Advantages of E-Payments:

 

·      E-payments lowers the cost for
businesses.

·      Transacting is as simple as
clicking your mouse & confirm your payment.

·      Reduces the use of paper.

·      There’s an instant transfer of
money, enables faster work completion.

·      Business transactions can be done
24*7*365.

·      It has worldwide acceptance.

 

Disadvantages of E-Payments:

 

·      Transaction fee per transaction
and monthly fees are more.

·      They are prone to hacking and
other another online threat.

·      Not all websites support a particular
payment method.

 

E-payment system:

 

·      EFT is defined as “any transfer
of funds initiated through an electronic terminal, telephonic instrument, or
computer so as to order, instruct, or authorize a financial institution to
debit or credit the account”.

·      EFT utilizes computer and
telecommunication components both to supply and to transfer money.

 

 

Classification of EFT: