Future payments

Following are few other payment options suggested by eCommerce solution provider companies.

E-Money

In credit/ debit card payment transaction, issuing bank charges the merchants a significant fee for each transaction, therefore cards are not good way to sell items for little money. Because of this transaction charge numerous businesses comes in market with special services e-money.

PayPal is successful business that allows people to send money to other people or to merchants without a merchant account with a bank.

Bitcoins and Crypto currencies

Another type of installment getting media consideration as of late is through the utilization of bitcoins or different crypto currencies. A percentage of the primary points of interest progressed for bitcoin are that:

The supply is entirely constrained and not controlled by the government.

Bitcoins are often divided into smaller payments, permitting micro-payments, and

The expense of exchanges are greatly low.

Wireless payments

Payments which are done through wireless device are known as wireless payments.  For example when you want to take dinner in restaurant but you have no money with you at that time. You do, however mobile phones have with you so you can transfer money from mobile using NFC or via your own bank account.

Today two Apple provides this concept through apple pay and Google via Google wallet.

Apple Pay

Apple Pay could be a mobile payment service that lets sure Apple mobile devices build payments at retail and on-line checkout. It digitizes and replaces the credit or debit magnetic tape card group action at MasterCard terminals. The service lets Apple devices wirelessly communicate with purpose of sale systems employing a close to field communication (NFC) antenna, a "dedicated chip that stores encrypted payment information" (known because the Secure Element), and Apple's Passbook and Touch ID.

The administration keeps customer installment information non-open from the distributer, and makes a "dynamic security code [...] produced for each exchange". Apple would not track use, which may keep between the customers, the sellers, furthermore the banks.

Google mobile payment system

This Google Mobile installment framework is in light of the NFC (Near Field Communication), the innovation that permits exchanging data remotely starting with one gadget then onto the next. Furthermore, yes, it bodes well for an organization like Google to make its invasion into this field. The acquiring routine of individuals is completely cherished data for the promoting organizations. These organizations can use the data gathered by Google to market their items and administrations.

Google wallet mobile payments

Google Wallet is a cell phone application that transforms your telephone into a virtual MasterCard/card-less paying gadget Google Wallet will have this image at the clerk:

To pay, you just tap the Google Wallet application on your telephone, punch in a 4-digit PIN code to open it, and touch the telephone to the terminal. This will send a safe installment by means of Near Field Communication (NFC). A Google Prepaid Card is really a virtual card in which you include fiscal trusts from any of your current charge cards.

Electronic payments and their value

If Electronic Payments not exist then

• E-commerce doesn’t exist. It would become very difficult to process online payments for eCommerce solution providers. 
• You can’t purchase product or services online.
• You can’t reserve hotel room or air tickets.
• You can’t perform banking transactions.

Impact of Electronic payment

• A low cost for businesses for software development company.
• A higher exchange of goods and services.
• Transaction can perform easily without geographic boundaries.
• Easy way to manage transactions.
• Unlike cheques, electronic payments don’t ‘bounce’ – as payments will not be effected unless the funds are available in the first place , validation made by payment system development company.

Payment history

Money Over Time

Credit cards 

It’s not only one way to pay bill with coins and paper currency. To overcome this problem, credit card was introduced more than 60 years ago.  Customers can pay money to merchant via using credit card for products and services. Merchant can take an imprint of customer card and compare sign on receipt with the one on back of card. After validation of card details and verification of customer’s sign, money transfer from customer’s bank account to merchant account. eCommerce solution provider companies can integrate credit cards with ecommerce or any websites easily.

Today companies, hotels, e-Commerce, shops, etc. accept credit card for transfer amount between merchant and customer bank account.

Internet payment 

After Internet became popular, banks and eCommerce solution provider companies realized that money made on the web.  Banks allow customer to perform transaction 24 hours using Internet. Using Internet payment, it is very easy to validate and verify customer details which are stored in web servers. Internet also validates credit/ debit card details, so in the shop customers provide credit card number and expiration date instead of presenting physical card.

Introduction of online payment system

In this era of technology, it is not just to provide informational content by using text and low resolution graphics to attract customers. Customers expect more from a Web site than information on store opening times or pictures of staff and family. Today a visitor to a website will not buy mobile without comparison with same products on other websites and stores; same way customer will not book travel ticket without comparison. eCommerce solution provider companies should consider wide range of factors while designing and developing eCommerce and other websites.
For these services customer can do payment or transaction through credit card, internet payment, wallets, E-money, Bit Coins etc. E-commerce websites have to provide good payment options to customer.

Today it is a challenge to provide fast and secure way to do payments from customer’s account to merchant account.