An e-commerce solution facilitates the instant acceptance of online payments for online transactions in almost all stores and industries. Also called a virtual payment interface, e-commerce solutions are becoming popular owing to the growing use of the online banking and online shopping. With the aid of this software, online payments can be made securely. The e-commerce solution consists of secure socket layer (SSL) and digital certificate for authentication.
SSL, an encryption technology, ensures the safety of online payments by encrypting the information that is transmitted between a consumer and a business. SSL uses ‘public key infrastructure’ (PKI) as well as smartcard technology. It is beneficial for both users and businesses. The major advantage of SSL is that it provides encryption at different levels, and that allows for secure communication between customers and service providers. Consumers may use their cards to make online payments. Businesses may also integrate their point of sale system with their clients’ e-commerce cards.
Almost all devices that can interface with the Internet can also interface with an e-commerce solution. These include debit cards, credit cards, and PayPal. This payment method enables consumers to enter a secure digital signature that serves as their password. As soon as their payment information and personal data is confirmed, they are taken to the payment gateway where their purchased items are delivered. Payment gateways ensure secured online payments by transforming digital signatures into digital security keys. This prevents third parties from accessing the private data of consumers.
Aside from being a convenient way for consumers to make payments online, e-commerce sites also provide businesses a cost-effective way of making transfers of funds to their clients. This helps in reducing operational costs. E-commerce transaction makes it easier for business owners to obtain and manage payments from their clients. It also provides businesses with various options such as making payments in real time or offering discounts for purchases made in bulk.
Another advantage for accepting electronic forms of payments is faster transaction processing. This is possible because through the use of payment methods such as credit cards, consumers can complete transactions in a matter of seconds. This is particularly beneficial when a consumer only needs to make one transaction. In this case, it is still possible for the business to track and monitor transaction details.
As a result of technological advancements, most consumers prefer b2c transactions rather than completing transactions using credit cards. Online sellers find b2c payments more convenient because they do not have to deal with printing and mailing payment forms. Instead, b2c transactions are handled through online websites. Once consumers have provided their credit card information, the website will automatically process the transaction. The websites usually offer b2c services such as accepting payments using PayPal and Google Checkout.
Another advantage for online businesses using e-commerce transaction systems is that the system provides them with access to secure online servers. Secure servers enable consumers to make purchases without worrying about their financial information being accessed by unauthorized individuals. Furthermore, online businesses have the option of accepting both credit cards and electronic forms of payment. In doing so, online businesses eliminate the need for numerous sales representatives. With a secure electronic data exchange system, it is also possible for consumers to pay with multiple currencies. This feature makes e-commerce payment systems more beneficial to businesses that accept a variety of payment methods.
Consumers need to be cautious when choosing an e-commerce merchant account provider. A good provider should allow consumers to make money transfers securely through its payment gateway. Also, it should offer consumers an easy shopping cart option that is simple and easy to use. Last, but not least, the provider must be able to provide advanced features such as advanced marketing tools and search engine optimization. Only then can a business take advantage of its e-commerce transaction systems to boost its profits.
