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

New capital requirements for Cyprus Investment Firms (IFR & IFD)

On Tuesday 11 May 2021, the Cyprus National Competent Authority (NCA) CySEC, after conducting a series of advisory events and under the direction of the European Banking Authority (EBA), published Law 98 (I)/2021 regarding the capital adequacy of investment firms and new capital requirements for Cyprus Investment Firms. This law transposes the provisions of Directive...

Extradition Defense in Austria

Frankly speaking,no one ever expects to face extradition. One minute you’re minding your own business, planning the weekend maybe, and the next — boom — you’re facing an multinational lawful nightmare you didn’t even see coming. It’s the kind of thing that happens to other people… until it happens to you. If you’re caught in...

Kazakhstan Authorised Crypto Companies

Kazakhstan has emerged as a prominent nexus for digital asset ventures, offering a meticulously curated and state-sanctioned regulatory framework. This Central Asian nation has intricately designed a legal ecosystem that reinforces authorised crypto companies in Kazakhstan, ensuring operational clarity, financial integrity, and unwavering credibility. The Astana International Financial Centre (AIFC), serving as a self-regulated citadel,...

Interpol & International Criminal Defense Attorney Switzerland

Switzerland, known for its political neutrality and high regard for equity, has become a pivotal location for people and entities charged with global offenses. Due to its unique position within the transinternational legislative base, Switzerland is often the focal point for intricate global lawful matters, especially those involving Interpol. In such situations, it is notable...

Where to invest money

Today, it seems to be completely irrelevant to invest in bank deposits or to buy precious metals (for example, gold). Investing in securities is also a high-risk event. These are tremendous risks of losing finances, while this kind of investment will provide a profit of only five to fifteen percent during the year. Want to find investment...

The advantages of bank formation in Puerto Rico

Puerto Rico has established itself as one of the leading financial and banking centers within the Caribbean. According to the official documentation, Puerto Rico belongs to the United States, but there are some degrees of independence that give the island some advantages over the mainland. Over the past few years, the substantial funds from the...

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: