Ebusiness purchasing system using payment gateway
Abstract : As online transactions continue to increase and become a significant part of the global economy, the ability to accept payments online becomes more important for businesses. This paper evaluates the literature and provides current information for IS researchers and instructors focusing on electronic commerce. In this paper, we explore the components of e-credit providers (conventional, person-to-person, and third-party) and explain how each system processes a single transaction. We then analyze several market leaders in each segment and summarize the strengths and weaknesses of each company. We provide guidelines for selecting an e-credit provider and highlight the options that apply best to online businesses. Finally, we outline potential areas of future research and provide a simple tutorial on creating a business account with PayPal website Payments Standard as an example of an online payment provider.
? The growth and importance of online payment in the current global economy, little academic literature exists in this area that integrates the disparate research streams about online payment systems and describes their implementation.
? Because of existing electronic infrastructure surrounding e-credit, these types of processes have been the easiest for businesses to adapt for viable commercial use online.
? Most widely used and trusted electronic payment system both online and offline. Leverages existing credit accounts.
? Hundreds of methods exist for a business to create a dynamic website and collect customer information, but far fewer allow for the easy collection of funds.
? In particular the problem of maintaining security while providing anonymity in e-cash solutions could be addressed so that e-cash solutions can approach the liquidity of traditional cash payments.
? For certain products, such as music or art, micropayments are seen as a way for content creators to obtain revenue and avoid the free riding problem.
? These components interact with the customer, merchant, merchant bank, and credit card issuer during a typical transaction.
? Two emerging issues related to online payments: electronic bill payment and the legal issues associated with new forms of payment.
• The growth in spending on the Internet, together with the underlying need for secure transactions, increases the importance of online payment systems.
• Online payment systems can be broadly defined as the means and processes involved in conducting transactions online.
• However, this description can be expanded to include the online monetary connections between sellers, buyers, financial institutions, and intermediaries.
• Online payment systems have been around for several years, yet are now becoming ubiquitous with the increased common use of the Internet.
? Some of the benefits provided by online payment systems include improved cash flow efficiency, guaranteed transactions, reduced costs, increased protection of sensitive information, and increased protection of the payment provider.
? Finding an efficient and cost-effective way to collect money is of great importance for any company.
? Using a provider also greatly reduces the need for technically proficient developers and administrators assuring the reliability, timeliness, and efficiency of the payment system.
? This approach would be suitable for businesses with little technical expertise, those who want an online payment solution quickly, or those companies that find outsourcing more efficient and cost effective.
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