With the rise of online shopping, it has become essential to embrace e payment mechanisms and systems. These not only simplify transactions for both you and your customers but also allow for the expansion of your company’s operations and reach. They provide convenience when it comes to collecting payments or settling overdue bills. At EdfaPay, we offer comprehensive information on electronic payment methods, their functionality, and the most advanced systems available. Say goodbye to the need for carrying physical cash and the associated risks of theft and fraud. Our cutting-edge electronic gateway provides you with a wide range of secure and advanced payment options.

Unlocking the Power of Electronic Payment: Everything You Need to Know

In EdfaPay, we provide you with comprehensive knowledge about electronic payment, its definition, and why it has become crucial for the growth of your business and achieving increased sales. This mechanism empowers customers and e-commerce owners to execute all financial transactions seamlessly using credit cards, mobile applications, and the internet. It enables swift and secure money collection, offering numerous benefits, including cost reduction and sales growth.

Embarking on the e-commerce journey necessitates urgently adopting the latest electronic payment systems. This ensures you receive your funds and settle overdue bills quickly, all from the convenience of your location. Say goodbye to cash payment-related challenges.EdfaPay, our platform, offers you a wide range of electronic payment services and bill settlement methods.

What does electronic payment refer to?

We strive to provide you with all the information you need to know about electronic payment and the concept behind this modern commercial definition. Electronic payment, also known as online payment, refers to a comprehensive financial process that operates using advanced technologies and software to facilitate payment transactions over the internet. It involves electronically transferring funds in exchange for purchasing goods or services.

This process operates under standards and regulations that ensure the privacy and confidentiality of user information regarding online buying and selling transactions. Secure payment systems and encrypted information are utilized to maintain confidentiality and protect against fraud.

How does electronic payment work?

To keep you well-informed about electronic payment, including related information and services, it is essential to understand how online payment transactions take place. This system allows customers to make payments electronically for goods or services in a way that suits them. It also facilitates fund collection and bill settlement through various methods, including debit cards, credit cards, networks, deposits, and popular alternative methods such as e-wallets and bank transfers. These transactions are completed by entering banking information or direct debit card details online during the purchase process.

Types of electronic payment systems

We provide you with all the information you need to know about electronic payment, including various payment methods and systems. They are vital and necessary for attracting more customers, facilitating their purchasing process, and reducing the likelihood of them backing out from making a purchase. Some of the available payment systems include:

• Bank Cards: Many global or local banks offer credit cards with different names. In our Arab countries, there are local bank cards that are limited to domestic use, while companies and banks have cards that are valid worldwide, such as Visa Card and Mastercard.

• Digital Financial Companies: These companies provide digital payment services over the internet for stores and companies through electronic payment gateways. They do not require the provision of specific payment service providers such as PayPal or PayFort.

• E-Wallets: One of the most important forms of digital payment, these companies offer digital wallets linked to your or the customer’s financial balance. Some well-known companies that provide this service include Venmo, Square, Apple Pay, Google Pay, and Vodafone Egypt, which also offers this service in Egypt.

Benefits of Electronic Payments

Dealing with electronic payment systems brings numerous benefits and advantages that cannot be achieved through traditional trading methods. Once you integrate your store with the major online payment methods available worldwide, you will enjoy the following features:

1. Elimination of the need to carry cash and travel from one place to another. Your customers won’t have to visit your store to make delayed payments, as all financial transactions can be done quickly and efficiently.
2. Facilitation of buying and selling processes, making them safer than ever before.
3. Ease of handling any financial issue through a smartphone, without the need to move from one place to another.
4. Assistance in increasing your sales and profits.
5. Assurance of all your rights during the sales and purchase process.
6. Reduction of various financial transaction costs, as electronic payments are free from any fees. You won’t need to pay costs associated with check delivery and cash payments, which are prone to human errors.
7. Easy tracking of sales and purchase activities in your store, enabling you to address any errors or customer returns.
8. Provision of enhanced security and privacy. You can enter your payment or settlement details without fear of theft, and customers can provide their financial information without concerns.
9. Convenience for your customers in the purchasing and payment processes, increasing their likelihood of revisiting your store and boosting your sales. They won’t need to leave their homes to make a purchase.

Why choose EdfaPay as an electronic payment gateway?

At EdfaPay, we offer a range of integrated and exceptional services delivered by our specialized team. We strive to provide you with the best experiences when it comes to electronic payment mechanisms, allowing your business to thrive. Some of the key services we offer include:

1. 24/7 technical support through your account manager.
2. Utilization of artificial intelligence technology to prevent fraud attempts and scams.
3. Provision of real-time, weekly, daily, and monthly reports.
4. Detection of fraudulent activities before they occur, with data encryption between all parties to prevent such issues.
5. A unified dashboard for every store owner, displaying all transactions in real-time.
6. Easy creation of electronic invoices with automatic payment links,customization options, and tracking of invoice status and secure payment links.
   Partnerships with major Saudi banks such as Alinma Bank, Riyad Bank, and Al Bilad Bank.
7. Ability to receive various types of payments and settle outstanding amounts from anywhere, at any time, with complete freedom.

Requirements for electronic payment platforms:

When dealing with electronic payment platforms, there are certain conditions and standards that should be met, including:

1. Providing secure money transfers through the payment platform with smoothness and complete privacy, which we offer at iPay through financial information encryption.
2. Easy integration between stores and the payment platform.
3. Ability to accept payments in different currencies, not just the local currency.
4. No hidden additional fees imposed on customers, and our platform ensures that no undisclosed fees are imposed.

Mechanisms of electronic payments:

Regardless of the type of service or product you offer, electronic payment mechanisms go through four different steps or stations to reach the desired goal. These steps include:

1. The customer purchases a product from the store and enters their payment information on the payment form.
2. The customer’s data is sent from the store to the payment gateway in encrypted form to maintain privacy. At this stage, all SSL certificate conditions must be met to enhance the performance, level, and security of the website.
3. The payment gateway processes the sent data and sends it to the bank. The bank also processes the purchase data and confirms or declines it based on the customer’s funds availability or insufficient balance.
4. The payment gateway transfers the amount to your electronic wallet as a temporary measure, safeguarding your funds. You can then transfer these funds from the wallet to your bank account by linking it to your credit card.

EdfaPay provides you with all the information you need about electronic payments and their mechanisms, allowing you to replace traditional payment methods that involve transferring large sums of money from one place to another. Instead, you can seamlessly conduct all your payment operations electronically through your smartphone.