E-commerce is generally recognised as the fastest growing method of shopping at the present time. What defines this term and what is essential knowledge if you are considering selling in this way?
E-commerce is the widely used abbreviation for ‘electronic commerce’ which is quickly being forgotten though ultimately describes this transaction method whilst other new terms such as e-business continue to spring up. The high street retailers are massively increasing their online presence at the same time new ‘pure’ e-commerce businesses are emerging and securing market share in their given niche.
The boom in internet retailing shows no sign of slowing; the recent iPhone launch demonstrated the massive potential and opportunity for well placed online stores to capitalise on successful internet retailing and marketing.
So you have done your market research and you know that there are potential customers; you have access to the products you wish to sell, what next?
It essential that the businesses infrastructure as with all business is sound; with E-commerce it is more important that IT systems are reliable and efficient than with other traditional trading methods. Before you will be able to trade online it is essential that you have the following in place:

· Computer system
· Internet connection
· Web site
· Good knowledge of IT or back up support

With E-Commerce your website is your shop and as such there are many factors that must be considered when your shop is being constructed and designed to make it attractive to your customers to achieve a good level of sales and success. Your website must have:

·  An easily navigated online catalogue of your products and/or services
·  Good user friendly shopping cart system
·  Secure payment and collection system

Website navigation

You may have the best and largest range of products, the cheapest prices though without your customers being able to easily find them within your website your benefits will not be gained. A well structured website with good search facilities and an ordered menu system will pay dividends in the long term future expansion of your online venture.

Shopping cart system

A shopping cart system allows your customer to continually update their potential purchases prior to making payment. There are many solutions on the market, from individually designed systems to third party software which can be integrated into your website. If third party solutions are used it is likely that your customer will briefly leave your website to ‘checkout’ and make payment on a secure payment page.

Secure payment and collection system

This allows payment from your customer and for your business to receive the funds. These systems are commonly integrated; payments being directly processed and paid into your chosen bank account.

Both the shopping cart and secure payment/collection systems will incur costs to the business. If tailored individual software is purchased, one can expect large set up costs with minimal ongoing monthly costs thereafter. Third party software, some of which has become household names is more commonly found within the E-commerce market place. This option offers substantially reduced set up fees and monthly payments often based upon a percentage of sales and a standard fixed rate fee.

Once you have the above mentioned points in place you are ready to trade and turn some of your attention to the promotion of your new E-commerce business.

A reputable payment processing company is necessary for the growth and success of a business institution in today’s modern world. Payment processing companies offer secure systems for processing credit and debit card payments. These companies also offer secure payment processing services for other types of payment methods such as PayPal among other online payment methods.

Online payment processing services are useful for companies and their consumers. The Internet has paved the way for businesses to reach consumers around the globe in easy and effective ways. Consumers now use these online payment processing methods to securely pay for the goods and services they need without spending too much time and money. Today, consumers need quick and easy options especially when it comes to purchasing goods and services from businesses on the Internet.

Choosing the payment processing company offering the best services can be an easy task. To identify the payment processing company offering the most appropriate services, you should:

Choose Between a Person-To-Person Account and a Direct Merchant Account

A person-to-person account processes payments from consumers to businesses through the merchant account of the third party service provider. Most consumers already know about popular third party payment processing service providers. This is an advantage provided by this type of payment processing account, especially for new businesses because these consumers go through a payment processing system they may already know and thus trust.

A direct merchant account processes payments from consumers to businesses through the financial institution responsible for the credit, debit, wire, or online payment type. This means payments from consumers are directly processed by the corresponding financial institution depending on the type of payment used. Established businesses can benefit from low fees charged by financial institutions for payment transactions between consumers and businesses. Consumers can also benefit from this since they need to pay lower fees for such transactions than those charged by third party payment processing service providers.

Determine the Setup Fees and Transaction Fees Among Other Fees Charged by the Payment Processing Service Provider

It is important to compare the setup and transaction fees among others charged by third party payment processing service providers for its person-to-person accounts against direct merchant setup and transaction fees charged by various financial institutions. Usually, third party service providers have higher setup and transaction fees for person-to-person accounts than financial institutions offering direct merchant fees.

However, person-to-person accounts frequently come with customized Web development services as opposed to default online payment processing systems bundled with direct merchant accounts. Businesses can benefit more from the customized Web development services of person-to-person accounts than the default payment processing systems of direct merchant accounts. This is because businesses can customize their payment processing systems to be most appropriate for its target market. These merchants can even add a few details on its online payment processing page for it to be optimized for Internet search engines and effective Internet sales.

Determine the Countries and Currencies Accepted By the Payment Processing Company

It is important to identify the countries and currencies accepted by the payment processing company. For instance, consumers in the US have different needs and demands than those in the UK. They also use different currencies and payment options.

Businesses always have target markets for its products and services. This means you should identify the consumer market that needs your products and services. Afterwards, you must provide these people with the payment processing options accessible to them. This will help your business become as efficient and profitable as possible.

Determine the Products and Services Accepted by the Payment Processing Company

Some payment processing service providers only allow payments for certain products and services to be processed. For instance, some third party providers and financial institutions only accept electronic or digital products while others only accommodate physical products. You should identify the exact types of products and services you are offering in order to determine the restrictions imposed by the third party providers and financial institutions on their payment processing options when it comes to the products or services that can be accepted.

Determine the Payment Speed and Frequency Offered by the Service Provider

Third party payment processing companies and financial institutions also process and send payments differently. This means you should identify the time it takes payments done by consumers to be processed and reflected on your account. You should also identify the frequency of payment transfers done by the third party payment processing service provider or financial institution. You need to choose the most appropriate payment processing options for your purposes.

Determine Customer Service Quality Offered by the Payment Processing Company

The quality of the customer services offered by the payment processing company is another important aspect you need to consider when choosing a provider. Your customers need to know about the technical and general details bundled with your payment processing services. They need to determine the necessary steps to take when faced with certain problems when it comes to your payment processing systems. A friendly and reliable customer service support team will always be beneficial to your business. However, you need to acquire the services of the payment processing company that offers high quality customer support services. After all, good business means remarkable customer support services.

British Telecom, or BT as it prefers to be know recently announce the launch of services that helps retailers comply with the new Payment Card Industry regulations. BT is certified by the PCI Security Standards Council as a Qualified Security Assessor (QSA) for PCI Data Security Standard services, this certification authorises BT to offer compliance assessments, training, managed security monitoring, consultancy and compliant technology solutions.
BT’s head of security, Ray Stanton, commenting about the new BT offering said “PCI DSS compliance is a critical business issue for any organisation accepting business by card, and equally for card issuers and payment services providers. BT has an exceptional reputation and global expertise in delivering secure business systems and our new PCI DSS offering can help customers protect their brand and reduce the risk of penalties due to being caught out by unscrupulous and professional criminals.”

Online travel insurance company Insure and Go, has run away with two prizes at the Fast Growth Business Awards. The business won the overall T-Mobile sponsored Fast Growth Business of the Year, as well as the Online Business of the year. Other notable online businesses and entrepreneurs to walk away with awards included website entrepreneur Margaret Manning, film website Lovefilm and Go Compare.

Launched in 2000, Insure and Go were the first company to offer an alternative to the travel insurance provided by travel agencies. The company enables customers to obtain competitive rates by simply answering three questions online. The convenience of this service has made Insure and Go hugely popular, particularly amongst the increasing numbers of independent travellers and the business has grown and continues to grow at a phenomenal rate – with a turnover today of more than £49m and a customer base of 2 million.

The 12 Award Judges included Seb Bishop, President of MIVA, Peter Jones

Entrepreneur and Dragons Den entrepreneur, Nick Wheeler, founder of Charles Tyrwhit, René Carayol, business guru and TV presenter, and Simon Kossoff, MD, of Carluccios.

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