Electronic payment is nothing but the non-cash payment
without involving any paper cheque. The most common electronic payment methods
are credit card, debit card and ACH ( automated clearing house) network. For
the above methods, there are three main types of transactions happen.
One-time customer to
vendor payment
This is one of the common methods that is highly used in all
e-commerce platforms. You will find a product online and you will proceed to
pay for that product. Here you will enter all your credit card details in the
relevant fields and the site will process your credit card and will send you mail notifying you that the payment
has been processed. Some sites also accept e-checks instead of credit cards.
For sending e-checks you need to type your bank account number along with your
bank routing number. Now the vendor authorizes your payment and you will
receive the notification.
Recurring customer to
vendor payment
Paying your bills is not a one-time process. As it keeps
repeating every month, you need to set up a schedule for this payment. Either
you can schedule the payment with your debit card where the amount is debited
from your account or even you can use your credit card and it will be paid
through your credit card. This is
one type of transaction that all of us have done it.
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