Business glossary
Electronic payment
A payment initiated and processed through a digital method rather than cash or paper check.
Example
A $100 invoice can be paid by card, bank transfer or another supported digital method. The payment record should identify the amount, date, transaction reference and invoice being settled.
How it differs from related terms
An electronic payment is the transfer of money; the invoice requests it and the receipt confirms it. A payment link alone does not prove that settlement succeeded.
Frequently asked questions
What is an example of epayment?
A $100 invoice can be paid by card, bank transfer or another supported digital method. The payment record should identify the amount, date, transaction reference and invoice being settled.
How should epayment be interpreted?
An electronic payment is the transfer of money; the invoice requests it and the receipt confirms it. A payment link alone does not prove that settlement succeeded.