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Compare Electronic Cheques and Digital Payment services payment systems used by e-commerce systems.

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Introduction

Transfer-Encoding: chunked ´╗┐Electronic Cheques are a system that transfers money electronically from the buyer?s current account to the seller?s bank account. E-cheque services are provided by high street banks such as HSBC and Santander. One benefit is that it allows instant payment. With electronic checks, customers can receive instant acknowledgement of their payments. It also increases efficiency, lower costs and environmental benefits. Processing payments online removes the need for stamps and envelopes, which saves time, money and reduces the amount of paper used which benefits the environment. Businesses who employ electronic cheques spend less money in processing fees which lets the business put more money on other important operations. A disadvantage of using electronic cheques means there is not ?float? time. ...read more.

Middle

The business pay want the customer to pay for these extra costs. Digital payment services Is a service that manages the transfer of funds from a customer to the merchant of an e-commerce Web site. The money may come from a digital wallet inside the user's machine, from a credit card stored on a server of the digital wallet service or from a prepaid account stored in the payment service's server. An example is PayPal. PayPal allows you to pay for items using a linked credit card but only a username and password is needed rather than the card number, security code and having to put a password. Electronic payment is very convenient for the consumer. The customer will only need to enter a few details in order to buy products. ...read more.

Conclusion

The customer needs to register to the institution in order to be authorised to perform money transactions with them. The customer will need to have a username and password and will also need to keep the account up to date which can be irritating and boring for the customer. Despite being secure to use the customer has to make sure that their transactions are safe and follow security policies. If a password is prone of being hacked, it can mean financial loss for the customer. Banks or financial institutes that have your financial information can expose it to cyberpunks. So, there is risk of your personal and account details being stolen. Although a business will be saving money through less of materials payment systems come with an increased need to protect sensitive financial information stored in a business's computer systems from unauthorized access. This may increase the businesses costs. ...read more.

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