Electronic payment features

Publish date: 19 June, 2022 written by Fouz Omar

The boom of e-commerce and the tremendous technological development has proven the importance of electronic payment, as it has created greater opportunities for the growth of companies and provided great convenience to customers. There is no longer a need to go to banks frequently to complete transactions and payments, and online shopping operations have become more secure and objective than before. Electronic payment is a way to conduct online payment transactions with electronic payment methods.

Instant payment

Electronic payment is much faster than traditional payment methods, as there are no conditions for making payments, whether at the time or place in which you pay, and it also eliminated the need to go to banks to make payments, as shoppers can pay through electronic payment gateways that they like with the push of a button Single and without waiting.

Safety

Some merchants do not realize the importance of providing various electronic payment methods in growing their business and gaining more potential customers, as online shoppers prefer different payment methods based on the region and the prevailing culture in it. Electronic payment methods provide maximum convenience and more security by securing payments with multiple mechanisms, and through which purchases can be made more easily and quickly, so customers do not have to enter their card details every time they shop.

Transparency in transactions

Electronic payment methods are characterized by absolute transparency in the conduct of payment transactions, as it is possible to identify the payment details in advance and fill in the required data without fear or worry, which makes shoppers choose them over traditional payment methods such as payment and circulation that carry a high risk rate.

Minimizing costs

In electronic payment, you will not need to renew the subscription to your service provider, as it is possible to register for one time and save all your data there with a fixed fee, and electronic payment is also saved in terms of paper costs and commission, as all its transactions are done in digital form, which also saves the time of both The company and the customer rather than the traditional transfers and financial operations.

Eliminate barriers in foreign trade or online shopping

The success of e-commerce during the Corona pandemic contributed to the expansion of online shopping sites’ awareness of the need to meet the desires of online shoppers for the payment methods that suit them, and as a result, and taking into account the needs of online buyers, a significant increase in the number of sales was observed.