Introduction to Management Information Systems
Online Payment Systems (OPS) are changing the way businesses make decisions. Today, consumers can simply log on to their favorite retailer site and pay for any product through their preferred payment systems. Throughout our blog posts, we’ll show the different types of Online Payment Systems in detail including systems like PayPal, Google Checkout, and Amazon Payments to name a few. These services can make shopping a very fast and pleasant experience. However, like all things, there seems to be many pros and cons of OPS. We’ll also discuss how businesses are reacting to the various forms of Online Payment Systems, finding new ways to compete. Many of our readers may not be taking advantage of these systems and we’ll go over how they can benefit in their daily life.
Throughout our posts, you’ll learn about Online Payment Systems. However, we’ll also show that there are pros and cons to this process, letting you judge whether or not you can benefit from this service.
Pros:
• Time Management - How can Online Payment Systems affect your daily schedule and possibly free up more of your time to do other things?
• Convenience - What’s easier, getting in your car and driving to a store, or simply logging on?
• Late Fees - Are there fees avoided by not having to deal with the hassle of remembering to go back to stores too late, incurring fees?
• Less Paper - Is it possibly better for the environment when you shop online?
• Security - Is it safer to log on to a website, avoiding a potentially dangerous world?
Cons:
Online Payment Systems (OPS) are changing the way businesses make decisions. Today, consumers can simply log on to their favorite retailer site and pay for any product through their preferred payment systems. Throughout our blog posts, we’ll show the different types of Online Payment Systems in detail including systems like PayPal, Google Checkout, and Amazon Payments to name a few. These services can make shopping a very fast and pleasant experience. However, like all things, there seems to be many pros and cons of OPS. We’ll also discuss how businesses are reacting to the various forms of Online Payment Systems, finding new ways to compete. Many of our readers may not be taking advantage of these systems and we’ll go over how they can benefit in their daily life.
Throughout our posts, you’ll learn about Online Payment Systems. However, we’ll also show that there are pros and cons to this process, letting you judge whether or not you can benefit from this service.
Pros:
• Time Management - How can Online Payment Systems affect your daily schedule and possibly free up more of your time to do other things?
• Convenience - What’s easier, getting in your car and driving to a store, or simply logging on?
• Late Fees - Are there fees avoided by not having to deal with the hassle of remembering to go back to stores too late, incurring fees?
• Less Paper - Is it possibly better for the environment when you shop online?
• Security - Is it safer to log on to a website, avoiding a potentially dangerous world?
Cons:
• Online security - Identity theft is a huge topic in today’s world. Is there a danger in using online payment systems?
• Missed errors - Nothing is more frustrating than buying goods and waiting for a few days, just to find that there was an error in the order placement process, causing the order to be incorrect.
• Fees - Some online websites and payment systems charge convenience fees. Are they worth it?
We will also be discussion how OPS affect businesses. Online payment systems can affect day-to-day business in one of two ways: They can either simplify the purchasing process, or, they can cause it to become more costly and complicated. Services like PayPal, while very convenient, charge its clients a percentage of every payment that is received, which can become costly overtime. In future posts, we’ll go over in detail how Online Payment Systems can affect the day to day business activity.
An efficient online payments system is vitally important for the smooth functioning of the complex U.S. economy because of the increasing number of consumers who conduct business via the Internet. Consumers currently rely heavily on online payment systems daily for a multitude of transactions. These transactions include travel arrangements, shopping, filing and paying taxes, paying bills, banking transactions, and investing online. Consumers also utilize online payment systems that facilitate person-to-person payments, such as PayPal. As the widespread use of online payment systems continues, they will continue to evolve to meet the needs and expectations of consumers. Check back with us to learn more about how these systems affect the day to day life of people in our world.
Online Payment Systems are gaining momentum with each day that passes. Check back with us and learn through our blog posts if these systems are right for you and your future business endeavors!
Sources:
Tamayo, Xavier, Jimenez, Luis and Flynn, Shawn P. (July 13, 2005) Trends in Consumer Payment Systems. Electronic Substitution for Mail: Models and Result, 8. Retrieved from: http://www.phoenixhecht.com/treasuryresources/PDF/PitneyBowes_trends%20in%20consumer%20payments.pdf
Laudon, Kenneth C. and Jane P. (2012) Management Information Systems: Managing the Digital Firm. (Twelfth Edition)
An efficient online payments system is vitally important for the smooth functioning of the complex U.S. economy because of the increasing number of consumers who conduct business via the Internet. Consumers currently rely heavily on online payment systems daily for a multitude of transactions. These transactions include travel arrangements, shopping, filing and paying taxes, paying bills, banking transactions, and investing online. Consumers also utilize online payment systems that facilitate person-to-person payments, such as PayPal. As the widespread use of online payment systems continues, they will continue to evolve to meet the needs and expectations of consumers. Check back with us to learn more about how these systems affect the day to day life of people in our world.
Online Payment Systems are gaining momentum with each day that passes. Check back with us and learn through our blog posts if these systems are right for you and your future business endeavors!
Sources:
Tamayo, Xavier, Jimenez, Luis and Flynn, Shawn P. (July 13, 2005) Trends in Consumer Payment Systems. Electronic Substitution for Mail: Models and Result, 8. Retrieved from: http://www.phoenixhecht.com/treasuryresources/PDF/PitneyBowes_trends%20in%20consumer%20payments.pdf
Laudon, Kenneth C. and Jane P. (2012) Management Information Systems: Managing the Digital Firm. (Twelfth Edition)
I completely impressed to read the information about online payment system which you shared over here. It's a worth for me to read your article. Because I also have an account with www.merchantinc.com which is one of the best online payment system. I am really satisfy with its great service.
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