Electronic Payment Systems for the Tech Savvy Online Merchant

Electronic payment systems can be defined as an eCommerce application, which authorizes Internet based payments by various payment options including credit cards, cash cards, debit cards, IVRS, IMPS, EMI, E-Wallets and so on. These are perfect for e-businesses, online retailers as well as for brick and mortar stores. These payment systems encrypt the sensitive financial information such as CVV number and credit card data. This enables the protection of the customer as well as the merchant from instances of fraudulent transactions, by hackers and spammers. In this day and age of technological advancements, it becomes relatively easy for people with a malicious intent to try to gain monetary benefit from spurious means. Using a person’s financial information for hacking into the account and stealing the money from there is a common crime these days, and online merchants and retailers are doing everything possible to stop such crimes from taking place.

The first thing to do when trying to integrate electronic payment systems in to websites is to get an online merchant account first. It is in this account that the payment sent by a customer in exchange for services and products is accepted. These payment systems enable the easy transfer of information between the acquiring bank or Front End Processor and the payment portal. The various kinds of payment portals, which are covered by the perfect payment gateway would include a mobile handsets or smartphones, interactive voice response service (IVRS) or a website.

The perfect e payment system offers the processing capability for managing multi-level backend operations. The auto capture processing capability of a payment gateway enables automatic payment capturing in real time, when a transaction takes place. It is this factor that proves quite useful for merchants that are faced with man power crunch or a large number of transactions throughout the day. Merchants would also be able to cancel a transaction that cannot be honored for whatever reason, and the money can easily be refunded to the customer. Not only can the money be refunded in installments or fully, the payment can be captured partially or fully too. This means only the payment that is captured is taxable. Merchants would also be able to use these payment systems for tracking their online payments, also generating customized reports for future use. The best part about using these online payment gateways is that they can effectively handle chargeback transactions, which means that a specific charge that has been inappropriately levied on a customer can be easily reversed. With so many benefits, it is deemed prudent for online retailers to start getting electronic payment systems integrated in to their websites, for a superb customer experience and for keeping up with the times.

The author has extensively written about the evolving e-commerce trends in India. She has valuable insights about Electronic Payment Systems and Gateway for Online Paymnet.Her articles and Blog features are a source of information for budding entrepreneurs businesses that depend on online channels for revenue around the world. To know more Visit https://akritiyadav.tumblr.com/post/99558283811/advantages-of-using-an-e-payment-gateway.

The Author is efficiently knowledgeable about IT, Software, real estate &Travel industry & has written informative content on IT solutions, travel & hotels. This assist all type of business owners in availing the best information for their business.