The Difference Of Money Now And Then
“In about 1200 BC, cowry shells were used as medium of exchange in China. And then it developed to coins and then later to banknotes in the form of leather.
All of these lead to the the paper and coin currencies we have nowadays which are more commonly known as money. We are currently living in the Information Age where electronic money or digital cash is being exchanged over the Internet. An electronic payment is any kind payment where electronic money is used. Methods of electronic payments include credit cards, debit cards and the ACH (Automated Clearing House) network.
ACH system includes direct deposit, direct debit and electronic checks. Electronic payment is preferred by many people because of its convenience. In this method, you need not handle money, write a check nor swipe a credit card. All you have to do is enter your account information, such as your credit card number and shipping address into your web browser and, with just a few mouse clicks to confirm your purchase, you’re done. Its simplicity and ease are enticing more and more people to utilize electronic payment.
Businesses employing electronic payment methods or e-commerce could certainly lower their expenses because they spend less on paper and manpower. Customers who have done certain transactions with a business establishment thru electronic payment would certainly be more likely to return to the same e-commerce site, thus, improving customer retention. Banks, in fact, are encouraging their clients to use their online banking service. The main concern regarding electronic payments are possibility of identity theft and breach of privacy.
But fortunately today, online businesses have done safety measures so that their customers are protected. Anti-virus protection software and firewall programs on your computer make ensure that your online business transactions are safe. You should also always make sure that you are sending your credit card information through a secure server as indicated by a key or lock icon on a bottom corner of a browser. Regardless of the security risks, electronic payments are here to stay.
It has been reported that more than 94% of large banks and more than 65% of community banks are now offering these services to their valued customers. You should try electronic payments if you have not used one. You don’t have to be a geek to use electronic modes of payment because it is very easy and convenient as well.
For a successful online business, be sure to accept credit cards as payments for your goods or services. Electronic payments are now the fastest way to do business and they will be safe as long as all necessary precautions are in place.
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