How to earn $500/day, using electronic payment systems for today's marketers.

 https://hopebi.blogspot.com/2023/02/how-to-earn-500day-using-electronic.html

 

       When you buy goods and services on the internet, you pay for them using an electronic medium. This method of payment without making use of cash or cheque is called an online payment system and is also known as an electronic payment system. Nowadays, technology has been advanced to improve and provide dependable e-payment buying and selling.  E-Commerce has taken a new dimension and changed the payment system by reducing the paperwork, transaction cost, and overhead human resource cost. The said payment systems consume less time, unlike manual payments. If you expect to make a large portion of your sale online, accepting electronic payments will be a must; similarly, if your products or services are expensive, customers might not feel comfortable carrying that much cash to your store to make a purchase-checks, cash or mobile payment could be better options.  On other hand, if you sell inexpensive items from a physical store, your customers may prefer to pay with cash. Customers may also expect you to accept cash if you open a shop in an area where many people don't have a bank account or where card processing networks, that companies that send and verify information when someone purchases with a card frequently go online.

            Therefore, online payment systems refer to electronic types, and buyers will use this type of payment when they purchase goods online or offline. Different types of online payment methods can be employed, including debits/credit cards, wire transfers, net banking, and digital wallets.

Online payments can be at the discretion of the customers.  The payment can be made to the e-commerce stores to buy clothing or other items, subscriptions, mobile, DTH recharges, etc. Four entities will be involved in the online payment process, such as the consumer merchants or business, the consumer bank, and the bank of the merchants or business. Although more than one entity is involved during the online payment process, the entire process is electronic and completed within seconds.

         Today, marketers make use of different types of payment systems to ensure easy transactions:

1.        Digital wallets: This allows the customer to store their payment information in a secure digital journal, such as Apple pay, Google wallet Samsung pay.  E-Wallets look like physical wallets except that all the cards and money are virtually stored. It is for instant payments and can easily checkout for purchasing in e-commerce.

         However, rising Smartphones along with rising competition in the market can be a reason for their growing value. E-Wallets are a notable version of e-payments and users can pay money to their wallets by making use of credit/debit cards, net banking, etc.

2.       Mobile payments: These allow customers to make payments using their mobile devices, such as through SMS or mobile app, such app as venom and Zelle.

3.       Online banking: This allows customers to make payments directly from their bank account, such as by using ACH and e-check. Such a transaction is done through net banking which helps customers to pay online direct from their bank account online through their user –id, and password then proceed to make a transaction.

         However, owing to other quick and convenient methods of payment, net banking does not enjoy high popularity among e-payment types to turn to if other methods are available or not functional- nevertheless, such an important part of the internet payment method. 

4.       Cryptocurrency:  A digital or virtual currency that uses cryptography for security such as Bitcoin and Ethereum.

5.       Prepaid cards: These are physical and or digital cards that are preloaded with a certain amount of money and can be used to make the purchase.

6.       Credit cards:  Credit cards used to be offered in a bank, will allow borrowers to borrow funds from banks and make transactions within a pre-approved credit time.   Some customers prefer using a credit card to buy preferable items so that they can pay later; this amount is added to their monthly bill which will be paid on the due date. Credit cards are common for daily e-commerce transactions due to their safe nature. Allowing credit cards payments on your website would help your customers to carry out shopping without having the problem of paying upfront.

7.       Debit cards: Usually, anyone that opens an account in the bank issued a free debit card, making it one of the vital payment methods to include in your website. The debit card is different from credit cards; it can be availed easily without any requirements related to eligibility or documentation.  In 2021, financial year there were over 5billions transactions made through credit cards across Asia countries (India). Offering debit card payments on your e-commerce store is vital, hence your business will be able to reach a bigger audience who might not be tech-savvy or have access to different types of e- payments.

8.       Smart cards: Smart cards look like credit/ debit cards but it is microprocessors that store your customer’s data which can be used for online transactions when you add money to it. Any amount is deducted based on usage, and user can reload from the bank account based on their prerequisites, though, smartcards are not a very popular method of payment.

9.       Buy now and pay latter:  Payment system that is common among young buyers who like easy access to credit that had made payment easy for them. BNPL is similar to credit card where the consumer can make the payment at latter day; by the way, the payment method is much easier to access without much verification.

                             

        How does payment gateway enable e-payment?

              Online e-commerce store enable a payment gateway to ensure all the payment systems. A payment gateway aids the merchants to accept online payment through different complex steps that it manages effectively to process transactions within a few minutes. It is not easy for an online store to handle multiple payment systems without an acceptable and reliable payment gateway.  Be a new entrant or a re- known shopping platform, seamless payment methods are very vital aspect for all marketers.

 

      However, due to the development in technology, e- payment has penetrated into the e-commerce stores; by the way, settlement of goods and services has been becoming an easy thing. India has seen a meteoric rise in e- commerce as more and more people prefer shopping online. The advancement in technology has also made it easier and more convenient to purchase goods and services on the internet.  E- Payments are part of this revolution and have transformed the shopping experience for customers. Every online marketer must strive to make transactions very simple for their customers by ensuring that their preferred system of payment is done on the website. Payment gateway simplifies this process for any marketer by offering a reliable e-payment method for easy and speedily internet-payment system. 

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