List and explain three critical factors to consider while implementing the use ofpayment systems in E-commerce [3 Marks]

Security: This is the most critical factor to consider when implementing payment systems in E-commerce. Customers need to be assured that their financial information is safe and secure. This can be achieved by using secure socket layer (SSL) encryption, two-factor authentication, and other security measures. Additionally, the payment system should be compliant with Payment Card Industry Data Security Standard (PCI DSS) to ensure the secure handling of credit card information.

User Experience: The payment process should be simple and straightforward for customers. A complicated or lengthy payment process can lead to cart abandonment. Therefore, the payment system should allow for easy navigation, quick loading times, and a clear indication of the payment process steps. It should also provide multiple payment options to cater to different customer preferences.

Integration: The payment system should be easily integrated with the existing E-commerce platform. It should also be compatible with other systems such as inventory management and accounting software. This will ensure a smooth flow of data across different systems, which can help in tracking sales, managing inventory, and generating financial reports.