From eBay to your favorite online merchandisers, online shopping has doubled since three years ago. Not everyone is comfortable with buying items online, but a recent study revealed that the vast majority of buyers and sellers rely on online payment services to transact business over the Internet.
A payment service provider (PSP) offers merchants online services for accepting electronic payments by a variety of payment methods. These methods include: credit card, bank-based payments such as direct debit, bank transfer, and real-time bank transfer based on online banking.
One type of PSP allows buyers to purchase money orders electronically. The money is then sent via regular mail to recipients. Buyers must pay fees if they choose to use this service. An example of this type of PSP is BidPay.
PSP such as eBay administer person-to-person (P2P) accounts where users can send money electronically to other members. eBay and Paypal are usually free services, but they do charge fees for accepting money into an account.
Most online payment services have a limit on how much money can be sent and received.
Advantages of Online Payment Systems
Immediate authorization
Functionality
Customer convenience
Additional direct sales channel
Streamline payment process
Disadvantages of Online Payment Systems
Fees
Potential fraud
Security issues
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CODANK is a top rated Charlotte Web Design, Internet Marketing and Search Engine Optimization firm located in Charlotte, NC. We are dedicated to providing the highest quality, cost effective custom software development services, delivering a broad range of business consulting and outsourcing services. We specialize in web design and development, branding and identity, internet marketing, and content management systems.
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