What is meant by Electronic payments?
Electronic payments refer to the processing of financial transactions through electronic channels such as the internet, mobile phones, or electronic payment networks. This involves transferring monetary amounts from one account to another without using physical currency.
Typical functions of software in the field of electronic payments:
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Payment Processing:
- Processing transactions in real-time or batch processing.
- Transfer of monetary amounts between different accounts or payment methods.
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Security and Encryption:
- Implementation of security measures such as encryption technologies and authentication methods to ensure the confidentiality and integrity of payment data.
- Protection against fraud and unauthorized access.
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Payment Gateway Integration:
- Integration with payment gateways and payment processors to accept various payment methods such as credit cards, debit cards, e-wallets, and bank transfers.
- Support for multiple currencies and payment protocols.
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Subscription and Recurring Payments:
- Support for recurring payments, subscriptions, and payment plans.
- Automated billing and management of recurring payments.
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Reporting and Accounting:
- Generation of reports on transaction history, payment inflows and outflows.
- Integration with accounting software for tracking payments and reconciliations.
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Customer Management and Support:
- Capture and management of customer data related to payments.
- Provision of support for payment inquiries and issues.