E-Commerce payment systems at a glance for ensuring better sales and customer footfall- Part 2
In this jet age and ever- evolving technological world, things are changing at a much faster pace. Economy is also changing continuously and medium of doing business is also transforming rapidly. From the earlier known “barter system to paper money�, the transition is taking place in the form of online payment system. Cash system is now looking outdated and the people are enthusiastically embracing various eCommerce payment systems for carrying out the transaction seamlessly. Let us discuss the various mobile based online payment systems that can ensure the easy monetary transaction. Square- This startup is working towards eliminating the barriers that are associated with accepting credit card transactions through mobile phones. Square functions by using a small, square shaped card reader along with a free app for iPhone and Android users. You just have to plug the reader into the microphone jack of your smartphone and then open the app. With this arrangement, you can effortlessly process the credit card transaction by simply swiping the card or by entering the required PIN digits. This is a remarkable achievement in the mobile payment industry as there are no multiple payment charges and it only constitutes a small transaction fee of 2.75% for processing credit card transactions. Apart from this, the other advantages of this payment option are availability of free card reader, elimination of mothly fees, low transaction charges and compatibility with both Android and iOS devices. Intuit GoPayment- Mophie and Intuit have introduced an amazing all- in- one mobile payment package that lets user accept credit card payments on their iPhone 3G or 3GS. This package comprises of Mophie's iPhone case along with a credit card reader located at the bottom. Apart from this, it has a Intuit's GoPayment app in the software side plus the Intuit's QuickBooks software that helps in tracking invoices and payments. It works in the following manner: Firstly, customer swipe the card through the card reader attached with your iPhone and then make their signature on the iPhone touch screen. Lastly, the customer receives an email or text receipt regarding their credit card transaction. Once the card is processed, the required amount is deposited into the related bank account.