“The history of money was a long and winding one. In about 1200 B.C. in China, cowry shells were the first medium of exchange. From shells, people soon started using pieces of coins and several years later, banknotes in the form of leather were used.
These changes lead to the paper and coin currencies that we use these days and that we call money. However, it already evolved in the form of electronic money or digital cash. This is the money we used to exchange online. Credit cards, debit cards and ACH or Automated Clearing House network are some methods that we use for electronic payments.
The ACH system comprises direct deposit, direct debit and electronic checks (e-checks). Electronic payment is preferred by many people because of its convenience. In this method, you need not handle money, write a check nor swipe a credit card. You just have to enter all your account information and then once your done with it, you just have to wait for your purchase to arrive. Because of how easy and convenient this mode of payment is, many people are becoming more and more enticed to use it.
Businesses employing electronic payment methods or e-commerce could certainly lower their expenses because they spend less on paper and manpower. Customers who have done certain transactions with a business establishment thru electronic payment would certainly be more likely to return to the same e-commerce site, thus, improving customer retention. Banks, in fact, are encouraging their clients to use their online banking service. The main concern regarding electronic payments are possibility of identity theft and breach of privacy.
But fortunately today, online businesses have done safety measures so that their customers are protected. There are anti virus software and firewall programs on computers that protect us and guarantee safe transactions online. You should also always make sure that you are sending your credit card information through a secure server as indicated by a key or lock icon on a bottom corner of a browser. Regardless of the security risks, electronic payments are here to stay.
It has been reported that more than 94% of large banks and more than 65% of community banks are now offering these services to their valued customers. You should try electronic payments if you have not used one. You don’t have to be a geek to use electronic modes of payment because it is very easy and convenient as well.”
For a successful online business, be sure to accept credit cards as payments for your goods or services. Electronic payments are now the fastest way to do business and they will be safe as long as all necessary precautions are in place.