Electronic Payment Social Commerce Essay

2735 words - 11 pages

Globetrotting Hotels is an example of a Virtual (pure-play) organization i.e. organizations that conduct their business solely online (Turban E. , Lee, King, McKay, & Marshall, 2008), and for this reason e-payment is assumed to be the sole means of payment.
(Snellman, Vesala, & Humphrey, 2001) Defines e-payments as any payment service that makes use of information and communications technologies including Integrated Circuit (IC) cards, cryptography and telecommunications. However, in this study, e-payment refers to all electronic transactions as payment for goods and services. An electronic payment transaction is an execution of a protocol by which amount of money is taken from a payer and given to a payee (Akhilesh, Abhishek, Suresh, Satish, & Priyanka, 2013).
There are two electronic payment methods, credit cards and alternative payments. Alternative payments include automated clearing house and bank payments, payment aggregators, credit term providers, cash alternative providers, advertising and promotional providers, mobile payment providers, invoicing payment providers. Online customers and merchants have begun to turn to alternative payments mostly because of reduced cost and improved technology, on the other hand, credit cards payments are on the rise. However the debate is on whether alternative payments is taking market share away from credit card payments or adding to it (Montague, 2010). Still (Choueke, 2010) states that “paying by cheque will officially be dead by 2018. Now credit cards could become defunct too”.
Globe Trotting Hotels needs to consider alternative payment, especially mobile payment, because, according to (Demirguc-Kunt & Klapper, 2012), “50 per cent of adults worldwide are considered 'unbanked' meaning they do not have a formal banking relationship.”

3.1. PAYMENT OPTIONS
The following payment options can be adopted for Globetrotting Hotels (GH).
Credit Card – enables the holder to buy goods and services from a line of credit granted by the card issuer based on the holder’s promise to pay for these goods and services. The major brands are Visa, MasterCard and American Express.

Direct Debit and Banking Services – This includes debit cards, Electronic Funds transfer, Electronic checks and Automated Clearing House (ACH). Examples of ACH providers include BPay, GoPay and NetPay. (Montague, 2010).

PayPal – “In the U.S., PayPal has emerged as a dominant player for online and mobile payments, PayPal has 117 million active registered users across 190 markets” (Gupta, 2013). Accepting PayPal as a means of payment will mean convenience for a good percentage of the target audience.

Smartcards – are the next generation of mobile payment. GH could have a smart card that records previous customer transactions and points earned. Customers will also be able to redeem points in any of the partner hotels for services or overnight stay. However the loyalty points can also be sent to the customer’s phone as a virtual token...

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