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BILL PAYMENT TECHNIQUES IN MERCHANT
ACCOUNT
Money is the key factor in any business.
People do business to earn money. It is
a give and take policy. In the early
days, when money was not in use, the
give and take policy or the transaction
between two people was known as barter
system. This was a system of exchanging
goods for goods. For example: A cow was
exchanged for three goats. Later money
came into use for making payments while
purchasing. Now, in the modern era, the
internet has created a payment system
through online merchandise.
Internet has been like a backbone to the
modern business as well as for our
lives. Internet has left a great impact
in changing one’s lifestyle. Today, the
world is fully dependent on technology
which has played an important role in
influencing human life. Online business
means business dependent on internet.
Mass dealings and transactions take
place through the internet. Buying and
selling as well as payments are done
through the internet in recent days.
Merchants are not only available on the
internet but the market place is also
filled with merchants doing various
kinds of business. A customer can go for
shopping at shopping malls, jewellery
shops, groceries, etc. and make payments
through cash or through credit cards.
Before the credit cards were invented,
payments were done only through cash.
But the use of credit card has made it
very convenient for the merchants and
the customers. The modern business has
been techno based and is increasing at a
rapid speed. Today, business activities
without the internet are almost
impossible. Competition also plays a
vital role in upcoming of these
technologies in the business field.
Every businessman wants to reach to the
top in whichever way possible.
There are various ways to make payments
through credit cards to the merchant
account holders. Sometimes, a customer
needs to process the credit card through
the credit card terminals and sometimes
not. When a customer pays through the
credit card terminals, then the card is
swiped through the machine. The terminal
reads the card automatically and only
the amount is to be entered to complete
the transaction. The terminal rejects
the credit card if it is not valid or
so. Another technique of making payment
is through services like PayPal. PayPal
is a payment gateway where credit card
information and the customer’s account
information is not necessary. A user-id
and password is enough to make and
receive payments. This service is also
based on the internet. A computer,
internet connection and just a click of
the mouse is required to do the
dealings. Every transaction is dealt
online where the merchant and the
customer stands anonymous. This has also
made the business operations more
interesting and convenient.
Another technique that is used to make
payments is through mobile bill payment
systems. Not a single loose end is left
by technology in their work. It is a
very easy method of making payments.
Just as how the cell phone technology
was spread in a big way in a very short
period of time, the mobile bill payment
systems are also moving far and wide in
the business field. |
