Project BMM3103: Addressing Online Payment Challenges in Checkpay

This project report analyzes the problems and issues associated with online payments in Checkpay, a Canadian financial institution. It begins by defining online payments and their types, focusing on how Checkpay facilitates electronic transactions. The report identifies key issues such as cybersecurity fraud, problems with e-cash, chargebacks, payment integration challenges, lack of usability and trust, and the limited feasibility of online payments in rural areas. To address these issues, the report proposes solutions and strategies including encryption, digital signatures, firewalls, enhanced identification protocols, emphasis on security requirements, support for multi-channel payments, and increased compatibility across devices. The project aims to provide insights that can help Checkpay enhance its online payment system, improve customer trust, and expand its reach.

Project BMM3103

Table of Contents
INTRODUCTION...........................................................................................................................1
Project topic............................................................................................................................1
Project aim..............................................................................................................................1
Project objectives....................................................................................................................1
Project questions.....................................................................................................................1
Project scope...........................................................................................................................1
Project background.................................................................................................................2
Literature Review.............................................................................................................................2
Concept of online payment and its types in Checkpay...........................................................2
Problems and issues of online payment in Checkpay............................................................3
Solutions and strategies for resolving the issues in Checkpay...............................................4
Application of online payment systems in Checkpay............................................................5
CONCLUSION................................................................................................................................6
Recommendations............................................................................................................................7
Personal Reflection..........................................................................................................................7
What went well?.....................................................................................................................7
What problems did you encounter?........................................................................................7
How did you overcome problems you encountered?.............................................................8
If you had to do this project again, what would you do differently?......................................8
References:.......................................................................................................................................9

INTRODUCTION
Project topic
Ways for solving the problems and issues of online payment
Project aim
To identify the ways for solving the problems and issues of online payment with purpose to
become one of the most trustable online transaction and payment platforms
Project objectives
 To analyse the concept of online payment and its types in Checkpay
 To examine the problems and issues of online payment in Checkpay
 To determine the solutions and strategies for resolving the issues in Checkpay
 To investigate the application of online payment systems in Checkpay
Project questions
What is the concept of online payment and its types in Checkpay?
What are the problems and issues of online payment in Checkpay?
What are the solutions and strategies for resolving the issues in Checkpay?
What are the applications of online payment systems in Checkpay?
Project scope
Scope of the project is to analyse the concept of online payment which will help in
gaining the knowledge about its types and how a person can use it with all procedures. It is
important to research about the online payment as it provides awareness about the latest trends
going on in the market regarding payment systems and how a person can utilise it for their
benefits (Salloum, Al-Emran, Khalaf and Shaalan, 2019). Scope also includes the identification
of various problems associated with the online payment. It helps the business to examine that
how they can rectify such issues so that they can make the good customer experiences. Also the
solutions are provided in the report for better determination and application for implementing of
the solutions. This is the scope of the entire project report based on the online payment for better
investigating about the research topic and its specific issues and solutions in regards with the
applications as well (El Haddad, Aïmeur and Hage, 2018).
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Project background
Online payment is defined as the transactions done from one party to another in the form
of electronic basis. It is basically an electronic exchange of currency for purchased goods and
services. In order words, receiving money via internet is the online mode of payment. It majorly
saves time and is more efficient than traditional mode of payment. It generates more revenue and
easy to administer. It helps to reduce the carbon footprint with no extra cost involved in it (Park,
Amendah, Lee and Hyun, 2019). The organization chosen is the Checkpay. It is one of the
financial institution headquartered in Canada. It facilitates the payment and receiving of money
from one party to another. It is used by the businesses and personal use as well. The following
discussion is based on the concept of online payment and its types in Checkpay. The report
provides the insight of problems and issues of online payment in Checkpay. Also it covers the
solutions and strategies for resolving the issues in Checkpay. The following renders the view of
application of online payment systems in Checkpay with conclusion and recommendations along
with the personal reflection about the report (Almarashdeh, BOUZKRAOUI, AZOUAOUI and
MURIMO, 2018).
Literature Review
Concept of online payment and its types in Checkpay
Digital payments method occurs when there is a good or services are being purchased
through the online electronic mediums. There can be use of cash and cheques in order to pay the
digital payment the amount of goods and services. It is also known as cashless payments. During
the time of global pandemic, many of the companies are becoming digitally which result in
achievement of their enhancing customer base and developing growth opportunities as well.
many of the organisation did not be able to sell their goods and services by physically so that is
why they have started using online digital selling in order to attract customers and enhance their
sales. Further, online payments comes in this method as many of the people starts paying online
through various applications and resulting in getting various discounts and offers (NGUYEN and
NGUYEN, 2020). Checkpay is one of the simple payment solution which is used for
complicated of the financial services. They are having those technologies which enables
merchants to accept and organise their cashless payments through services of mobile. Company
is using certain online payments methods which helps them in attracting customer as well. These
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are certain online payments types such as customers can pay through debit and credit cards
payments, prepaid card payments, bank transfers, Wallets, mobile payments etc. Payment
through cards is most widely used in the organisations and at the international level as well. It is
used by debits and credit cards- as because these are simple and easy to use and also they are
secure. These contains CVV, expiry date, card number, which can only be used the person who
is the holder of card. Further, this contains of CVV which helps in detecting of the fraud by
comparing people details and the details around CVV. The next is E wallets- because it is one of
the upcoming trends within this covid pandemic times because this helps in keeping secure the
amount within the applications. It requires sign up from the merchants and also from the
customers in order to pay. The procedure which is easy and fast. It is instant digital payment
method which using of advanced functionalities such as NFC. It is the prepaid e- wallet account
which store customer information and their multiple debit and credit cards and also their bank
account. Further, it needs one time registration which re- enters the information while making
payments to any of the shopkeepers. The next is mobile payments- this is a quick solution to the
customer to make payments to any of the shopkeeper. To make a online payments, a user has to
download a software which should link to credit card. Now a days commerce is becoming
mobile streamed and customers are identifying it more convenient and easy to see mobile
payments options (Liao and Yang, 2020).
Problems and issues of online payment in Checkpay
There are various problems and issues of online payment in Checkpay. Such as
cybersecurity fraud is one of the issue of online payment. It means that there are large security
issues such as breaching of personal data of an individual with the motive to steal the money are
done by the hackers who misuses the technology for their own illegal acts. Issues with e-cash is
also the issue of online payment. It means that the electronic cash is not universally accepted yet
due to the security issues and that is why every next individual uses traditional method of
payment to be safe and secure in their transactions. Chargeback is an another problem of online
payment. It means that chargeback is a unexpected return of money to the customer, basically a
credit card transaction. This activity reverts back a money transferral from the customer's bank
account and line of credit or credit card which is planned to defend consumers from crime due to
electronic payment systems (Kang, 2018). That is why it is considered as the major online
payment problem. They are normally used to find out the wellness of an enterprise. Payment
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integration is also one of the issue of online payment. It means that there are a lot of multi
payment options and hence an organization needs to integrate all of them so that large variety of
options can be available with the customers which needs legal formalities and documentation
process. Lack of usability is one of the issue of online payment. It means that online payment
requires complicated information form users which is time consuming and difficult to understand
and that is why consumer lacks in using such payment systems. Lack of trust is an another
problem of online payment. It means that due to the high security issues, customers has lost their
trust from the online payments because of the increasing frauds of money in day to day activities
such as credit card personal data stealing and many more. Users perception regrading acceptance
of electronic payment systems is also one of the issue of online payment. It means that there are
still some people who are not comfortable with the online payments so they don't accept the
electronic cash. They are only reliable on the traditional cash payment system. So that they
cannot be the victim of any cyber fraud and money loss activities. Lack of awareness is also an
another problem of online payment. It means that there are still people in the rural areas who are
unaware of the electronic payment and if someone is aware then also they are reluctant in using
such system due low knowledge about the procedure of using and handling such payment
systems. Online payments are not feasible in rural areas is one of the issue of online payment. It
means that the online payment requires some feasibility factors which are not available with the
village people such no as enough knowledge, no technical equipment, no management of
handling such systems and many more (Oo, 2019).
Solutions and strategies for resolving the issues in Checkpay
There are various solutions and strategies of online payment in Checkpay. Such as
encryption is one of the solution of online payment. It means that it is the security solution so
that the every small and personal detail of the user can be encrypted that is in the coded language
and again decrypted internally at the time of use. Digital signatures is an another strategy of
online payment. It means that it is also the security solution in which the digitalised signatures
are taken from the user in order to use for every payment activity so that it can be insured that the
the user is original but not fake. Firewalls is also one of the solution of online payment. It means
that it is the security solution in the form of networks security in order to be safe and secure from
cyber fraud and illegal activities done by the hacker. Request more identification in case of
doubts is also an another strategy of online payment. It means that it is the responsibility of the
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company to use more authentication request from the user if they feel that the user is not original
but not every time because always asking for more request creates frustration among users and
hence they can stop using the online payment mode. Place Emphasis on security requirements is
one of the solution of online payment (Ogbanufe and Kim, 2018). It means that it is essential for
the company to target the more and more security requirements for the user as well as for the
internal database systems also so that both the ends that is the front and the back end can be
protected from any harmful activities. Support of multi-channel payments is an another strategy
of online payment. It means that organization must ensure that there should be the minimal
formalities of different payment options and must be available to the customer for large variety
of options. Increased compatibility is also one of the solution of online payment. It means that
there are some options which are not compatible either on mobile phones or on laptops or
desktops. But it is significant for the company that they must develop their application or website
in such a way that every option must be compatible on any technical device for better customer
experience. Avoid redirects during the payment process is also an another strategy of online
payment. It means that the page of the website or application of online payment must not be
refreshes in the middle of the payment as it can results in the loss of data so that is why redirects
must be avoided by the organizations. Creating awareness and providing knowledge is an
another strategy of online payment. It means that advertisements and promotion of online
payment must be encouraged so that the people from rural areas also could start their
transactions online. This will help the world as universally accepted online payment (Grüschow
and Brettel, 2018).
Application of online payment systems in Checkpay
There are various Applications and benefits of online payment in Checkpay. Such as
saves time is one of the application of online payment. It means that electronic transaction is not
a time consuming process. It is time efficient because transactions can be made while sitting at
home as per the convenience of the customers without visiting the person for payment in cash.
More efficient is an another benefit of online payment. It means that the electronic payment is
highly cost and energy efficient as well. It saves the extra cost of transportations and extra
energy needed to visit the payee. Easier to manage is also one of the application of online
payment. It means that the management of electronic payment is comfortable but only the initial
process is complicated when they ask for the personal details and it is a one time formality. After
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that using of online payments every time just need the pin number for payment (Zhao, Zhao,
Yuan and Zhou, 2018). Low risk of theft is also an another benefit of online payment. It means
that if an individual visits to the person with whom they have to receive the payment or pay the
some then they have to use some transport which can be risky to carry large amount of cash from
one place to another. That is why online payment lowers the risk of theft. Eliminates carbon
footprints is one of the application of online payment. It means that earlier there was always a
crowd in banks in order to deposits or withdraw of the money. But now a days due to the online
payments, carbon footprints at banks are minimised. Reduces labour cost is an another benefit of
online payment. It means that earlier there were a lot of people who were engaged in managing
the financial accounts of the organization but now a days online payment helps in making the
records as well. Decreases late payments is also an another benefit of online payment. It means
that online payment is a fast process which avoids delays in instant and immediate payments and
also supports in recovering the stucked payments. Accepts the wide variety of payments is one of
the application of online payment. It means that now a days there are a lot of options available
with the customers that they can make payments from any mode which aids in the availability of
variety of choices for transactions. Immediate confirmation is an another benefit of online
payment. It means that it is one of the most important benefit of online payments because it helps
the users to get the immediate and instant response of invoice and confirmation of received
payment. This supports as a proof of payment with easiness and comfort (Joshi, Bhardwaj,
Suthar and Manda, 2020).
CONCLUSION
It is concluded that online payment systems is an important concept to learn and study so
that its applications can be applied in the real world organizations. This is because now a days
people are more involved in the digitalization and technology advancements and also it is
impossible for the organizations to survive without an adoption of the latest and updated
technology for their operations. Therefore, in order to provide good customer experience in
terms of payments and important transactions, organizations are now adopting the variety of
payments methods in order to provide comfort to the customers in their payments. Therefore, the
above information covers the concept of online payment and its types, problems and issues of
online payment, solutions and strategies for resolving the issues and application of online
payment systems in order to better understand the conception of online payments.
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Recommendations
 It is recommended that the organization must standardize browser and device support for
better security and must educate consumers.
 It is suggested that the firm must integrate more banks and must synergize with credit
card companies.
 It is recommended that the organization must avoid redirects and must leverage block
chain (Ma, Su, Yu and Lin, 2018).
 It is suggested that the firm must build bank and fin tech partnerships and must improve
interoperability.
 It is recommended that the organization must instantly reward consumers and must
integrate sms messaging.
 It is suggested that the firm must standardize across platforms and must widen
cryptocurrency adoption (Kalinic, Marinkovic, Molinillo and Liébana-Cabanillas, 2019).
Personal Reflection
What went well?
There are many things which went well in the above report such as the structure of the
report which includes the introductory part and literature review along with the conclusion and
recommendations and also the personal reflection. Introduction has a proper structure of its aim
and objectives along with the scope and background. Literature review covers the objectives
questions. Conclusion and recommendations have the concluding statement and summary along
with the suggestions part as well. Therefore, I think that the entire structure of the report went
well for easy presentation of the report on online payments.
What problems did you encounter?
I encounter the problems while developing this report in the research part which is the
secondary research. This is because it was difficult to find out the relevant content on Checkpay
company due to the low awareness of the organization. But any how I managed and presented
the content to the best of the knowledge.
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How did you overcome problems you encountered?
I have overcome this problem by referring several books and journals which are relevant
to the online payments and hence related with the company information so that the content
provided can be good to study for the reader.
If you had to do this project again, what would you do differently?
If I got the chance to represent this project again then I would conduct primary research
in order to get the more effective and relevant information on the research topic and the company
case study for better analysis of the problems and its solutions.
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References:
Books and Journals
Almarashdeh, I.B.R.A.H.I.M., BOUZKRAOUI, H., AZOUAOUI, A. and MURIMO, B.M.,
2018. An overview of technology evolution: Investigating the factors influencing non-
bitcoins users to adopt bitcoins as online payment transaction method. Journal of
Theoretical and Applied Information Technology, 96(13), pp.3984-3993.
El Haddad, G., Aïmeur, E. and Hage, H., 2018, August. Understanding trust, privacy and
financial fears in online payment. In 2018 17th IEEE International Conference On Trust,
Security And Privacy In Computing And Communications/12th IEEE International
Conference On Big Data Science And Engineering (TrustCom/BigDataSE) (pp. 28-36).
IEEE.
Grüschow, R.M. and Brettel, M., 2018. Managing payment transaction costs at multinational
online retailers. International journal of electronic commerce, 22(1), pp.125-157.
Joshi, N.K., Bhardwaj, P., Suthar, P. and Manda, B., 2020. Assessment of monitoring and online
payment system (Asha Soft) in Rajasthan using benefit evaluation (BE)
framework. Journal of Family Medicine and Primary Care, 9(5), p.2405.
Kalinic, Z., Marinkovic, V., Molinillo, S. and Liébana-Cabanillas, F., 2019. A multi-analytical
approach to peer-to-peer mobile payment acceptance prediction. Journal of Retailing and
Consumer Services, 49, pp.143-153.
Kang, J., 2018. Mobile payment in Fintech environment: trends, security challenges, and
services. Human-centric Computing and Information sciences, 8(1), pp.1-16.
Liao, S.H. and Yang, L.L., 2020. Mobile payment and online to offline retail business
models. Journal of Retailing and Consumer Services, 57, p.102230.
Ma, L., Su, X., Yu, Y. and Lin, M., 2018, July. What drives the use of M-Payment? an empirical
study about alipay and WeChat payment. In 2018 15th International Conference on
Service Systems and Service Management (ICSSSM) (pp. 1-6). IEEE.
NGUYEN, T.P.L. and NGUYEN, V.H., 2020. Factors Affecting Online Payment Method
Decision Behavior of Consumers in Vietnam. The Journal of Asian Finance, Economics,
and Business, 7(10), pp.231-240.
Ogbanufe, O. and Kim, D.J., 2018. Comparing fingerprint-based biometrics authentication
versus traditional authentication methods for e-payment. Decision Support Systems, 106,
pp.1-14.
Oo, K.Z., 2019. Design and implementation of electronic payment gateway for secure online
payment system. Int. J. Trend Sci. Res. Dev, 3, pp.1329-1334.
Park, J., Amendah, E., Lee, Y. and Hyun, H., 2019. M‐payment service: Interplay of perceived
risk, benefit, and trust in service adoption. Human Factors and Ergonomics in
Manufacturing & Service Industries, 29(1), pp.31-43.
Salloum, S.A., Al-Emran, M., Khalaf, R. and Shaalan, K., 2019. An Innovative Study of E-
Payment Systems Adoption in Higher Education: Theoretical Constructs and Empirical
Analysis. International Journal of Interactive Mobile Technologies, 13(6).
Zhao, Y., Zhao, Y., Yuan, X. and Zhou, R., 2018. How knowledge contributor characteristics
and reputation affect user payment decision in paid Q&A? An empirical analysis from the
perspective of trust theory. Electronic Commerce Research and Applications, 31, pp.1-11.
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