What Are The Disadvantages Of Electronic Payment System?

What are the types of e payment system?

Types of Electronic Payment SystemsAutomated clearing house.Wire transfers.Item processing.Remote deposit capture.FedLine Access Solutions.Automated Teller Machines.Card Services (ATM, credit, debit, prepaid)Mobile payments..

What are the features of electronic payment system?

The basic characteristics of e-payment system are applicability, ease of use, security, reliability, trust, scalability, convertibility, interoperability, efficiency, anonymity, traceability, and authorisation type.

What are the advantages and disadvantages of electronic payment system?

Advantages & Disadvantages of E-PaymentAdvantage: Increased Speed and Convenience. E-payment is very convenient compared to traditional payment methods such as cash or check. … Advantage: Increased Sales. … Advantage: Reduced Transaction Costs. … Disadvantage: Security Concerns. … Disadvantage: Disputed Transactions. … Disadvantage: Increased Business Costs.

What are the risks in electronic payment system?

Risk of E-paymentStolen Payment credentials and passwords.Dishonest merchants for financial service providers.Disputes over quality of services and products. Fraud. Electronic payment systems are prone to fraud. The payment is done usually after keying in a password and sometimes answering security questions.

What are the disadvantages of electronic funds transfer?

A disadvantage of electronic funds transfer (EFT) is that the process cannot be reversed if a sender should enter an incorrect account number. The APSense website states that other disadvantages associated with EFT include the potential for hacking of personal banking details and periodic technical difficulties.

What are the benefits of electronic payment system?

What are the Benefits of Electronic Payment for the Merchant?It saves time. … It’s more efficient. … It takes cash out of the equation. … It’s more secure. … It generates more revenue. … It’s easier to administer. … There’s a certainty of payment.