Advantages and disadvantages of payment systems

 

Before the advent of electronic money, there were two ways to pay for goods or services: in cash or by bank check. In any case, this required personal contact between the seller and the buyer, and the introduction of a business on the Internet led to the emergence of Payment Gateway Systems with their advantages and disadvantages.

In most cases, their use is justified: they greatly simplify the acceptance of payments on the Internet. However, some difficulties are associated with them.

Advantages of payment systems are quite numerous.

Availability. Any Internet user who has an electronic account or a bank card can make a payment in minutes, following the detailed instructions.

Speed. A payment takes several seconds, in some cases up to a minute. Going to the store, sending the amount by mail or by bank check would take much more time.

Safety. Many tend to keep all their money in cash because it is so difficult to steal. Modern SSL protection protocols protect all electronic payments. When making a payment through a reliable payment system for example, through the Net Pay payment aggregator you cannot worry about the safety of your funds.

Benefit. Bank and postal payments are subject to a commission, which can be quite large. Payment systems charge a commission only for transfers, and its amount is rarely more than 1%.

Control. The payment history is stored on the servers of the payment system and can be provided upon request.

Disadvantages of Payment Systems

In addition to the apparent advantages, payment systems have disadvantages.

Attachment to the Internet. Making a payment is impossible without access to the Internet, but today almost everyone has it, and this is no longer a problem.

Access to personal information. For each payment, you must enter your data, which can get to various government services.

Payment systems have established themselves as a reliable means of making payments. To agree on cooperation with the Net Pay aggregator, visit Best payment Gateway in Pakistan or call our manager.