The term ‘electronic payment‘ is a collective phrase for the many different kinds of electronic payment methods available (also meaning online payment), and the processing of transactions and their application within online merchants and ecommerce websites.
It is essential for all online businesses to be able to accept and process electronic payments in a fast and secure way. Businesses can gain a significant advantage over their competitors by providing an instant electronic payment service as it lets customers pay by their preferred way of credit or debit card.
Electronic payments systems can also increase your cash flow, reduce administrative costs and labour and provide yet another way for your customers to pay. Care must be taken when choosing an electronic payment solution as it will need to fit within the constraints of your particular online business and integrate seamlessly within your website.