Question

Components of effective e payment system

Answer 1

Let's take a look at the five key components of an ideal and comprehensive e-payments program.
Commercial cards. ...
ACH payments. ...
Bill payments. ...
Wire transfers. ...
The backend stuff

Answer 2

An electronic payment system helps in cash transfer that takes place over the internet. The various components of an effective electronic payment system are as follows:

• Buyers

• Sellers

• A gateway through which payment is done

• The bank of the buyer through which the payment instrument is issued

• The bank of the seller which is also regarded as the acquirer’s bank.