Everything That You Should Know About E- Payments

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Everything That You Should Know About E- Payments

In this article, we will know what e-payment is. The facility of e-payment is available in all the e-Commerce websites from which you shop or use POS Machines. If you want all the information related to the e-payment system, then this article is very important for you.

In the world of changing technology, almost all the work is being done through the internet, whether we want to avail banking services or do online shopping from home, Or want to book Bus, Train, Airplane Ticket, in all these online services, we have to go through the process of e-payment.

What is the full form of e-payment?
The full form of e-payment is "Electronic Payment".

What is called e-payment?
E-Payment- The process of making transactions or payments for goods and services electronically or through the Internet without using cash or bank cheques is called e-payment or electronic payment. We also call it an Online Payment System in simple language.

Constituents of electronic payment?
The components that work in an electronic payment system are mainly of the following types.

A consumer who buys goods or services online, and pays through his Debit or Credit card.

A person or businessman who sells goods or services to a consumer and receives the payment for goods or services is called a seller or dealer.

Payment Gateway
Payment Gateway is the method through which a seller or merchant takes payment for the goods or services sold to the consumer. Like- UPI, BHIM, Debit Card, Credit Card, etc.

Buyers Bank
A bank or financial institution that issues a debit card or credit card to its customer. And whenever a buyer makes a payment through a card to the seller in exchange for the service availed, the same is deducted from his bank account.

Sellers Bank
A bank account in which a seller or merchant receives electronic payment from a consumer in exchange for his goods or services.

What is an Electronic Payment Process?
E-Payment Process is developed by a computerized electronic system with a very complex and secure process. Which we will understand further.

E-Payment Action by Consumer
A consumer has to go through the process of e-payment to make a purchase or avail of service from an e-commerce website. There are several modes of payment available on the e-commerce website. When the consumer selects one of the given e-payment methods, it is the first step of e-payment of the consumer.

If the consumer chooses the option of a debit card or credit card to make payment, then he has to fill in the details of his debit card or credit in the payment form. Like Card Number, Expiry Date, CVV Code, and Address)

PGA (Payment Gateway Authentication)
After this, the Payment Getaway verifies all the payment details given by the consumer. If the payment information given by the consumer is correct, then the e-payment process continues. After successful payment, the consumer gets the confirmation of e-payment.

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