newsletter

e-payment

882

E-payment or Electronic Data Interchange (EDI) is the  acceptance of electronic  payment.

E-payments were first available via bank transfers, but over the years credit cards have overtaken and become the most used payment format for e-commerce transactions. Increased security measures include use of the card verification number (CVN) which detects fraud by comparing the verification number printed on the signature strip on the back of the card with the information on file with the cardholder’s issuing bank. Also online merchants have to comply with stringent rules stipulated by the credit and debit card issuers this means that merchants must have security protocol and procedures in place to ensure transactions are more secure. This can also include having a certificate from an authorized certification authority (CA) who provides PKI (Public-Key infrastructure) for securing credit and debit card transactions.