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Need for E-commerce
The correct word for the abbreviation E-commerce could be something like Easy commerce and not electronic commerce. This is a boon of the internet technologies. It crosses all the limits in respect of doing business. Previously a small market area with limited customers use to decide the fate of your business. But with the wide spread of internet technology and specially E-commerce, business dealings sees no limits. If you want you can get orders for your products from a person sitting at a distant continent away from you. This is easy to implement, manage and use. The turnkey products and services designed by various web development companies is to simplify your life in the world of E-commerce. Lets try to understand its functionality little more closely.
1) Most important constituent of e-commerce is online payment. These online transactions are facilitated by credit cards online for payment. The obvious reason of accepting credit cards is that it makes the transaction fast and huge business can be generated within a very small spell of time.
There are two basic options of taking credit cards online. They are following:
# Bank Merchant Account:
If you have established business offline, you might be already accepting credit card transaction and have merchant account in some bank and have some kind of electronic terminal in your shop/workplace for swiping credit cards through. If you already have a merchant account, you will need to apply for a new, separate Internet merchant account. If you don't already have a merchant account, the system works like this - you apply for a merchant account from a bank (doesn't have to be the bank you currently bank with, but that is of course helpful) who supply you with a merchant account. This is just an ID or account number, but without it you can't take credit cards. Apart from this you will require a credit card processor(generally the banks provide this) who will then look after your transaction details. They usually charge some fee as the setup fee and then some monthly minimum charges and some percentage of each transaction. These all depends on the bank with whom you are dealing with.
# Payment Processors:
This is the best option for a startup company doing business online. They essentially allow the users to use their merchant account for a fee(which varies) and in most of the cases it helps to setup within hours and taking credit card informations right away. Commonly used Payment Processors is "Paypal" and it is build for the business that are carried out at Ebay.
2) You need to ensure how the users will shop through your site. Shopping cart system might prove handy as one of your transaction processor.
3) If you are does Real-time processing of transactions through the site, your shopping cart will have to be compatible with the servers your Web host is using to host your website. This is an important issue otherwise your customers won`t be able to do transaction through your site and then you might start loosing your existing customers as well.If you want your ordering system to work in real-time either now or at some point down the road, then your shopping cart system will have to be compatible with your merchant account. You can even process small items sales manually through the site.
The best way to handle all the above mentioned issues are taking a turn key e-commerce solution. These are generally offered by hosting companies at a very competitive rate. But if you want your e-commerce site to be elaborate and should give customers more informations apart from the products and services, then get in touch with a professional website design company. they will give you many features apart from the e-commerce portion.
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