The Full Form of EPH is‍ Electronic Payment Handling.

An electronic payment (e-payment), in short, can be simply defined as paying for goods or services on the internet. It includes all financial operations using electronic devices, such as computers, smartphones or tablets. E-payments come with various methods, like credit or debit card payments or bank transfers.

Consumers want convenience; it’s one of the reasons that online shopping continues to grow in popularity. A study by BigCommerce found that eCommerce is increasing 23 percent year over year. Moreover, Millennials and Gen Xers — two generations who make up the majority of the U.S. population — spend six hours per week shopping online.

This is a huge opportunity for businesses to expand their brand presence and increase their revenue substantially. In order to do so, you need to invest in an electronic payment system. Whether you’re just starting a business or are a key player in your industry, here’s everything you need to know about electronic payment systems.

Electronic payments allow customers to pay for products or services electronically. Electronic payments are what allow you to purchase clothes via your favorite online store or pay your cable bill online. So if you’re planning to create an online store, you need to have an eCommerce payment system and learn exactly how it works.

Even if you’re not planning to invest in eCommerce, it’s important to understand how electronic payments work (as a customer) and the role they play in the evolution of the payment processing ecosystem.

Twenty-four percent of Americans make no purchases with cash during the week, according to the Pew Research Center. And the Wall Street Journal said that in 2016, credit cards eclipsed cash in transactions worldwide for the first time. We know that online shopping is on the rise — 8 in 10 Americans are online shoppers (according to Pew). What we’re seeing in this evolution is that consumers are gravitating toward the payment and shipping methods that offer more convenience and flexibility.