What is an Electronic Payment?
Electronic payment has become very popular in the recent past. Many people have shifted to this mode of making payments. It is faster, easier and very simple. It is very convenient also. It saves a lot of time and one can do away with check books and credit cards. There is also no need to handle paper money so there is no fear of losing money. All one needs to do is go online, enter the appropriate web address in the browser window, log in and do all the transactions. Everything can be done with just a click of the mouse. No wonder then that people are turning to electronic payment or e- payment as it is sometime called.
Canadians are amongst the most developed people in the world. Most of them prefer to use electronic payment methods instead of the conventional methods of making payments. It is very convenient as mentioned earlier and also very secure. One need not have any apprehension about the security issues when it comes to making e- payments. Most banks make sure that all their transactions are very secure and the customer need not have any fear.
Electronic payment is a type of payment that does not involve paper money. There are various types of electronic payment. Credit card, debit card and the ACH are the most popularly used e- payment techniques. The ACH or the Automated Clearing House technique involves direct debit, direct deposit
When one looks at where electronic payment technique is used, a number of places come to the mind. When you shop online at sites like Amazon or eBay, you will have to give your credit card or debit card number. The money will then be taken from your account. Also, when you make recurring payments to the vendor, electronic payment comes into the picture.
There are several advantages of using electronic payments which is why most Canadians prefer this method of making payments over conventional methods. To start with, it is accurate. You enter the information that is needed. And once the transaction is over, you get the report of the payment immediately from your bank of financial organization. It is very fast. As mentioned in electronic payment, the transaction takes place immediately and you will know your balance as soon as the transaction is over. It is very convenient. There is no need to write checks or go to your bank or trust company
to deposit or withdraw money. Everything can be done sitting at home or at office with the click of a button or cheque payment
Electronic payment from your bank account
has the advantage of being cost effective. For many people, Time is Money. In such cases, e-payment is most effective. And it is very secure. There is no need to worry about security issues. And keeping a record of all your transactions is very simple as all you need to do is log into your account to view the status of your bank account or savings account
. Thanks to all these advantages, electronic payment has become the most popular method of making payments today!