E-Commerce Payment

Systems

Dr. Abhinita Daiya

DY Patil International University
 Definition
• An e-payment system is a way of making transactions or paying for
goods and services through an electronic medium, without the use of
checks or cash. It’s also called an electronic payment system or online
payment system.
E-commerce Payment
• Credit Cards: Merchants can reach out to an international market with credit cards, by
integrating a payment gateway into their business.
• Mobile Payments: Mobile payments offer a quick solution for customers to purchase on
ecommerce websites
• Bank Transfers: Customers enrolled in an internet banking facility can do a bank transfer to
pay for online purchases
• Ewallets: An ewallet stores a customer’s personal data and funds, which are then used to
purchase from online stores.
• Prepaid Cards: Prepaid cards come in different stored values for customers to choose from.
• Direct Deposit: Direct deposits are when customers instruct their banks to pull funds out of their
accounts to complete online payments.
• Cash: Physical cash is a payment method often used for physical goods and cash-on-delivery
transactions.
Process
Pros of E-commerce Payments
• Reaching more clients from all over the world, which results in more sales.
• More effective and efficient transactions
• Convenience.
• Lower transaction cost and decreased technology costs.
• Expenses control for customers
• Today it’s easy to add payments to a website, so even a non-technical
person may implement it in minutes and start processing online payments.
• Payment gateways and payment providers offer highly effective security
and anti-fraud tools to make transactions reliable.
Cons of E-commerce Payments
• E-commerce fraud is growing at 30% per year.
• The lack of anonymity
• The need for internet access