e-Commerce
E-commerce is for merchants selling on the internet who want to have
funds automatically processed into their bank account.
Building Blocks for e-Commerce
- Website
Your online connection to your prospects and customers.
- Merchant account
The merchant account gives you the ability to take Credit Card information
from your customers. Many banks will not give you a merchant account
if you do business on the internet because they may classify it as high
risk. When looking for a merchant account provider, watch out for hidden
fees and other unscrupulous business practices.
- Payment Transaction Device, Software or Gateway
One of the most important tasks in credit card transction is processing
customer order information, address, credit card number, etc. The data
is sent to a credit card authorization network which verifies that the
credit card is valid and verifies that the shipping address matches
the billing address. You have 3 basic choices:
- A device in your office to enter the transaction over the phone
lines. ( You can actually just use the phone on your desk. ) This
device could also be similar to those you see in retail stores when
you buy something using a credit card. There are many options with
widely varying prices.
- Internet software that enables you to 'deposit' your transaction
over the Internet. Typically by filling out an online form. Here
again you will find a rather wide variation - in most cases you
will need to rent the software on a monthly basis. This option also
includes Batch Processing software.
- Real Time Credit Processing. This is the service provided by companies
such as AuthorizeNet and Cybercash. Using this method your shopping
cart interfaces with the real time credit processing company to
complete the transaction. This takes place automatically while the
customer is placing the order. Using this method the customer and
the seller are notified as to whether the credit card account has
sufficient funds to enable the transaction.
- Secure Server Connection
This allows your customers to buy from you without worrying about fraud.
If ordering information is not sent via a secure server it can be intercepted
by computer hackers. Without a secure server, few people will buy from
you. This is actually a link to a special computer which encrypts confidential
ordering data for customer protection. You know you are on a secure
server when the URL in your browser says "https://". The "s"
stands for "secure."
- Shopping Cart
This virtual "shopping cart" software allows you to accept
product orders for multiple products from your website. This software
automatically calculates and totals orders for your customers. The shopping
cart is a vehicle that enables you to;
- get the ordering information from the customer;
- verify via email to the customer that the order has been made;
- deliver the notification and ordering information to the seller.
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