What You Need to Know About Electronic Payment
Electronic payment usually refers to methods of payment that do not include cash or cheque payments and usually involves payments using credit cards, debit cards or online banking platforms. Initially electronic payment was not a very common means of payment because individuals used to rely on cash payments or even they will write checks to pay for their bills which will take a very long time to be processed. Since online shopping became a common thing, the use of electronic payment has increased as opposed to the previous years where online shopping was not very rampant. The transition to electronic payment has come with quite a number of advantages and as well as some disadvantages. Looking at how electronic payment has transformed the business industry it is important to note that the advantages of electronic payment are greater than disadvantages.
The first main advantage of electronic payment is that it is enabled people to shop online and also to be able to pay for the goods using electronic means. Electronic payment has also increased the speed of payment as compared to their previous methods of cash and checks which will take a … Read the rest