Tell about modern time electronic payment systems ?

The payment process also easily integrates into your business’ current accounting system. Every payment is automatically recorded to the general ledger without paper or exports.

It may seem like electronic payments are instantly transferred from one bank account to another without any waiting,

but different types of electronic payments have varying processing times.

we are sent immediately to the authorized bank account—no wait time.

Think about P2P (Peer-to-Peer) e-Payment methods like Venmo, when the payment is transferred to the bank account immediately.

can be initiated anytime. They often can take a few business days or hours, depending on when the payment was initiated

A good example is standard ACH debit or credit transactions.

In today’s world, both consumers and companies prefer faster payment processing.

sometimes ranging from a few hours to a few business days

identifies a few factors to consider before your business decides to implement either payment method:

Consumers carry credit cards and mobile devices with confidence.

If fraud or identity theft takes place, consumers trust banks to have ,kjjhhgy extensive security measures and best practices, including the issuance of new cards at the first sign of fraud or verification of card transactions to unlock a card with suspicious payments.