Why One Click Payment Systems Matter A Lot In Today’s Modern Market
The fast-paced digital world of today has yet produced another innovation which made it easier for consumers to get hold of products or items they want. Introduced by Amazon.com during the early stages of the World Wide Web, the technique ushered in a new era where digital shopping is the norm. Although people were a bit hesitant at first to engage in the fledgling technology, the development of better online payment systems soon enveloped the fantasies of consumers worldwide. From then on, a mad scramble of companies wanting to sell their products online ensued, primarily fueled by the realization that a virtually limitless amount of consumers await.
What is an Online Payment System?
In a nutshell, an online payment system is a technology developed by experts to allow consumers to pay for the products they order online. Aside from allowing customers to pay using their credit cards, the system also provide consumers without credit cards an avenue to pay using digital wallets. Examples of these digital wallets include PayPal, Google Wallet, Samsung Pay, Apple Pay, and Payoneer. Consumers fund their digital wallets using direct debit from your bank account, electronic invoice or exchange from another currency wallet. Most online payment systems also accept debit cards issued by your banks.
How Online Payment System Use Your Digital Wallet or Cards?
The information on your credit card, digital wallet, or debit cards are then used by the online payment system to check whether you have sufficient credit or funds required for your purchase. Once this information is verified, the sale is confirmed and all the consumer has to do is to wait for the actual delivery.
Why Is It Called A “One Click” Payment System?
While most people refer to all types of online payment systems as a “one-click” payment technology due to its ability to process payments in one click, it is actually a patented product introduced by Amazon. A check at the United States Patent Office would reveal that US 5960411 was issued by the office to Amazon.com and that the company also owns the 1-click trademark. With the passing of time, however, people began to use the term in a generic manner and soon, all payment systems were known as “one-click” payment methods.
What Happens If One Click Payment Systems Are Not Available?
Imagine your store selling products online without the benefit of an online payment system. What can happen is that you would ask your consumers to wire the required amount to your bank. It could also be possible that you would be asking the customer for a receipt of such wire transfer or bank deposit as confirmation. Customers can scan or take a photo of such receipt and send it to you through email or messenger. Once the wire transfer is done and confirmed, it is only then that the sale is consummated and you begin preparing the product for delivery. As you can see, it is a painstakingly tedious and time-consuming process.
Making It Easy For Everyone
With online one click payment systems, transactions are verified and confirmed in almost a wink of an eye. This is because the system operates on pre-set conditions or rules that allow computers to do the verification and confirmation in a speedy manner. Such a system will always lead to a smooth and hassle-free transaction, one that will make both seller and customer happy every time.