Electronic Payments
Electronic payments (e-payments) refer to digital transactions that enable businesses and individuals to send and receive money electronically without using physical cash or paper checks. These transactions can be processed through various methods, including credit and debit cards, bank transfers, digital wallets (such as PayPal and Apple Pay), and ACH payments. Electronic payments streamline financial operations by reducing processing times, eliminating paperwork, and providing instant transaction tracking. Businesses benefit from improved cash flow management, enhanced security, and easier reconciliation with financial records. Additionally, e-payments support automation, allowing businesses to schedule recurring transactions, pay vendors, and process payroll efficiently. Many platforms also offer encryption and fraud protection to ensure secure transactions.
