| Summary Electronic payment methods may be costly and challenging but they will give you the competitive edge. Different payment systems include traditional card payments, mail order, online payments, payment bureaus, secure order forms, BACs alternative payment options and no payment option. |
Receiving Electronic payments incurs extra costs. When you pay for a good or service in a shop using a credit or debit card the retailer must pay a commission to the financial institution processing the card details; additionally there will be operating costs for the system used to process the cards.
These systems are often costly, challenging to implement and sometimes technically difficult to understand. These hurdles represent a ‘barrier to entry’ , which, if overcome, can give you the competitive edge.
Electronic business is real and continues to grow as a medium with over 44% of UK adults having used the Internet to order tickets, goods or services (Office of National Statistics, 2002). This website and its diagnostic tool give you impartial and informed information to make the right choices for your business and help push your revenues and the UK economy forward in the digital age.
There are several approaches to taking Electronic payments. All of these types of payment systems can be compared by trying the Electronic payments comparison tool. Some of them can co-exist with others and some are mutually exclusive. In this section we will discuss:
- Traditional Card Payments
- Mail-order
- Online Payments
- Acquiring Banks
- Payment bureaus
- Secure order forms
- BACs
- Alternative payment options
- No payment option
Let’s begin.
