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Payment Systems A payment system is a system or an organization which conducts the funds transfer. Some payment systems are managed by private companies and called a ?private payment system,? and others are managed by central banks and referred to as a ?central bank payment system.?

An electronic payment is a digital transaction between two parties, with e-payment types including ACH, cards, bank transfers, digital wallets, mobile pay, and more.

The 'payments system' refers to arrangements which allow consumers, businesses and other organisations to transfer funds usually held in an account at a financial institution to one another.

The most common electronic payment methods include ACH, debit and credit cards, wire and bank transfers, digital wallets, and mobile pay.

How to create a payment gateway Create your payment gateway infrastructure. You'll need a server to host your gateway, whether it's your own or via a third party. ... Choose a payment processor. ... Create a customer relationship management (CRM) system. ... Implement security features. ... Obtain required certifications.

A payment system is a set of instruments, bank procedures and, usually, interbank fund transfer systems that guarantee the circulation of money. Payment systems are traditionally classified as either high value or low value.

They allow money to fulfill its role of accepted means of exchange when purchasing goods or services. If money is the lifeblood of modern monetary economies, payment systems are the circulation system.

A payment can be made in the form of cash, check, wire transfer, credit card, or debit card. More modern methods of payment types leverage the Internet and digital platforms.