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Electronic Funds Transfer - E-Payment System, E-Commerce Video Lecture | E-Commerce - B Com
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FAQs on Electronic Funds Transfer - E-Payment System, E-Commerce Video Lecture - E-Commerce - B Com
| 1. What is an electronic funds transfer (EFT)? |  |
Ans. An electronic funds transfer (EFT) is a digital payment system that allows individuals and businesses to transfer money from one bank account to another electronically. It eliminates the need for physical checks or cash and enables quick and secure transactions.
| 2. How does the EFT payment system work? | |
Ans. In an EFT payment system, funds are transferred electronically through a network such as Automated Clearing House (ACH). The sender initiates the transfer by providing the recipient's bank account details, and the funds are debited from the sender's account and credited to the recipient's account. The process may involve encryption and authentication to ensure security.
| 3. What are the advantages of using EFT in e-commerce? | |
Ans. EFT offers several advantages in e-commerce, including:
- Convenience: EFT allows for quick and easy digital payments, eliminating the need for physical checks or cash.
- Cost-effectiveness: EFT transactions often have lower processing fees compared to traditional payment methods, saving money for businesses.
- Security: EFT transactions utilize encryption and authentication measures to ensure secure transfers, reducing the risk of fraud.
- Efficiency: EFT enables faster transactions and eliminates the need for manual processing, leading to improved efficiency in e-commerce operations.
- Global reach: EFT can facilitate cross-border payments, allowing businesses to expand their customer base internationally.
| 4. Are EFT transactions safe and secure? | |
Ans. Yes, EFT transactions are generally safe and secure. The use of encryption and authentication technologies helps protect the integrity and confidentiality of the transferred funds. However, it is essential to ensure that you are using a trusted and reputable payment gateway or service provider to minimize the risk of potential security breaches.
| 5. Can EFT be used for both personal and business transactions? | |
Ans. Yes, EFT can be used for both personal and business transactions. Individuals can use EFT to transfer funds to family and friends, pay bills online, or make purchases electronically. Similarly, businesses can utilize EFT for various purposes, such as paying suppliers, receiving payments from customers, or conducting online sales. The versatility of EFT makes it a widely adopted payment method in both personal and business contexts.
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Nov 23, 2024 Last updated |
Video Description: Electronic Funds Transfer - E-Payment System, E-Commerce for B Com 2024 is part of E-Commerce preparation.
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