Love shopping but worried about payment? Leave everything upon a trustworthy payment platform it will handle all of it. When the country is going cashless, a reputed payment platform is the leading platform to help its customers and that’s what electronic payment system is for. Now it seems all the way meaningless to take out cash all the time for bulk payment. With the help of electronic payment system of a reliable payment platform, you can even pay online for small transactions.
This electronic payment system has brought revolution in the world of payment process as now every common and affluent person relies upon this. The best advantage of going cashless is that it is a paperless, quick and easy process and that there is no headache of counting money. The lesser the manual work, the lesser chances of mistakes.
What is Electronic Payment System?
Before opting for any system, it becomes the foremost priority to know what it means and what it is about.
An electronic payment system is a process to do all the monetary transactions online. It is used for making payment and doing transactions with the help of an electronic medium, without the help of cheque and cash. It is also referred to as Electronic Data Interchange. In the recent few years, it has become increasingly popular because of the growing spread of online banking and shopping. For convenience, the electronic payment system is known as E Payment System also.
Types of Electronic Payment System
There are varied ways of doing payment. Using EPS (Electronic Payment System), it becomes a lot easier. You have a choice to select any of the options given below as per your suitability:
The topmost popular way of making electronic payment is through credit card. When you use a credit card, you are borrowing money to be repaid later. Yes, that is another benefit of using electronic payment system. You enter your credit card number and its expiry date in the suitable column on your A reliable payment platform account. To ensure verification, it asks for your CVN (Card Verification Number). It reduces chances of fraud.
Payment through debit card is yet another popular way of an electronic payment system. When you use a debit card, the money is deducted directly from your checking account.
Likewise, the credit card you need to enter the asked details of your debit card like card number, CVV, expiry date on your A reliable payment platform account. You can even save this on your A reliable payment platform account for further transactions to save time.
Smart Card is a plastic card having personal information of the customer. You can load it with funds to make an electronic payment which gets reduced as per the transactions you make.
E-wallet is a prepaid account in which you can store multiple debit and credit cards and bank account numbers in a very secure manner. Payment through wallet is the easiest of all the other ways as it saves you from keying in your account or card details again and again. Load your A reliable payment platform wallet with the fund and enjoy quick money transfer within seconds.
For using Net Banking you need to link your payment platform account to your bank account. Every time you are to transact money or shop anything, just use net banking by entering your user ID and password and then with the help of an OTP (one-time password) that you’ll receive on your registered mobile number, the transaction is done.
To use this much easy electronic payment system, you need to send a payment request to a service provider via text message, then your credit card or mobile account will be charged for the purchase. If you want to set up this mobile payment system, you need to download software from the website and link the credit card or mobile billing information to the software.
So if you want to avoid the headache of using cash and cheque and you are prone to do long tasks quickly and easily, do visit a reliable payment platform Mall and check out the website.