Online Payments Assurance and Security Term Paper

Online Payments Assurance and Security - Term Paper congresswomanThe demand for quick, suitable and safe payment substitutes is increasing rapidly. Along with this, there is an alteration in the personal manner commerce takes place in the recent times. One of the easiest ways to identify the signifi cigarettece of electronic payments is to recollect a world without them. In other words, if electronic payments come to a sudden pause because in such circumstances most of the introducets of commerce such as trade, travel and internet powerfulness confront terrible consequences. Although cash and cheque still plays a vital role in devising payments, there are many problems associated with these payment options such as lack of speed and convenience. These also face issues related to safety demanded by the consumers, governments as well as businesses in todays fast and ever-dwindling world. It can be mentioned that the extensive utilization of the electronic payments along with th e sophisticated network that interconnects many consumers, monetary institution and merchants in the world are at the center of commerce (OECD, 2012). The significance of the electronic payments is spare not only in industrialized countries but in developing countries as well. One of such costs is related with interchange where a comparatively small fee is offered to the identity card issuers by card acquirers. It is worthy of stating that interchange comprises part of most of the expenses that issues are supposed to bear for the purpose of creating the advantage that merchants bonk while accepting the payment cards. It has often been observed that the advantages of payment schema and the significance of interchange go unnoticed. Most of the people are aware of the fact that electronic payments which are vast and complex take into account the transaction to take place within no time. It is these systems that permit the cardholders to make use of their card at any part of the c ountry and with the same ease and convenience that they experience at their area. The online payment system permits people to travel with greater peace of mind because they are aware of the fact that they do not need to carry huge amount of money. The very same systems rationalize the checkout process for consumers as well as merchants (Master Card, 2012). Payment systems are considered to be a significant part of the electronic commerce. rase though in electronic markets, common media of interchange is generally utilized, it is observed that there is escalation of the spatial keep between the buyers as well as the sellers which in turn increases their worries after having successfully completed their dealings. in that respect are numerous payment methods available in online auction markets. They are personal check, credit card, debit entry card and prepaid card among others. There are different risks, costs as well as convenience associated with each form of online payment meth od (Peffers & Ma, n.d.). The main objective of the study is to identify how the companies can enhance their security measures so that