What is an electronic payment system?

[Barezzi]

Hello everyone, what is an electronic payment system and how does it work?

[Merten]

Hello everyone, at the moment there are many payment systems in the world, and, judging by experience, each of them has its own advantages and disadvantages. Therefore, when choosing a payment system, you should proceed from the specific tasks of your business: what are your sales volumes, what is the geography of your customers, payment currency, and so on. It should not be forgotten that payment systems earn on the commission they receive from each payment, so the size of this commission is an important criterion. Payment processing is closely related to the exception handling component, which handles all errors that occur in the process. If no errors occur during credit card processing, the final processing of the payment is initiated by clearing processing. The type of processing credit cards depends on the information specified in the routing through the established payment agreement and payment characteristics.