These are payments made to suppliers and also include payment for labour and to the Government. Payment for labour is usually paid directly into employee bank accounts with little difficulty or risk involved. However, payments to suppliers involves invoices, shipments and is more difficult to control and monitor - traditionally and online.
Using EDI together with EFT significantly reduces the expense of checking invoices and paying suppliers. Payments can now be made using online banking services such as e-cheques, and remittance information can be e-mailed at the same time.
Having looked at the different payment systems, let's now look at the different types of payment online:
Payments currently available fall into four distinct categories:
- Credit and Debit Cards
- Digital Cash
- Smart Cards.
Next: Credit/Debit Cards