E-payment system is leading the payment industry forward. People nowadays are familiar with technology and this is why they are giving more importance to the online payment terminals. Moreover, the e-payment system is designed in such a way so that customers do not face any sort of problem while making payments. E-payment system is also known as online payment and standing in the technologically advanced period, you must know the importance of an online payment system. It has become a new trend and it has been introduced to eliminate the problems of offline payment modes.
Offline Payment Mode
Well, before getting into the advantages of using the e-payment system, you must know everything about offline payment and the problems that people used to face. Offline payment indicates the cash transaction. Without having any kind of paper currency, people cannot make a transaction. It is a very simple way of making transactions and the transparency between the merchant and the customers is always maintained. However, the offline transaction is not devoid of problems. The negative aspects are as follows:
It does not let the businessmen extend their business.
The merchants will not be able to accept different forms of payment.
The security level is very low in the case of offline transactions.
Customers cannot make a big amount of transactions offline.
It is a very time-consuming and lengthy process.