Customers to do online shopping generally use internet and the purchasing the products through internet involves making of payment through the credit cards. Though most of the systems use credit cards, some systems enable users to create accounts and pay by alternative means such as:
Debit Card:
Debit card is the small plastic electronic card. There are two types of debit cards, one is online debit card and the other is offline debit card. Online debit card is considered superior because PIN system has more security, the debit is immediately reflected on the account.
Credit Cards:
Issuer of the credit card lends money to the holder which is used for settling the payment. These are also small plastic electronic cards made according to the ISO 7810 standard specification.
Electronic Cash:
The cash is transferred electronically through the use of technique called electronic fund transfer (EFT) for the purchases made.
Cash On Delivery:
In this method the cash is directly handed over to the representatives of the company immediately after the delivery of the products in the sealed condition.
Postal Money Order:
In this method the customer remits the specified amount in the post office of his location and the merchant collects the amount from the post office located in his place, this is the old method of money transactions and it is best used in the remote areas where banks are not established.
Cheque Payment:
The customer issue the cheque in the name of the merchant. Merchant deposits the same cheque in his bank and it is sent to customer's bank for clearance. The amount will be deposited in merchants account once clearance is made.
Mobile Phones:
Now a days the payment can be made using the mobile phones for the purchases made in the process of online shopping.
Many online shopping sites are making efforts to provide an easy payment system to the customers, also ensuring high security.
Debit Card:
Debit card is the small plastic electronic card. There are two types of debit cards, one is online debit card and the other is offline debit card. Online debit card is considered superior because PIN system has more security, the debit is immediately reflected on the account.
Credit Cards:
Issuer of the credit card lends money to the holder which is used for settling the payment. These are also small plastic electronic cards made according to the ISO 7810 standard specification.
Electronic Cash:
The cash is transferred electronically through the use of technique called electronic fund transfer (EFT) for the purchases made.
Cash On Delivery:
In this method the cash is directly handed over to the representatives of the company immediately after the delivery of the products in the sealed condition.
Postal Money Order:
In this method the customer remits the specified amount in the post office of his location and the merchant collects the amount from the post office located in his place, this is the old method of money transactions and it is best used in the remote areas where banks are not established.
Cheque Payment:
The customer issue the cheque in the name of the merchant. Merchant deposits the same cheque in his bank and it is sent to customer's bank for clearance. The amount will be deposited in merchants account once clearance is made.
Mobile Phones:
Now a days the payment can be made using the mobile phones for the purchases made in the process of online shopping.
Many online shopping sites are making efforts to provide an easy payment system to the customers, also ensuring high security.
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