Can ePayment Completely Replace Paper Checks?


In this modern era, we count on internet reliant technology more than ever. It connects us to friends and family, supplies us with information and entertainment, and even helps us make payments. Electronic payment—or E-payment—has become a popular method of paying for goods and services for its incredible convenience. 

The convenience of epayment has made it popular however paper checks have still not been replaced completely by it.

As with all forms of payment, there are a few advantages and disadvantages associated with E-payment. We’ll go over a few of the important ones here.

Why ePayment Is Popular?

E-payment is a fast, fun, and convenient way to make purchases. It has changed the way we spend our dollars and has a lot of advantages over cash, checks, and traditional payment methods.

Convenience  

E-payment is a highly convenient way to pay for goods or services. If you find yourself on holiday and have forgotten to pay the cable or gas bill, there is no need to worry about missed payments or late fees. You can simply log onto your account and make an E-payment from wherever there is internet access.


E-payment is also the central driving force of the online shopping revolution. Online shopping has changed the way we buy, sell, and trade. You can find some of the best deals around for just about any product or service at any time. E-payment allows us to take advantage of the conveniences offered by online shopping.

Speed 

Electronic payments and transfers happen at incredible speeds. The speed of E-payment benefits both parties involved in transactions. Sellers don’t have to wait for a check to clear before they have access to funds, meaning they can complete sales and deliver products quickly. Likewise, purchasers don’t have to wait for extended periods of time before they receive their goods or services.

Organization 

E-payments help to organize and manage your finances. Paying bills and setting up recurring payments online keeps everything in one place and ensures that you don’t miss a deadline. It’s easy to see your spending patterns and habits when you use E-payments because all of your payments are documented and easily accessible.

Technologically Fun

A big part of the appeal of technology isn’t just speed and convenience—it’s also pretty cool. Many new smartphones offer a form of embedded E-payment. Apple Pay and Google Wallet are two of the most recognizable forms of mobile E-payment. It allows users to leave the house without a bulky wallet filled with cash and credit cards, and still gives them the freedom to make purchases using only their phone. Check out this great comparison of the two products for more information.

Security 


Security is an great facet to E-payments. E-payments not only offer more security than carrying around large quantities of cash or credit cards (which can be misplaced, lost, or stolen), they are encrypted, meaning it’s much more difficult for thieves to steal credit card information than from discarded receipts or a physical card.

Some Disadvantages of ePayment 


As with anything in life, not all is perfect with E-payment. While it is most certainly a fast, fun, and convenient way to make payments, it does come with a few drawbacks.

Electronically Reliant 

The cash in your wallet never needs to be plugged in. E-payment is fast and convenient, but if the power goes out and you lose internet access, you can’t make a payment with a phone or a computer. Nothing beats the stability of cash.

Authentication 

When you make a payment in a store, the clerk can personally ask you for identification. In this, they actively authenticate your transaction by verifying that you are the cardholder. E-payment authentication is more complicated and isn’t always a guarantee. If an unauthorized user gains access to certain personal information, like the CVV number on the back of your credit card, they can carry out a transaction without the awareness of the authorized user.

Security 

While some aspects of E-payment are actually more secure than cash, checks, and credit cards, many aspects are vulnerable to security breaches. Of course, there are safety and security measures that banks, online merchants, and payment gateways offer to keep E-payments as secure as possible—the best online payment processors offer a combination of high tech security measures. However, even with strict industry standard regulations like PCI compliance and data encryption requirements, hackers and fraudsters have had success stealing sensitive customer data and financial information.

Increased Business Cost

Another disadvantage that directly impacts merchants and customers alike is the increased cost of E-payment systems and software. Costs like security software and updated NFC devices eat away at the bottom line. Those added costs are often passed onto consumers through increased prices.

New Accounts 

While E-payment can be an incredibly convenient way to pay for goods, the first course of action often means signing up for a new user account. Online shopping sites, digital wallets, and other institutions may require that you sign up for an account to use their service. This process not only takes time to authenticate, but it also requires you to input your personal information on yet another website.

E-Payment is Here to Stay


While there are a few negative associations with E-payments, the advantages far outweigh the disadvantages. It is a fast and convenient way to pay for goods and services, helps to keep your finances organized, and can even be fun to use. Its flexibility fits the internet age and allows users to pay for goods and services virtually anywhere at anytime. With the emergence and continued growth of mobile payments, E-payment will continue to become more and more commonplace.

Albert Krav is a contributing writer to Allied Wallet and has featured many articles with tech news outlets. He is based in Seattle, WA and is an up-and-coming tech journalist with a keen sense for blogging, researching, and all things tech. He enjoys finding out about the newest electronic products and attends the E3 Expo in Los Angeles each year.

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