[title_box title=”Electronic Payment” custom_class=”service-title”]
Electronic Payment is a form of an e-commerce transaction to include electronic payment for buying and selling goods or services offered through the Internet. A plastic card, commonly with a magnetic stripe. The cardholder gives his or her card to a merchant who swipes the card through a terminal or enters the data to a PC/TABLET.
The terminal transmits data to his or her account, the acquirer. The acquirer transmits the data through a card association to the card issuer who makes a decision on the transaction and relays it back to the merchant, who gives goods or services to the cardholder. Funds are debited immediately. This system can be merged with the Student Electronic Verification System above
- Good transaction efficiency
- Low financial risk