Electronic payment processing refers to the technology and systems that enable businesses to accept payments electronically. This includes various methods such as credit cards, debit cards, and digital wallets. When a customer makes a purchase, their payment information is securely transmitted to a payment processor, which verifies the transaction and transfers the funds to the merchant's account. The process involves several key players, including the merchant, the customer, the payment processor, and the bank. Each party plays a role in ensuring that the transaction is completed safely and efficiently. This system allows for quick and convenient transactions, benefiting both consumers and businesses.