Thriving Ecommerce: How To Flourish Online
In an age of advanced technology and rapid acceptance of high-speed broadband, an increasing number of consumers are surfing online to search for products and services. Electronic commerce, or more commonly known as electronic commerce, has exploded since the late 90s. The advantages of electronic commerce are numerous. Overhead costs tend to be much lower than in physical stores, plus reduced geographic barriers translate to a larger pool of potential customers. For example, Australian retailers looking to break into the US market require a large amount of resources to research, plan and establish physical stores in the US. The inconvenience of time zone differences is greatly minimized in commerce electronic. Imagine the web as a virtual shopping mall that is open 24 hours a day, 7 days a week. An online business payment system is built to meet the requirements of virtual commerce and the needs of consumers and businesses.
Exciting trends in virtual commerce
Internet use became fully widespread by the end of 1999. Smartphones such as the IBM Simon were introduced to the market in 1993, and the latest models allow users to surf the web on the go. According to Reuters, around 25% of mobile device users were shopping online with their smartphone in early 2011. Additionally, eBay reports that an item is purchased from a mobile phone every 15 seconds, which translates to a whopping 86,400 items sold per day.
The National Broadband Network (NBN) in Australia is one of the most recent developments in the world of information technology. Increase a target speed of 1 GB/s, which is nearly 1,000 times faster than what most ADSL broadband Internet subscribers currently experience. A reliable and fast Internet connection provides a robust and integrated platform for e-commerce by supporting the bulk data downloads required by a merchant payment system and other features of an online shopping site.
What should you look for in a merchant payment system?
Are you thinking of dabbling in e-commerce? A merchant payment system that meets the requirements for security, efficiency, and profitability facilitates your online expansion plans. Globalization and the acceptance of the Internet have broken down many barriers, however this means that individuals and organizations must choose a payment system with an experienced team from a stable country. A secure merchant payment system is truly an asset that has the ability to foster customer growth and trust.
Retailers need a payment method that allows them to minimize bank transfer fees so that these fees do not constitute a significant percentage of retailers’ profits. A cost-effective payment method is particularly important for retailers that collect and make small and medium-sized payments. For example, eBay sellers who regularly collect small payments of $20 to $30 may benefit from a system that allows them to increase funds within a designated account. They can return the funds home when the amount becomes financially feasible to secure the wire transfer fees that banks typically charge.
Efficiency in receiving and making payments is vital for electronic commerce. Being able to receive and send money quickly means transactions are completed quickly. Being able to skip different time zones is particularly beneficial for reaching customers in geographically distant countries.