How to Design an Electronic Payment System

How to Design an Electronic Payment System

Modern society provides numerous payment options for purchasing goods and services. While checks and cash remain viable options, most consumer payments now occur online through electronic payment systems - also known as epayments or e-payments - which provide safe and secure ways for making online purchases and moving funds between accounts - making ecommerce possible while simultaneously helping businesses acquire new customers while keeping existing ones.

Credit, debit and direct debit payments are the three primary electronic payment systems. These allow people to instantly move money between bank accounts and make purchases in physical stores, online stores and over the phone; corporations often use these systems to send funds directly to vendors and suppliers; travel and lodging payments are increasingly offered on mobile devices; also see here

Modern e-payments rely on global networks that enable payments to operate globally, such as credit card networks, ATM networks, ACH and real-time gross settlement (RTGS) systems. There may also be country or product-specific systems that cannot be standardised.

Epayments typically involve exchanging information that verifies an individual's identity and bank account funds to complete an online purchase transaction in minutes or over time as part of a subscription service plan.

When designing an electronic payment system, transparency and visibility must be top priorities for all involved in its use. Although such processes can be intricate and lengthy, it's essential that all necessary details such as source of funds (i.e. from banks or other sources), transaction date/time/location etc are recorded and captured for future reference.

An effective e-payments system gives buyers the ability to pay in their native currency, which increases buyer willingness. This feature is especially crucial in tourism-related transactions where potential buyers come from all around the world.

Security standards and protocols must also be in place in order for an e-payments system to be considered secure, such as encryption, tokenization and strong authentication.

Establishing the appropriate electronic payment system can make all the difference for the success of your business. With 57% of consumers saying digital payment options would impact their choice of where to shop, having an effective system in place is vital to its growth.

No matter the scale or scope of your e-payments needs, our team of experts has you covered. They possess all of the experience and knowhow needed to get your business up and running quickly while keeping sensitive data safe.