Buying and Selling Electronically: How Online Payment Services Work
Put simply, an online payment service functions as a "middleman" between buyers and sellers, handling the details of the payment process. The need for such a service exists because, for most sellers below a certain size, it's both impractical and unprofitable to handle their own electronic payments.
If you're a big merchant, like Best Buy or L.L. Bean, you can afford to design and invest in your own electronic payment systems. Even medium-sized retailers can contract with banks and other financial institutions for merchant checking accounts and online checkout services. But small retailers and individuals selling online don't have the time or money to invest in custom-built payment ...
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