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In about 1200 BC, cowry shells were used as medium of exchange in China. And then it developed to coins and then later to banknotes in the form of leather.

These changes lead to the paper and coin currencies that we use these days and that we call money. However, it already evolved in the form of electronic money or digital cash. This is the money we used to exchange online. Credit cards, debit cards and ACH or Automated Clearing House network are some methods that we use for electronic payments.

The ACH system comprises direct deposit, direct debit and electronic checks (e-checks). Electronic payment is preferred by many people because of its convenience. You don't have to handle any paper money, swipe a credit card or write a check. You just have to enter all your account information and then once your done with it, you just have to wait for your purchase to arrive. Its simplicity and ease are enticing more and more people to utilize electronic payment.

When a business use electronic payment modes or e-commerce, their expenses are reduced because they don't spend too much on human resource. Those who have tried this kind of transaction, they would certainly come back for more, thus businesses gain more customers. Even banks nowadays are offering options for online bill pay services to their clients to serve them better. However, with this kind of payment, one must be careful not to be defrauded because identity theft or breach of privacy can happen.

However, this is not a big problem since there are many available safeguards to protect Internet shoppers from encountering such crimes. There are anti virus software and firewall programs on computers that protect us and guarantee safe transactions online. A key lock icon usually found at the bottom corner of a browser indicates that you are dealing with a secure server, you should look for this before you send your credit card information. Though there are risks, electronic payments are still favored by many.

A survey done on this subject shows that more than 94% of large banking companies and more than 65% of community banks have started offering these services to their clients. If you haven't used e-payment for your transactions, why not consider starting now? Don't be overwhelmed with the term, you don't have to be a geek to make an electronic payment. It's very easy and not to mention it is very convenient as well.