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Electronic Payment Systems Essay




Electronic payment systems as a part of the e-business have already become an essential part of the people who are working with the help of Internet. Now, connected with e-banking they are making our lives more easier and providing additional services such as e-shops and e-bay buying, giving an opportunity to buy different goods under the lower price.

“Ease of automated processing, immediacy of result, openness and accessibility of payment processes, loss of collateral information, globalization and emergence of new business models. These high level principles are aspects of payments impacted by the new ecommerce technologies. They will have an increasing impact upon security of payments” (Burns, 2002)

Electronic billing and payment processing (EBPP) can reduce a company’s annual billing costs by up to 60% over the traditional paper-based billing methods. So we see that companies recognize the opportunity and are trying innovate tactics to overcome external and internal barriers to conversion. The statistics shows us that in the United States Americans made more than 60% of payments online and that is the factor. The majority of companies are now inventing e-commerce in their business if they want to be profitable and what is the most valuable in this process are quite important savings. The following information was developed by the investigators of Mercer Management Consulting: Estimated base savings:

  • $0.66 per bill ($7.92 annually based on
    12 months of billing)
  • Every 100,000 converted customers
    = $792,000 in annual savings
  • Additional savings:
  • Increase based on extent of on-line services, e.g.:
    – Statements and payments
    – Customer service
    – Dispute resolution
    – Exception processing
  • Potential reduction in working capital, bad debt, and other billing support costs

I think that the future is for the electronic payment systems as they become more popular, more useful and spread all over the world.



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