Electronic Payment Processing translates to a seamless transaction that does not involve any cash or checks, for that matter.
The electronic payment infrastructure has evolved more and more, over the last few decades due to the increasing spread of online banking and shopping. As technology develops further across the world, we will witness the growth of payment processing machines and electronic cheque clearing system.
As this system strengthens, providing a safe medium for online payment transactions, the amount of cash and check transactions will gradually decline.
As far as history goes, the most preliminary valid mode of currency was the barter system. People had to exchange any valuable item to procure something useful from the other party.
Many decades later, we have rested at cash as our only mode of currency. To avail of any services, buy any groceries, or even enjoy luxuries, money is all we need. However, it is still true that the world of finances has gone through drastic changes even after our final decision to stop at cash.
Now, the only difference is we are focused on inventing new ways to make the transaction seamless. The currency remains the same but the method of transaction changes. This was when the concept of online banking was introduced.
Here, we will discuss the different modes of payment from cash to ACH:
Despite the emergence of online payments, cash has still been recorded as the most used transaction method between two people or businesses.
One of the primary reasons could be that most small stores or businesses find it hassling to include an electronic check clearing process and put it right in front of their billing counter.
Cash is, to date, the most trusted mode of currency.
Cards were the next best thing that was invented after cash. It introduced the first-ever mode of transaction that did not involve any money. After the Diners Club charge card, many banks decided to adapt this process as they could see the potential it could unlock for the financial world.
Different banks provide different perks with their cards at the current date, and each makes an offer better than the other. Some offer free airline miles while others offer a certain percentage of purchasing discount.
The most recent invention of mobile payments can be considered nothing less than a breakthrough in transactions history. It is regarded as the most useful inventions in the world of payments.
There is no need for people to carry a card or any cash along with them, which reduces the chances of being stolen. When it comes to mobile payments, people only have to use their online devices, and all they need is a stable internet connection to successfully carry out a transaction.
There are several approaches that a person turn to when it comes to mobile payments:
On the other hand, banks release their applications offering their very own way to digital banking.
ACH or Automated Clearing House deals with the electronic check clearing system. It is a leading mode of B2B transaction where the client issues an eCheck, and the buyer can withdraw money directly from their bank account.
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