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Some of the most important advantages over the traditional modes of payment are: privacy, integrity, compatibility, good transaction efficiency, acceptability, convenience, mobility, low financial risk and anonymity. [1] This flow of ecommerce payment system can be better understood from the flow of the system below.
There are varied types of electronic payment methods such as online credit card transactions, e-wallets, e-cash and wireless payment system. [5] Credit cards constitute a popular method of online payment but can be expensive for the merchant to accept because of transaction fees primarily. Debit cards constitute an excellent alternative with ...
No monthly or set-up fees are charged. The firm claims that its costs are, on average, lower than the costs charged by conventional credit card processors. [56] Swiped payments are deposited directly into a seller's bank account within 1-2 business days. In some instances, Square withholds payments pending issues related to chargebacks. [57]
A payment gateway is a merchant service provided by an e-commerce application service provider that authorizes credit card or direct payment processing for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar. [1]
The following is a list of notable online payment service providers and payment gateway providing companies, their platform base and the countries they offer services in: (POS -- Point of Sale ) Company
The future of the payment processing industry is being driven by an increase in vertical-specific processors, [14] the accelerated adoption of contactless payment methods [15] (in response to COVID-19-related limitations on contact and in-person interactions), and the trend toward customer choice and autonomy, [16] particularly in western cultures.
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