Electronic Payment System

As technology advances over the years, we have experienced and noticed that the trend in how payment are received have shift tremendously. Twenty years ago, check was the preferred way of payment. In today’s world, more and more payments are done by credit cards. Credit card transactions are instance that provides a faster payment method.

This project analysis the Money and E-Wallet current situation and gives a brief of Money and E-wallet, and also studies the present Advantages of Money and E-wallet and their uses.

d) Electronic Fund Transfer. Electric funds transfer (EFT) provides for payments and collections by transferring financial information electronically. PayPal offer online payments and money transfer among businesses and individuals, nationally and internationally, in various currencies, requiring only that recipients have an e-mail address.

Electronic Financial Systems (EFS), a subsidiary of JPMorgan Chase, focuses on providing customers electronic benefit transfer (EBT) services. EBT is a well-known financial service allowing U.S. recipients to acquire government benefits through a single debit card solution. EFS’s mission is to maintain a top position in the EBT marketplace by providing superior services along with the most widespread debit card network. The needs of EFS are to maintain a stable, industry standard system that provides the very best service and support to its clients. This includes, so as to ensure exceptional customer satisfaction, that the organization provide assurances that funding be provided timely, accurately, and with the greatest of security

Book Bunker’s interest in accepting payments online also requires knowledge regarding online security. Online security is vital to an e-commerce business, because customer information, as well as transaction information is available to hackers if the correct security protocols are not implemented. Creating a secure online environment for Book Bunker customers can be done through various security features such firewalls, software, and a secure e-pay service. Security protocols should be implemented prior to the online payment system being activated, to ensure the customer information and transaction records are protected. The acceptance on online payments will also require preparation, such as creating a merchant account, choosing a service, and imbedding the service on the Book Bunker website. Implementation can be time consuming, but the result will be increased revenue for Book Bunker, because customers will not be deterred by the requirement to complete sales over the phone or in the store.

Features: E.F.T.A.P.S helps people pay for good by transferring money from there bank cards to the businesses instead of using cash. E.F.T.A.P.S makes sure that the customer’s credit or debit card is read by a card reader when it’s being swiped when the customer is purchasing a product. E.F.T.A.P.S allows customers to receive request which are sent by the bank requesting them authorisation of the payment. Therefore if approval is given by the customer to the business, money from the customer’s account are transferred into the businesses account. E.F.T.A.P.S allows people not have to withdraw any money out of the bank

E-commerce (electronic commerce or EC) is the buying and selling of goods and services, or the transmitting of funds or data, over an electronic network, primarily the Internet. These business transactions occur either business-to-business, business-to-consumer, consumer-to-consumer or consumer-to-business. The terms e-commerceand e-business are often used interchangeably. The term e-tail is also sometimes used in reference to transactional processes around online retail, (SearchCIO, 2015). In other words e-commerce is the buying and selling of goods and services online.

The Purpose of this report is to show the use of current technologies for payment support procedures in small and medium businesses. Article covers various solutions to process payments and ultimately determine the best of them. SME’s are designed to the deal with B2B and/or B2C customers depending on the business needs. As per latest discovered trends in the North America the ‘payment’ is preferred if digitalized, such a trend is a result of efforts Fintech and Paytech companies like bitpay, Kabbage, kantox , etc.x. For intents and purposes payments flow can be categorized as consumer and business. Cash and card for former, cheque and EFT for latter. The need for demonetization emerges so as to match with the with rest of the world in the

G.A.O.S. reviewed the company electronic payment processing units for functionality and how it is beneficial to consumers growing businesses. Upon our evaluation, we understanding what each payment POS processing units produces and what the company offers to its consumers is an effective product to address the business solution to meet its consumer’s needs. The recommendation, in order for the company to maintain its strategic alliance, is to build an impeccable merchant

This Agreement and Disclosure is made in compliance with federal law regulating electronic funds transfers (EFT) services. Electronic funds transfers are electronically initiated transfers of money involving an account at the Financial Institution. The following disclosures set forth your and our rights and responsibilities concerning the electronic funds transfer. In this Agreement, the word "you" and "your" mean those who sign as applicants or any authorized user(s). The words "we", "us", and "our" mean the Financial Institution.

Online payment processing services perform transactions at a much greater speed than manual processing. As well as ensuring error-free computations and faster processing time. Which means

This study is about the adoption of the Euro pay MasterCard and Visa (EMV), the microchip technology for checking debit, credit card transactions payments among the corporations in the United States due to high range of cybercrimes. The magnetic stripe that is the standard feature of issuing payment cards is replaced by the EMV chip which is more secured. The encrypted chip provides the safer processing and storing of data with the embedded microchip of chip-and-signature and it’s difficult to copy the card data. This technological change came into existence due to the Target Corporation data breach in 2013. The U.S. organizations have suffered severe financial losses due to data breaches of which Target Corporation was the major victim of

The advent of the internet-connected smartphone has opened up a whole new world for the consuming public as they now have access to the world of ecommerce in the palms of their hands. As more personal data became transferred to these mini computers, the competing interests of more intrusive applications continue to clash with the need for greater security and data integrity. One of these areas of conflict has been in the field of mobile payments where there has been the desire to use the personal financial information stored on a smartphone to conduct business transactions in a convenient yet secure manner. Recently, technological advancements

Fraud prevention is the key element of conducting business, as when not controlled, fraud exposes the business to potential law suit, business loss, or its’ extinction all together. An online payment organisation, such as ours, needs to make maximum effort to reduce the risk of fraud, as its’ very existence depends on the level of trust that customers put in it.

This work is a contribution to the security of e-payments system: the efforts to make them able to continue to fulfill their mission even in adverse environments or conditions - despite attacks failures or accidents - and hence confidence earning. Globally, the use of non-cash payments is increasingly being adopted. The global volume of non-cash payments has continued to grow, even quickly in developing countries, and payments have proved resilient to the effects of the financial crisis. Although macroeconomic weakness decreased the rate of growth in non-cash payments volumes in 2008-09, the initial data suggests that volumes resumed a