Tell about modern time electronic payment systems ?

allow buyers to pay with their debit or credit cards via a mobile device.

Once you add your credit card information to the mobile wallet, your account information is protected with tokenization, providing payment data information generated from the token, not the account information.

Other e-Payment methods, including ACH, transfer funds electronically from one verified bank account to another

There’s no need for paper, and each account has been verified by NACHA for security.

Paper lacks these heightened security measures.

There’s the risk of duplicate, lost, or bounced checks.

Thankfully, for those suppliers that insist on receiving paper checks, there’s an extra layer of security with AP automation.

. With AvidXchange Positive Pay, a fraud detection report is generated for every payment made via paper check. Without AP automation or electronic payment systems, finance departments are at a higher risk of fraud and data breach.

Payment Card Industry Data Security Standard, otherwise known as PCI compliance, ensures e-Payment

protection for both your business and vendors. Compliance offers security with technology and payment processes to reduce risks during transactions or data storage

The PCI Security Standards Council sets goals to protect data, monitor networks, and enforce controls.

For your company to be PCI-compliant when implementing your electronic payment system, there are a few points that both buyers and suppliers must remember when accepting or sending payments.

If your business is sticking to filing cabinets and shared computer folders, you should invest in an electronic payment system ASAP.

All card data you store on a shared network should be encrypted.

Requiring payment protection training teaches your staff members the importance of data security and identity theft risks.