But many B2B (business to business) E-commerce systems rely on more complex payment processes based on the use of purchase orders.
However both types of E-commerce typically use an electronic shopping cart process, which enables customer to select products from website catalog displays and put them temporarily in a virtual shopping basket for later checkout and processing.
Another one is electronic funds transfer (EFT). Electronic funds transfer systems are a major form of electronic payment systems in banking and retailing industries.
Electronic funds transfer systems use a variety of information technologies to capture and process money and credit transfers between banks and businesses and their customers.
For example, banking networks support teller terminals at all banks offices and automated teller machine (ATMs) at location through out the world.
Banks may also support pay-by-phone and Web-based bill payment services, which enable bank customers to use their telephones or networked PCs to electronically pay bills.
In addition, most point of sale terminals in retail stores are networked to bank EFT systems. This makes it possible for customer to use a credit card or debit card to instantly pay for gas, groceries, or other purchase at participating outlets.
Web Payment Process and Electronic Funds Transfer
