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International HR Adviser The Leading Magazine For International HR Professionals Worldwide. Global Mobility Technology The. E Commerce Payment Systems. E commerce sites use electronic payment, where electronic payment refers to paperless monetary transactions. Electronic payment has revolutionized the business processing by reducing the paperwork, transaction costs, and labor cost. Being user friendly and less time consuming than manual processing, it helps business organization to expand its market reachexpansion. Listed below are some of the modes of electronic payments Credit Card. Debit Card. Smart Card. E Money. Electronic Fund Transfer EFTCredit Card. Payment using credit card is one of most common mode of electronic payment. Credit card is small plastic card with a unique number attached with an account. It has also a magnetic strip embedded in it which is used to read credit card via card readers. When a customer purchases a product via credit card, credit card issuer bank pays on behalf of the customer and customer has a certain time period after which heshe can pay the credit card bill. It is usually credit card monthly payment cycle. Following are the actors in the credit card system. The card holder Customer. The merchant seller of product who can accept credit card payments. Doa Ziarah Kubur Pdf. The card issuer bank card holders bank. The acquirer bank the merchants bank. The card brand for example, visa or Mastercard. Credit Card Payment Proces. Step. Description. Step 1. Bank issues and activates a credit card to the customer on hisher request. Step 2. The customer presents the credit card information to the merchant site or to the merchant from whom heshe wants to purchase a productservice. Step 3. Merchant validates the customers identity by asking for approval from the card brand company. Step 4. Card brand company authenticates the credit card and pays the transaction by credit. Merchant keeps the sales slip. Step 5. Merchant submits the sales slip to acquirer banks and gets the service charges paid to himher. Step 6. Acquirer bank requests the card brand company to clear the credit amount and gets the payment. Step 6. Now the card brand company asks to clear the amount from the issuer bank and the amount gets transferred to the card brand company. Debit Card. Debit card, like credit card, is a small plastic card with a unique number mapped with. It is required to have a bank account before getting a debit card from the bank. The major difference between a debit card and a credit card is that in case of payment through debit card, the amount gets deducted from the cards bank account immediately and there should be sufficient balance in the bank account for the transaction to get completed whereas in case of a credit card transaction, there is no such compulsion. Debit cards free the customer to carry cash and cheques. Even merchants accept a debit card readily. Having a restriction on the amount that can be withdrawn in a day using a debit card helps the customer to keep a check on hisher spending. Smart Card. Smart card is again similar to a credit card or a debit card in appearance, but it has a. It has the capacity to store a customers work related andor personal information. Smart cards are also used to store money and the amount gets deducted after every transaction. Smart cards can only be accessed using a PIN that every customer is assigned with. Alias 1 Stagione Italy Sat. Smart cards are secure, as they store information in encrypted format and are less expensiveprovides faster processing. Mondex and Visa Cash cards are examples of smart cards. E Money. E Money transactions refer to situation where payment is done over the network and the. E money transactions are faster, convenient, and saves a lot of time. Online payments done via credit cards, debit cards, or smart cards are examples of emoney. Another popular example is e cash. In case of e cash, both customer and merchant have to sign up with the bank or company issuing e cash. Electronic Fund Transfer. It is a very popular electronic payment method to transfer money from one bank account to another bank account. Accounts can be in the same bank or different banks. Fund transfer can be done using ATM Automated Teller Machine or using a computer. Nowadays, internet based EFT is getting popular. In this case, a customer uses the website provided by the bank, logs in to the banks website and registers another bank account. Heshe then places a request to transfer certain amount to that account. Customers bank transfers the amount to other account if it is in the same bank, otherwise the transfer request is forwarded to an ACH Automated Clearing House to transfer the amount to other account and the amount is deducted from the customers account. Once the amount is transferred to other account, the customer is notified of the fund transfer by the bank.