A Survey on Various Online Payment and Billing Techniques

Abstract

Over the past few decades, Internet technology has shaped almost everybody’s life. Business banks set up internet workstations and provide customer information requirements, internet payment fund diversion financial services, credit, investment, etc. An online payment system is a means for conducting economic transactions based on the Internet. This allows a seller to accept payments over the web or other internet connections, such as direct network connections between retail stores and their suppliers- a common way of keeping inventories just in time. Online payment systems are greatly expanding a company’s scope and selling potential. Usually, online payment services are operated by third-party firms like PayPal, Google, or Click2Pay. Such companies make a profit by taking a small portion of each transaction, or by signing contracts with institutions that require a large number of transactions. Without the ability to make online payments, a large Internet retailer, like Amazon.com, could not exist. Online payment systems have expanded the playing field between big and small companies, as each of them can adopt the same payment methods when they sign up with third-party payment processors.