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Any form of non-cash payment that does not involve a paper check is referred to as an electronic payment. Electronic payment forms include debit cards, credit cards, and the Automated Clearing House (ACH) network. ACH is a broad discipline that comprises of direct payments and deposits and inclusive of the e-checks. The type of payment can be carried out in three different forms. The first type includes one-time customer to vendor payment, where a customer buys goods once and pays through e-payment. The second mode is the recurrent payment between a customer and a vendor like that involved in payment in premiums for insurance or loan repayment.  The automatic bank to vendor payment is the third form, and it involves the client giving online instructions to a bank to carry out payment to a vendor on their behalf. All these forms have accruing advantages, and they have helped ease life for humanity.

Fastness and conveniences

Electronic payments have helped in the achievement of a new era of payment. We are no longer in the era of making long queues in banks for transactions. At this new age, what one needs is a card that gives them an identity, and they…