Electronic payments
Electronic payments are a broad category of payment methods that use an electronic or digital medium to transfer funds. Examples include credit, debit and prepaid cards, bank transfers, mobile payment apps and digital wallets.
Frequently Asked Questions
These terms are often used interchangeably. However, the term “electronic payments” has a broader historical context, including payment methods like wire transfers and electronic checks.
They reduce the need for physical checks and cash, improve efficiency, and provide an electronic record for business accounting and regulatory compliance purposes. Electronic payment methods also help to reduce the risk of fraud and theft. Today, most consumers use electronic payments frequently due to their security, speed and convenience.
Electronic payments offer many advantages over traditional payment types. However, concerns such as technology failures, fraud and data theft call for a proactive approach to ensure businesses can make and receive payments smoothly, securely and reliably. Partnering with a provider of trusted payment solutions can help minimize common issues.
