Should We Be Concerned When Using Electronic Payment Systems?

The world now operates largely through the World Wide Web. New internet based companies are springing up all the time to offer consumers products for less and without the hassle of having to pop down to the shops to pick the item up.

All of these websites need to have some form of electronic payment system to allow the customers to securely pay their money to the company in question and possibly the biggest single issue with shopping on the internet is the threat of your bank details being hacked by some online virus or tracker.

Obviously there will always be people that will attempt to hack peoples bank details, just like there will always be people who attempt to rob banks or perform muggings. But thankfully there are a number of individuals that have the task of constantly coming up with new ways to make the electronic payment systems more secure.

There have been several variations of the online electronic payment system, but the standard version that most people use today is PayPal. This service works as a go between for the client and the company selling products. The money is transferred securely to PayPal who then hold the money before passing it on to the company. Because of this there is no exchanging of bank details between the two individuals. All the bank details are stored on PayPal’s secure servers.

Other variations of the electronic payment system involve using a series of security number and passwords. For instance VISA’s latest version of their online electronic payment system includes using the three digit security code from the back of the card and also uses a specified password that the owner sets to verify that the card hasn’t been stolen.

Obviously you will never really eliminate all card crime, because as quickly as these companies can manufacturer new methods of keeping us all safe, someone is coming up with a way to crack the code and give the advantage back to the thieves.

If you really want to make sure that you stay safe when ordering your products online, then there are a number of rules that you should follow. Firstly, online shop on sites that you know are genuine and you trust, secondly ensure that you machine is updated with the latest security patches from your software manufacturer, and thirdly ensure when purchasing that the web address starts with https. As long as you follow these steps you should have a happy and safe online purchasing experience.

Ecuador’s Exclusive Electronic Payment System: To De-Dollarization?

After 15 years of taking a move in improving its monetary system, Ecuador is again changing its payment transactions, now with the help of digital currencies.

The South American country’s new monetary system, which fully kicked-off last February, was the first-ever state-run electronic payment system. Last December, Ecuador’s Sistema de Dinero Electrico allowed qualifying users to set-up their accounts.

The Ecuadorean government took this action to address its stumbling currency for the US dollar. The system is also designed to support the country’s dollar-based monetary system.

Among the advantages that this new monetary system offers is that it serves as the cost-saving mechanism for the government. Moreover, economist Diego Martinez, a delegate of the President of the Republic to the Board of Regulation and Monetary and Financial Policy said that aside from helping the poor, mobile payments will reduce the amount that the government will spend for exchanging old notes to US dollars.

One of the few first steps that Ecuador took is trying digital currency in paying taxi fares. The Central Bank of Ecuador signed a deal last February, involving 60,000 members of taxi organizations to accept electronic money. After this initiative, users will be able to select services and pay through mobile transactions. They can also send money between individuals. Later this year, the third phase of the electronic money system will allow users to pay for public services through mobile payment.

Ecuador’s new payment system does not require internet connection to be able to have successful transactions. Also it can be redeemed as physical money, and users will be able to make payment using their mobile phones and stored value on their accounts.

On the other hand, even the government cleared that digital currency does not aim to replace the existing payment system in their country, some professionals inside and outside Ecuador speculate that this step was taken by the government because of other motives. One of them is Mr. Lawrence White, Economics Professor at George Mason University. According to him, he found it reasonable for Ecuador to provide an exclusive medium for mobile payments. He sees this step as Ecuador’s maneuver to de-dollarization. He further explained that the government’s prohibition of Bitcoin last July is a proof that they have bigger plans, and sees it as potential move to exit US currency.

At the moment, the government still denies speculations that digital currency will allow Ecuador’s central bank to issue new money that isn’t straightly taut its U.S. dollar reserves.

Whether this step aims for de-dollarization or not, Ecuador took a major step in recognizing the advantages that digital currency is offering. This will surely have a large impact with Ecuador’s economy, positively or negatively.

Electronic Payment Now Offered By Self Storage Providers

Many self storage facilities are now adopting the electronic payment system for the convenience of their clients. With this option, it is easy for tenants to pay their monthly rent even while at home or in their office. It saves time and gas cost in going to the facility just to pay their due.

As with retail stores, the electronic payment option indeed proves advantageous to a lot of people particularly the busy professionals and business owners. By just going online and using their credit card, they can pay through the company’s website any time of the day or night they are available.

Experts are also encouraging providers that have established their websites to ensure that their sites are optimized for mobile devices. With the increasing number of people owning smartphones and tablets these days, it would benefit facilities to cater to this group as well. By making a website available in mobiles, customers can easily check for availability of units and search for other relevant information while on the move.

On the part of self storage facilities, they can also choose to use these mobile devices to accept payments whether onsite or remotely. The staff or the managers can utilize these modern technologies if they feel the need to do so.

Some managers also consider this a good option particularly for delinquent tenants who may be ashamed to show their face after a month or so of not paying their rent. At least through the online payment system, they can still makeup for their missed payments without having to see the reaction of the staff and the facility’s manager.

So what are the technologies that self storage can use to provide a convenient payment option to their tenants?

Website – Having a website is a big advantage. It not only provides customers with a way to gather information about your company and your services but it can also provide a payment option such as via credit card or PayPal. Make sure then that your website is fully functional to encourage clients and other internet users to visit it regularly when they have questions or if they want to pay their monthly rent.

Smartphone – Providers can allow customers via their smartphones as long as they make their website available on mobile devices. Many people prefer to use this today because they can do various tasks using this handheld device even when they’re out of the house or their office or while they’re traveling.

Tablet – Again, websites have to be made available on mobile to encourage self storage tenants to use electronic payment systems. This way, they can still pay their monthly rent even without visiting the facility at its location.

Although these facilities may have a local or regional wide customer base only, utilizing these modern payment technologies is still effective. Consumers normally go after convenience and when their self storage provider or any company for that matter is able to give this to them, you can be assured of their loyalty moving forward. And implementing an electronic payment system is definitely one way of providing this sought after convenience.