanks to internet banking and e-tail. They have revolutionised business processing with its comprehensive range of security and convenience benefits.

Advantages of e-payment system
Cash is still a very popular payment method in our economy but in today’s regulatory climate, the benefits of e-payments are undeniable. Here are a few:
Time-saving: An electronic money transfer takes less time than a wire or postal transfer.
Controlled expense: A virtual account simplifies disbursement management by maintaining an end-to-end record of transaction and store details.
Loss and theft prevention: A virtual wallet, unlike a physical wallet, cannot be stolen or lost.
Abated commission: E-payment systems charge operational fees that are as low as 1% of the total amount. Internet service providers or UPTs charge relatively higher fees.
User-friendly: The user-friendly interface helps to simplify access for a wide range of users. Further, a 24/7 support team is available for help.
Convenience: Internet access is all you need to make the transfers from anywhere, anytime.

Modes of e-payment system
Here are a few e-payment modes that can be used with an e-commerce payment system(s).
Debit card: Debit cards facilitate paperless transactions and are readily accepted by most merchants. Consumers can successfully make an e-payment as long as they have sufficient account balance.
Credit card: This is the common most form of e-payment and is also widely accepted and used by merchants and customers alike.
Digital wallet: A digital wallet or e-wallet saves personal and banking information for quick payment on e-commerce sites while checking out.
E-cash or e-money: A speedy and convenient e-payment method, with e-cash, money is transferred from one financial body to another without any intermediary involvement. Both the customer and merchant need to sign-up with the e-cash issuing bank.
Mobile payment: This method allows transactions via text message without using cash or cards. You just need to download a software and link it to your billing information or card.
Electronic fund transfer: This is a popular method where money is transferred from one bank account to another using an ATM, a computer or bank websites.

When you sign up as a seller with Amazon, your e-commerce payment system becomes easy as pie. Amazon ensures the security and transparency of all your transactions so you can focus on your core business. Additionally, your customers can use the hassle-free Amazon Pay platform for their purchases. Register here and become a seller today with Amazon. Amazon’s incredible end-to-end services and seller support can be the boost your business needs to grow.
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