Online / Electronic Payment  
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How Electronic Payment Works

When it comes to payment options, nothing is more convenient than electronic payment. You don't have to write a check, swipe a credit card or handle any paper money; all you have to do is enter some information into your Web browser and click your mouse. More and more people are turning to electronic payment -- or e-payment -- as an alternative to sending checks through the mail.

Methods and Types of Electronic Payment

An electronic payment is any kind of non-cash payment that doesn't involve a paper check. Methods of electronic payments include credit cards and debit cards.

Benefits of Electronic Payment

Electronic payment is very convenient for the consumer. In most cases, you only need to enter your account information -- such as your credit card number and billing address -- once.

Concerns about Electronic Payment

The main drawbacks to electronic payments are concerns over privacy and the possibility of identity theft. Fortunately, there are many safeguards available to protect your sensitive personal information from falling into the wrong hands.

You can defend yourself against indentity theft by using virus protection software and a firewall on your computer. You should also make sure that you send your credit card information over a secure server. Your Internet browser will notify you when a server is secure by showing a lock or key icon. In addition, the URL on a secure site is usually designated by the prefix "https" instead of "http".

Privacy concerns aside, some people simply dislike making electronic payments. They find the setup too time-consuming and don't want more logons and passwords to remember. Others simply prefer the familiarity of writing checks and dropping envelopes in the mail. Regardless of these concerns, electronic payment will likely continue to rise in popularity.