What are the essential qualities of a electronic payment system?

Essential qualities in e payment system:

We know this term better as Instant money transfer- it’s a gateway for transferring money immediately to complete a transaction. Gone are the days when cash system and credit system was used to buy and give for purchasing goods and services. We now rely on the latest development of payment system circulating in the economy. That system is called 'Payment Gateway'.

Payment gatewauy is the door that is logged in by the buyer just before he tries to make a payment for a product purchase. In oldsystem or brick and mortar system a purchaser goes to the counter and hands over the cash after the point of sale. It is that point in an online transaction which is called payment gateway.

The essential qualities displayed by a payment gateway are:

Instant Money transfer facility- it’s a gateway for transferring money immediately to complete a transaction, payment gateway is the door that is logged in by the buyer just before he tries to make a payment for a product purchase. What used to take two days earlier if transfer through bank or cheques now is done through e payment in 24 hrs.

Faster transaction- We are so very dependant on technology to fulfil the needs and e payment also is not far away from the expectation. We want things to happen at fraction of seconds with blink of an eye everything has to be in our mobile and swift as a message service. SO our transactions should also happen in similar manner. A good payment system saves alot of time and gets work done easily. Faster transaction processing hence is beneficial to businesses. A payment gateway is much faster than manual processing, and customers can make a purchase without the inconvenience of long waits or lines.

Fraud detection parameter- A good payment agetway should have the secured feature. We have seen above how the browser websites have SSL certificate which is an identity of security measures been taken to kkep the site spam free and securing customers details and data. A good payment service provider should have the feature od security and fraus detection.

Assured Payment- Like once cash is handed to someone and we get a receipt in return so that later on no hassle happens relating to the trsansaction, the similar thing happens in an e payment setup. Only thing here in is that, the receipt is received online and the sellers's website offers a security software that links with the bank to say that the transaction once done is full and final. Sometimes it also asks our secude code through registered mobile number in for of OTP which shows that the assured payment has been done.

Screen orders with a numerous helpful tools- At the moment payment gateway is used  in online order fulfilment. Various company set up agreements with bank and their payment gateways and thus orders gets fulfilled. During this process a lot of screening is done by payment gateway as it filters out as much fraud as possible during order processing so that later on frauds are avoided.