Eternity Law International News Electronic payment system development

Electronic payment system development 

Published:
March 30, 2021
Share it:

The popularization of the Internet has led to the emergence of many online stores and virtual services. Each of us can order a product online or receive a particular service. Payment for a purchase or service has become a separate issue that requires special attention. Not everyone has time to go to a bank branch to process a payment. In addition, making a payment in a bank is associated with several not very pleasant moments, such as long queues and often a lengthy procedure for making a payment. Electronic money makes this process much easier and minimizes all the difficulties associated with it, providing the ability to pay online.

With the development of e-commerce, various systems for electronic payments began to appear, the set of functions of which is regularly expanded and supplemented. Such systems have long been reliably and deeply integrated into our lives, becoming a coherent part of transactions in the Internet space.

Payment systems that use electronic money are the most convenient ways to carry out transactions of a financial nature, in particular, the following:

  • payment of taxes, utilities and fines;
  • payment for the services of mobile operators and Internet providers;
  • money transfers;
  • purchases of goods in online stores and games;
  • repayment of loans;
  • currency exchange.

Electronic systems conduct transactions at high speed and eliminate the need to recalculate change. This is beneficial for service providers, merchants, and the users themselves.

Why do you need your own electronic payment system?

The main function of any payment system is working transactions with funds. Electronic payment systems are needed in order to carry out financial transactions online. Such systems rely on technical procedures through which users can both send payments to organizations and transfer funds to each other’s accounts.

Your own payment system will be designed in accordance with specific tasks and activities. Such a product will help solve a wide range of tasks, since now almost all transactions in the world take place through the global network. In order to make cashless payments possible, this option is the most straightforward, as it removes most of the bureaucratic turmoil. This method is also multifunctional, that is, it is combined into conditions for processing payments, control over operations and other processes. This does not require the involvement of third parties.

Its electronic payment system will provide your users with the following benefits:

  • the ability to get remote access to funds, which allows you to carry out transactions at any time, which is impossible with bank transfers;
  • the user will be able to easily and quickly pay for goods or services with electronic money, which eliminates the need to spend a lot of time on such operations;
  • fast transactions, which take only a few seconds to complete, which also saves time. Bank payments can sometimes take up to several days to process;
  • availability and ease of use, since each person can register in such a system in just a few minutes, and will immediately be able to carry out transactions.

As an owner of an electronic payment system, you get the following:

  • setting up commissions and tariffs with division of users into individuals and business representatives;
  • organized reception of transactions;
  • the ability to issue plastic cards with payment for service services;
  • complete control over the movement of funds in the system.

Our experts will assist you in creating your individual payment system, in particular, in its development and subsequent implementation in operation. If you want to get a quality product in a reasonable timeframe, please contact us.

Table of contents

You could be interested

Registration of a company in Bulgaria

Bulgaria belongs to the rapidly developing Eastern European states – not only in the cultural, but in the political and economic sense of these words. It is especially interesting in terms of building and expanding personal entrepreneurial activities. To date, special services for registering an organization in the Bulgarian state are considered to be among...

Protection of Victims' Rights in Germany

Becoming a victim of a felony is more than just an unfortunate event—it can turn your world upside down. When we are speaking about Germany, the legislative base recognizes this and proposes a wide scale of support mechanisms. In contrast, knowing your rights is one thing. Asserting them? That’s where it gets tricky. Thankfully, with...

Electronic Money Institution (EMI) License in Cyprus

Cyprus is a small island with a big role in the business and fintech sphere. It has a very beneficial location. The nation is part of the EU and has strong laws and a modern court system. The country is also growing fast in tech and finance.  This article will make you go over the...

What is DAO?

The main characteristic of virtual currencies is their DeFi nature. They are not administrated by a sole organization alike monetary authorities but are split among a range of computers and networks. Often cryptocoins apply this feature to obtain high levels of confidentiality and safety that are not accessible to fiat currency and its circulation. Bottomed...

Banking Supervision in Germany

The recent economic crisis demonstrated the cope of consequences that the unregulated accumulation of risks and vulnerabilities in the banking industry can have for the whole financial system. Hence, the primary purpose of banking supervision in Germany is to guarantee that banking is effective, secure, and doesn’t face any risks. Overview of German banking regulation...

Company registration in Nigeria

The Cοrporate Αffairs Cοmmission (CAC) is a regulatory body set up to administer Nigerian entities. Recently, it has launched a new e-registration platform, due to which company registration in Nigeria can be done remotely. As specified by the law, an entry in a registrar of this regulator is a compulsory term for setting up a Nigerian...

Related posts

Obtaining gaming license in Nevis 2025

In the last 12 months, Nevis has emerged as a powerful draw in gambling. In the Caribbean, the island’s warm climate means that you can both work and live happily there, but from now on you’ll be rich. It features a series of uncorrupted juridical structures, easily-passed licensing channels, and an incredibly competitive tax backdrop....

Opening a business in Turkey

Turkey occupies a liminal position between Europe and Asia, making it a pivotal trade and investment crossroads. A dynamic economy and a huge local market draw entrepreneurs from around the world to the country. Understanding the local legal and financial landscape is the first step for those looking for opening a business in turkey. This...

GmbH vs UG: Credibility Premium vs Capital Efficiency for Early-Stage Teams

This is where the rubber meets the road for founders in Germany who are ready to incorporate their first company. They must choose between two very popular modes. GmbH or UG are both limited liability companies under German law that offer both forms of personal protection for shareholders and work within somewhat similar statutory frameworks....

Liquidation of companies in Cyprus

Key components in sustaining the attractiveness of the island in question as a nation for businesses include the tax system, EU membership, and corporate legislation. Termination is the last resort for a firm sometimes. It is crucial that in such a process, members of the board, investors, and advisers have exposure. The paper gives simple...

From Share Purchase Agreements to Smart Contracts: Redefining Legal Frameworks

The world of corporate deals has always had its drama. Negotiations, long documents, endless edits, lawyers from both sides who spend weeks agreeing on every comma in the Share Purchase Agreement. But imagine a completely different picture: instead of a ton of tribulations on the way to perfection, there are a few lines of code...

Argentina Corporate Tax Explained

To investors and entrepreneurs eyeing Argentina, navigating the country’s corporate taxation sphere isn’t just a bureaucratic hassle; it’s a key step to building a viable and compliant business there. The fiscal regulations are not perfectly committed, but this region is rich in detailed tax laws that are quite well crafted towards control and digital verification....

Discover our services

The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.

Fill the blank: