E-Payment Systems Assignemnt Assignment Example | Topics and Well Written Essays - 1250 words

E-Payment Systems Assignemnt - Assignment Example The report will also try to underline a comparison among the mentioned methods. Apart from that the report will also emphasize on the aspect of database security of the seller. Table of Contents Table of Contents 3 Introduction 4 Method 1: Credit or Debit Card 5 Method 2: Cash on Delivery 6 8 Method 3: Mobile Phone Payment 8 Matrix Comparison 10 Security 11 References 12 Introduction In spite of the incident of dot-com bust, internet has changed the way organizations carry out their business. Internet helps an organization in finding new avenues of generating revenue, achieving new set of customers and also managing the supply chain of the business. Internet has significantly impacted on the global economy (Reynolds, 2004, p.5). Organizations also understood that internet is one the best medium of carrying out the business in a cost effective way and directly selling the products to the end user, thereby restricting entry of any third party. Thus during the early 1990’s the co ncept of e-commerce were hugely incorporated into the business process of the organizations. Electronic commerce or what is commonly known as e-commerce is an application which facilitates online selling and buying of goods and services. It offers online fund transfer; Electronic Data Exchange (EDI), online marketing and different other applications. The major advantages of using e-commerce are maximization of speed in the context of service delivery, reduction in the overall cost and also quicker response to the customers. Electronic commerce also plays crucial role in the process of online payment. Online payment method refers to the process of directly transferring funds to the seller’s bank account. The biggest advantage of an online payment option is that it instantly completes the entire process of payment. The electronic payment options which are accepted in e-commerce include credit cards, debit cards, cash cards and internet banking. Furthermore in order to conduct i nternational money transfers there are several online platforms such as PayPal, alert pay and Google checkout among other which aid in the process of transferring money. Therefore in order to facilitate online payment options issues such as convenience of customer and technical infrastructure and the security of the method must be taken into account. Thus modern systems need to be incorporated for better and smoother transaction. The recommended methods of payments are summarized below:- Method 1: Credit or Debit Card A debit or a credit card is one of the most widely used and accepted method of payment. Credit cards or debit cards are generally issued by banks or any other financial institutions. In this payment method the user directly transfers the money to the seller’s bank account either from its own bank account or through the credit issued by the banking authority. The process is also very simple, thus it will provide huge convenience to the customers. Furthermore it a lso consumes very less time the payment process can be carried out within few minutes. In case of customers making use of credit card they need to repay it later to issuing authority while on the contrary debit card users pay real time from their respective bank account (Radu, 2003, p.2). The option also provides high security to both the