Explain components of an effective e-payments system
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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.
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Answer:
Let's take a look at the five key components of an ideal and comprehensive e-payments program.
1Commercial cards. ...
2ACH payments. ...
3Bill payments. ...
4Wire transfers. ...
5The backend stuff.
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