e-Payments: There are channels available on the Internet through
which payments can be made electronically with out you or your staff having to
leave the office premises. Electricity bills, phone bills, credit card bills
can all be paid via the Internet. The staff employed to discharge these
activities could be given other responsibilities.
The Internet is changing the way business is being done. It has provided the
means for businesses to have a global reach, became more competitive, reduce
costs of operation, and make staffs more productive. The Internet, like the
telephone, has become a necessity for business advantage. The question is who
gets that advantage first, you or your competitor?
Example...
Most online shoppers use credit cards to pay for their online
purchases. But debit cards - which authorize merchants to debit your bank
account electronically - are increasing in use. Your debit card may be an
automated teller machine (ATM) card that can be used for retail purchases. To
complete a debit card transaction, you may have to use a personal
identification number (PIN), some form of a signature or other identification,
or a combination of these identifiers. Some cards have both credit and debit
features: You select the payment option at the point-of-sale. But remember,
although a debit card may look like a credit card, the money for debit
purchases is transferred almost immediately from your bank account to the
merchant's account. In addition, your liability limits for a lost or stolen
debit card and unauthorized use are different from your liability if your
credit card is lost, stolen or used without your authorization.
Other electronic payment systems - sometimes referred to as "electronic money"
or "e-money" - also are now common. Their goal is to make purchasing simpler.
For example, "stored-value" cards let you transfer cash value to a card.
They're commonly used on public transportation, at colleges and universities,
at gas stations, and for prepaid telephone use. Many retailers also sell
stored-value cards in place of gift certificates. Some stored-value cards work
offline, say, to buy a candy bar at a vending machine; others work online, for
example, to buy an item from a website; some have both offline and online
features. Some cards can be "reloaded" with additional value, at a cash
machine; other cards are "disposable" - you throw them away after you use all
their value. Some stored-value cards contain computer chips that make them
"smart" cards: These cards may act like a credit card as well as a debit card,
and also may contain stored value.
Some Internet-based payment systems allow value to be transmitted through
computers, sometimes called "e-wallets." You can use "e-wallets" to make
"micro payments" - very small online or offline payments for things like a
magazine or fast food. When you buy something using your e-wallet, the balance
on your online account decreases by that amount. "E-wallets" may work by using
some form of stored value or by automatically accessing an account you've set
up through a computer system connected to your credit or debit card account.
