Electronic Currency

Electronic Currency

Also known as e-cash, e-money, electronic cash, digital money, digital cash or digital currency. An online payment transaction method using a card, comprising the steps of: preparing a prepaid card meant to be purchased by a user; the prepaid card containing an activation code and at least one secret code; activating the prepaid card on the part of the user by transmitting the at least one secret code, together with a password, to an operator of the prepaid card; when the user makes a purchase online, receiving, from a retailer from which the user wishes to make the purchase, a unique reference code which identifies the retailer, and sending the reference code to the card operator together with the secret code and the password; the card operator enabling the purchase at the retailer.

Paypal and Webmoney, which the systems will sell their electronic currency directly to the end user. However, some of the system sell only through third party digital currency exch angers, such as Liberty Reserve.


E-commerce credit card processing

The term 'e-commerce credit card processing' simply put, is the process of e-commerce websites processing credit and debit card payments online and in real-time. This is essentially the same process as online credit card processing or payment processing which is also contained within this glossary.

It is best to choose a payment company who specialize in providing e-commerce payment solutions as they will have extensive knowledge and
expertise in this area. Nochex have been providing e-commerce credit card processing solutions for over five years, are integrated within many of the the most popular shopping carts and can have your e-commerce website taking payments within days.

Electronic payment

The term 'electronic payment' is a collective phrase for the many different kinds of electronic payment methods available (also meaning online payment), and the processing of transactions and their application within online merchants and e-commerce websites.

It is essential for all online businesses to be able to accept and process electronic payments in a fast and secure way. Businesses can gain a significant advantage over their competitors by providing an instant electronic payment service as it lets customers pay by their preferred way of credit or debit card.

Internet payment service

The term 'internet payment service’, refers to the range of services available that enable internet merchants to accept and process credit and debit card payments. Whilst being similar to a merchant service, an internet payment service does not necessarily require a separate merchant account and payment gateway.

It is beneficial to find an internet payment service provider who can look after all of your payment needs with just one single account. This can save you a lot of time, effort and money which is vital to new and small internet businesses.

The term 'transaction processing' within an e-commerce environment, is the process of an online shop or e-commerce website accepting and processing a customer’s credit or debit card payment online and in real-time, in return for goods or services.

During the online transaction process, the Merchants payment systems will automatically connect to the customer’s Bank or Credit Card Company, carry out security, fraud and validity checks and subsequently authorize and take the payment.