Online Information Payment System

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Online Information Payment System

Chapter 1
The Problem and Background of the Study

1.1 Introduction

Computerization has become an increasingly important competence in any organization. Technological Facilities, for many institutions are the key to survival as they seek to realize its organizational goals and contribute significantly to the growth of the company or the institution. However Computerization has been a great contribution to the world of Information Technology, particularly, in the improvement and development of one’s organization and society as a whole. Information System the term is a very popular one these days. Everyone is talking about Information System and how this thing is connected or related closely with computer science. As a matter of fact, this is no doubt true. Information System is a branch of computer science, where computer science is playing the role of the mother or root subject. To be brief, an Information System is some kind of combination of information technology and the activities of people associated to support and execute the necessary operations and management of the system with the responsibility of decision-making. It is a system of people and technology depending on each other to achieve some common goal. The very name suggests not only this co-operation of man and machine, but also the way in which the interactions between them work in support of various business processes.

Payment System is a supporting transfer of funds from suppliers (savers) to the Information system users (borrowers), and from payers to the payees, usually through exchange of debits and credits among financial institutions. It consists of a paper-based mechanism for handling checks and drafts, and a paperless mechanism such as electronics funds transfer for handling electronic commerce transactions.

In a modern economy, the payment system is a major component of the country’s infrastructure system. Indeed, no country nowadays can afford to take its payment system for granted. Advances in information technology and changes in laws, institutions and regulations in some countries have encouraged the emergence of new payment instruments as well as the delivery and processing arrangements for small and large value, time-critical payments. This paper discusses key operational concepts involved in a payment system and describes the emerging payment systems in industrialized countries.

The system in which the researchers are developing is one of the concrete examples of computerization. In this study the researchers determine the development of Online Information Payment System for San ROque Lucena Home Owners Association. It maintains a daily record of the members of the association.

1.3 Statement of the Problem

The main problem of this study is to assess the acceptability of the proposed Online Information Payment System for San Roque Lucena Home Owners Association.

Specifically, the study will seek to answer the following questions:

1. What is the status of the existing system used by the San Roque Lucena Home Owners Association in terms of: a. Updating the records of their members.
b. Storing data
c. Retrieving records of each member.
2. How organize are the reports generated by San Roque Home Owners Association like: a. Receipt of payments
b. List of costumer’s to the unavailable and reserved lots. c. Data about the lots
d. Transactions
e. Summary of payments for each client
f. Penalties
3. How accurate are the computations in terms of:
a. Partial and full payments
b. Balances
c. Down Payment
d. Interests
e. Monthly Amortization
f. Penalty

1.4 Objectives of the Study

General Objective:
The study aims to develop an Online Information Payment System that...
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