Wednesday, July 2, 2014

Electronic Payment Process

Electronic Payment Process

Payment for products and services purchased are real process circuit and is important in e-commerce transactions. However, the payment process is not simple, because almost anonymous electronic properties occur among various computer systems network of buyers and sellers, as well as many security issues are involved. E-Commerce payment process is also complicated because of the many alternative types of debit and credit as well as financial institutions and intermediaries that are part of the process. Therefore, various electronic payment systems have changed over time. In addition, a variety of new payment systems are being developed and tested to meet safety and technical challenges of e-Commerce on the Internet.

Web payment process.

Most e-commerce systems in businesses involved in Web and B2C customers rely on the credit card payment process. However, many e-commerce B2B system that relies on a more complex payment processes based on the use of purchase orders. However, both types of e-Comerce usually use an electronic shopping cart process, which allows the customer to choose the product catalog and display Web sites and put it in the shopping cart for a while and then totaled and processed.

Electronic Fund Transfer

Electronic Fund Transfer (EFT) is a common form of electronic payment in the banking and retail industries. EFT systems using a variety of technologies to capture and process information as well as credit money between banks, companies, and their customers. For example, the banking network terminal supporting a teller at bank offices and Automatic Teller Machine (ATM) at various locations around the world. Banks, credit card companies, and other companies can support service payments over the phone. Web-based payment service that is well-known, as well as PayPal and Billpoint to transfer money, and CheckFree and PayTrust for automatic bill payments that enables bank customers and other bill payment services using the Internet to pay bills electronically. In addition, POS terminals at retail stores are connected into a network with a bank EFT systems. This allows you to make use of credit card or debit card in order to instantly pay gasoline, grocery store, or purchasing eat it in a variety of retail outlets that implement ERP.

 Secure Electronic Payment

When you make a purchase online in the Internet, your credit card information very prone to interference from the network sniffer, the software can easily recognize the format of a credit card number. Some basic security tools used to address these security issues are (1) encryption (code and randomization) data between the customer and the merchant, (2) encryption of data passing between the customer and the company extend credit card transaction authorization, or (3) take sensitive information offline. (Note: Because encryption and other security issues will be discussed a future post, this topic will not be discussed in this post further.

For example, many companies do security methods Secure Socker Layer (SSL) developed by Netscape Communications that automatically encrypts the data passing through your Web browser to the merchant server. However, information is still very vulnerable to sensistif abused so dideskripsi (encoded and encrypted) and stored in the merchant server. Thus, the digital wallet payment system developed. Inside this method, you add security software in the form of additional modules to your Web browser. It allows you to encrypt explorers over your credit card data in a certain way to the bank only authorize the merchant credit card transaction that could see it. All traders are told whether your credit card transaction has been approved or not.

Secure Electronic Transaction (SET), is a standard for expansion of secure electronic payment security on the Internet is safe on the Internet. SET is an advanced inhibitor that reluctance various companies to meet the requirements of hardware, software, and costs.

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