An Insight into eCommerce and Selling Online
Electronic Commerce or E-Commerce describes the act of purchasing or selling a product or offering services online. E-Commerce may seem a bit confusing at first. Nevertheless, you need to understand what E-Commerce is all about and how to go about it.
Commerce has now advanced, and becomes E-Commerce when you conduct dealings online.
Commercial exchange nowadays has remarkably grown. There are many innovative and interestingly efficient approaches that have been developed via Internet usage. Transactions and payments can now be done virtually or online. In fact, Internet shopping is now the mainstream activity on the Internet. With just a click of a mouse, you have either closed a deal or purchased an item.
The medium for this kind of transaction is the Internet or other computer networks. Currently and initially, you may make use of the World Wide Web. You create your own web site that features your products. Eventually, it may lead to a wider range of technologies such as email and mobile devices. Some make use of social networks, proving a wide range of possibilities.
However, it takes more than just simply buying or selling products online. You must consider other online processes which go with it. You must think about the marketing side. Your objective of selling is dependent on how efficient and effective your marketing strategy is. Selling, delivering, and servicing are also part of the important online processes that you must consider.
How will you handle the terms of payment? Since, E-Commerce is an online transaction, naturally, payments are made electronically as well. Let us discuss how the payment process takes place. If you wish to purchase a product from an online store you can make use of credit card payments online. There are more people who wish to pay online for any of the products or services acquired using their credit card, for very obvious reasons. Of course, paying via a credit card is more convenient and faster for any online shopper. It just makes life simpler.
If you have an online store, then there are several ways to accept a credit card payment over the Internet. You need to have an Internet merchant account to be able to receive funds from your clients for the goods or services acquired online. You also need a payment gateway, also known as a payment provider. This is a service that allows you to connect your online store to a particular merchant account.
Acquiring a merchant account can either be an account directly with a bank or through various merchant account providers; they offer their services and are also known as an ‘Independent Sales Organization’ (ISO). The ISO’s serve as agents who process your customer’s card transactions with the bank. Banks have higher fees and have very strict policies. Banks may also entail longer processing time. ISO’s on the other hand, have better deals, and offer a quicker set up, and less tedious processing.
You may also consider other ways to receive payments online. Let us say, you do not want to get a merchant account or you seem to find difficulty in looking for an appropriate bank that can provide you with your requirements. Then, there is another simple way to receive payments, most especially if you are still new and exploring the world of E-Commerce.
Consider Paypal, 2Checkout.com, and Yahoo! Merchant Solutions. Check them out, as they are very helpful for checking and evaluating your online business concept before you actually commit to a full merchant account.
Visit our eCommerce page if you would like to learn more about how an eCommerce site can benefit your business. However if you have any questions relating to the above article then please feel free to leave your comments. Facebook, Twitter and Google+ shares are also appreciated.