Types of transactions

What is it? An electronic payment is any kind of non-cash payment that doesn't involve a paper check. Methods include credit cars, debit cards and the Automated Clearing House (ACH), which combines these two and electronic checks.

You make a recurring customer-to-vendor payment when you pay a bill through a regularly scheduled direct debit from your checking account or an automatic charge to your credit card. This type of payment plan is commonly offered by car insurance companies, phone companies and loan management companies. Some long- term contracts (like those at gyms or fitness centers) require this type of automated payment schedule. To use automatic bank-to-vendor payment, your bank must offer a service called online bill pay. You log on to your bank's Web site, enter the vendor's information and authorize your bank to electronically transfer money from your account to pay your bill. In most cases, you can choose whether to do this manually for each billing cycle or have your bills automatically paid on the same day each month.

Types of transactions Commonly used when shopping online at an e-commerce site. Using a credit card… 1) The customer clicks on the shopping cart icon 2) They type in their credit card information 3) They click on the checkout button 4) The site processes the information and sends the customer an notifying that the payment has been made Using an e-check… 1) The customer types in their bank account number and the bank’s routing number 2) One-time customer- to-vendor payment

Commonly used when shopping online at an e-commerce site.

Using a credit card… 1) The customers click on the shopping cart icon. 2) They type in their credit card information. 3) They click on the checkout button. 4) The site processes the information and sends the customers an notifying that the payment has been made. Using an e-check… 1)The costumers type in their account number and bank’s routing number. 2)The vendor authorizes payment through the bank. 3)Electronic Funds Transfer (EFT) or a check is sent to the vendor.

Using a credit card… 1) The customers click on the shopping cart icon. 2) They type in their credit card information. 3) They click on the checkout button. 4) The site processes the information and sends the customers an notifying that the payment has been made. Using an e-check… 1) The customers type in their account number and bank’s routing number. 2) The vendor authorizes payment through the bank. 3) Electronic Funds Transfer (EFT) or a check is sent to the vendor.

Recurring costumer- to-vendor payment