What is online payment ? Why it is better ? Advantage & Disadvantage

Here we are going to discuss about online payment. So let’s start..

The process of exchanging money electronically is called online payment.

When you deposite your payment on the internet that means you are accepting payment online.

Online payment is usually a transaction that results in the transfer of money from a customer bank or credit card account to your bank account.

The online payment can be done from a credit card, checking account or other clearing house like paypal.

Why online payment is better?

There are five reasons why online payment is better.

Easy organization

1. When you pay bills the old way and challenge organizationally, it is easier to focus your finances.
2. When the company is paid for one month, the bill gets lost in the rush of paper.
3. If your money suddenly changes or unwanted money is deducted from their account, you do not realize it for months.
4. If you pay online, You will not have to deal with all these problems. And all your problems will be over, you will get your records immediately, even if you have some mistake, that person will know.

Saves green

1. In the past, payments were made by check, envelope and postage stamp.
2. When you change your bill payment work online, then you will do your part to protect the earth and also cash. The biggest benefit to you by paying your bill online will be that you will get rid of all the papers.
3. Online payment will cut paper waste and will cost very little energy and fuel for mailing and transportation expenses.
4. Online payment is an all-rounder winner in terms of environmental benefits.

 Cradit card payments Allowed

1. There are many advantages to paying your bills with a credit card.
2. If you already have an online payment scheduled, just replace your bank account information with your credit card number.
3. If you pay online directly through the biller website, So you have to replace any stored account information with your credit card information. with this help, you can pay your bills easily.

Easy Consolidation

1. Online payment allows you to demolish your counter in a swoop.
2. Nothing is easier than online payment even though it takes a little time to set up something.
3. But once this happens, you will never worry about late fees or lost items in the mail.
4. Many services like Pay trust, Quick BillPay, and Billeo give you the indication to pay the bill.

Fast,Easy and Safe

1. Online bill payment is faster and easier than Cheque & Stamp method. It ends the laxity.
2. Online payment saves your valuable time and you save your precious days. since online transactions typically process much faster than mailed ones.

Advantages Of Online Payment

There are some advantages of online payment with some disadvantage.

Five advantages of online payment are given below :

1. Low labor costs: Manual payment methods such as cheque, money orders, cash have lower labor costs due to online payments being generally automated.
2. Automatic: The specialty of online payment is that it is automatic, which is convenient for you and your customers.
3. Fast transaction speed: Online payments provide better and fast speedy transaction.
4. Convenience for online sales: Online payments provide short-term feedback to you and your customers.
5. Low risk of theft: Online payments usually go directly to the person’s bank account after the delay has been processed, leading to a lower risk of theft.

Disadvantage Of Online Payment

There are also some disadvantage of online payment.

Five disadvantages of online payment are give below :

1. Service fees: Third-party payment processors and payment gateways charge their service charges.
2. Vulnerability to cybercriminals: Cybercriminals can disable online payments and exploit them by stealing their money and their information.
3. Reliance on telecommunications infrastructure: Internet and server problems can hamper online payment methods.
4. Inconvenient for offline sales: Online sales methods can lead to problems in the way of offline sales.
5. Technical problem: Due to a technical problem the online payment method can go down.

What is online payment ? Why it is better ? Advantage & Disadvantage

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