Electronic payment

Electronic payment

Electronic payment is any non‑cash, non‑cheque payment made digitally. Patents include bank transfers, card payments, Direct Debit, mobile wallets and online account‑to‑account payments.

For a small business, choose the method by what fits the sale: one‑off vs. recurring, in‑person vs. online, domestic vs. international. Each option differs in speed, cost, customer experience and how easy it is to reconcile.

Common forms you may use in the UK:

  • Bank transfer: Domestic payments via Faster Payments, Bacs or CHAPS; also used for cross‑border transfers.
  • Card payment: Debit or credit cards, in person or online; often supports contactless.
  • Direct Debit: Collects recurring amounts from a customer’s bank account with their permission.
  • Payment links / online checkout: Customers pay through a gateway or an Open Banking flow.
  • Mobile wallets: Apps that store card or bank details and enable quick contactless or in‑app payments.
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Make reconciliation painless

Include a clear payment reference (for example, the invoice number) and ask customers to use it. It speeds up matching and reduces mistakes.
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