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A payment system is any system used to settle financial transactions through the transfer of monetary value. This includes the institutions , payment instruments such as payment cards , people, rules, procedures, standards, and technologies that make its exchange possible.
There are varied types of electronic payment methods such as online credit card transactions, e-wallets, e-cash and wireless payment system. Credit cards constitute a popular method of online payment but can be expensive for the merchant to accept because of transaction fees primarily.
There are a number of types of payment cards, the most common being credit cards, debit cards, charge cards, and prepaid cards. Most commonly, a payment card is electronically linked to an account or accounts belonging to the cardholder.
Types. EFTs include, but are not limited to: Automated teller machine (ATM) transfers; Direct deposit payment or withdrawals of funds initiated by the payer; Direct debit payments in which a business debits the consumer's bank accounts for payment for goods or services
Contactless payment systems are credit cards and debit cards, key fobs, smart cards, or other devices, including smartphones and other mobile devices, that use radio-frequency identification (RFID) or near-field communication (NFC) for making secure payments.
An automated clearing house ( ACH) is a computer-based electronic network for processing transactions, [1] usually domestic low value payments, between participating financial institutions. It may support both credit transfers and direct debits.