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The Complete Guide to Electronic Payments

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The days when you had to carry loads of cash or make a trip to the bank to deposit a check are over. Nowadays, electronic payments have taken over the reins, as people have become dependent on online purchases. But online shopping isn’t the only reason why electronic payments are becoming increasingly popular. With this super convenient and accessible method, you can pay your bills, fund different services, as well as deposit money into your online casino account. All you need is to connect your smartphone to the Internet and voila – a whole new world opens up. And if you’ve yet to experiment with online purchases, here’s a complete guide to electronic payments that will help you get a better grasp on the topic.

Electronic payments 101

Also known as e-payments, electronic payments are the easiest way to transfer money online or purchase different products. To make a payment, you don’t need to whip out your credit or debit card and input personal information. Since they don’t require any manual labor, they are the most obvious choice when you are looking to make a quick yet safe payment. It’s important to mention that these payments come with a lot of security, as a lot of work has been put into perfecting the system and making it safe for its users.

The majority of the services that these payment systems offer are free, which is another thing that users find particularly useful. Of course, you’ll have to investigate whether the method you are thinking of using will come with zero fees, but know that, even if there are some fees associated with your transaction, they aren’t likely to be significant.

How does it work?

We’ve already mentioned that electronic payments work according to a very simple system, although that system will vary depending on the platform you choose. But the essence is the same – you open an account where you can deposit money through your bank card or bank account, and you might first have to link your online account to your bank account.

You can then use that online account to make payments and purchases, and the money will be deducted from the total balance. Moreover, you don’t need to input your bank account or credit card details for every purchase – all you need are the e-payment account details.

Different types of electronic payments

  • E-wallets. One of the most popular forms of electronic payments, e-wallets entail linking your electronic account to your bank account, after which you can make transactions through your phone or laptop. Since your funds will be on your online account, it’s important to make sure that your phone is safe, and you won’t run into any problems.
  • ACH transactions. With an ACH transfer, you can transfer your funds between two bank accounts, and you can do so across the Automated Clearing House network.
  • Smart cards. These cards are not like your regular credit and/or debit card. You load them with money, after which you can access those funds to make different types of transactions. Some of them can even be used to withdraw cash on ATMs.

Choosing the right option

So what do you need to complete a transaction through one of these payment systems? You first need to decide which e-payment system you want to use. Let’s take Apple Pay as a good example. You’ll add your credit card information to your device once, after which you can pay at accepted businesses at the click of a button.

If you are worried that you won’t be able to pay for goods, products, or services at your chosen places, you should know that your fear is somewhat unjustified. Modern businesses have recognized the power and potential behind these payments, and they know that most of their users are fans of convenience. Nowadays, you can even find mobile casinos and apps for CA players which will allow you to deposit some funds to your casino account without a lot of hassle. And if you can gamble with ease through the means of electronic payments, then you can definitely utilize this option to pay for meals, utilities, subway – you name it.

Are there any downsides to electronic payments?

Using e-payments might sound like a perfect option that’s going to save you from a lot of headaches and problems. And, truth be told, that’s usually what happens. However, we can’t fail but mention that transactions made through these platforms aren’t perfect. Let’s start with the fact that e-payment companies aren’t that different from other companies, and they can go out of business. If that happens, you risk losing any money that is in their system. Although, keep in mind that the chances of this happening are extremely low.

Secondly, there could be some privacy concerns related to using electronic payment platforms. You will have to share some personal information, such as your phone number and address, and nothing that is stored on the Internet can ever be 100% safe. Statistics show that e-commerce frauds are rising at a rapid pace, and the rate is estimated to be at 30%. That’s why you should know that your data could always be stolen even though, again, this happens very rarely.

Finally, you will always need to have a stable Internet connection if you aim to make e-payments. Otherwise, you won’t be able to complete the transaction which could result in some difficulties, such as incurred fees for late payments, in case you were trying to pay for monthly installments via an e-payment.

What’s the verdict?

With the entire world shaping up to facilitate online purchases and payments, it would be a shame not to use its potential. If electronic payments can make your life easier, why not use them and avoid inserting credit card information every time you want to make a purchase? Granted, there are some privacy issues related to the platforms through which e-payments are made, but you have to keep in mind that the incidence rate for them happening is extremely low. One small con cannot outweigh all the good characteristics.

Cody Rhodes
Cody Rhodes
Cody Rhodes a learning specialist, designs and delivers learning initiatives (both in-class and online) for a global and internal audience. He is responsible for the ongoing development, delivery, and maintenance of training. He has the ability to manage competing priorities to execute time-sensitive deliverables within a changing environment. He contributes to continually improving the team's processes and standards and works as a member of the team to assist with team initiatives.

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