Methods Of Payment Essay

1035 words - 5 pages

Assignment 1
You have been given a task to give a summary of the alternative ways in which payments can be done in Zimbabwe and globally. Your organization which is into Financial Services Advisory has a clientele that is very ICT savvy yet at the same time economic conscious. Thus your clientele requires a quick and easy to reference guide with regards the alternative payment services.

The internet is transforming the banking and financial industry in terms of the nature of core products /services and the way these are packaged, proposed, delivered and consumed (Sathye, 1999). Banks and other businesses alike are turning to ...view middle of the document...

They can be used for online as well as offline payments like credit and debit cards are used. There is no need to have a bank account for one to possess/use the card. There are two types which are (i) The Closed loop (single purpose) issued by a service/goods provider and can only be used to buy from specified shops and sites, and (ii) Open loop/multipurpose cards that can be used from various platforms. There is also a chance that the Ecocash Ta card can be used as a stored value card to cater for the rural people who have the Econet lines but not bank accounts. Also suitable for those with low income.
E-CHECKING: An eCheck (or electronic check) is an electronic version of a paper check used to make payments online, (Weebly, 2016). These are mainly meant for companies or people who want to pay on credit. The paying person initiates the e-check using a laptop, computer or smartphone and uses a digital signature then sends to the bank on mail, (Sharma, 2005). The payee receives it, verifies signatures, endorses it, writes a deposit slip, and signs it, (Sharma, 2005). The endorsed check is then sent over internet to the payee's bank for deposit, (Sharma, 2005). Bank personnel verify signatures, credit the deposit, and then clear and settle the endorsed e-check by sending it on to the payer's bank, where signatures are once again verified and the amount of the e-check is debited from the payer's account, (Sharma, 2005). The method improves cash flows, reduces deposits preparation time and eliminates bank processing fees, (Sharma, 2005). E-check conversion then becomes a necessity so that the system does not remain in the banking system only so that any merchant can convert instantly when they receive the checks, (Sharma, 2005).
PAYMENT CARDS ONLINE: These are electronic cards that information which can be utilised for transactions. These payment cards are sub-divided into three types/categories.
i. Credit cards - provides the user with credit to make payments up to a limit fixed by the issuer.
ii. Charge cards - on these cards the...

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