The basic premise of the online commerce system is straightforward. When you join the service, it creates a virtual bank account. You can then replenish your account in various ways, such as transferring money from your bank account, charging a credit card, or selling items and receiving payments. You can either use a debit card directly linked to your e-commerce account to recover your money offline or link your online account to an offline bank account, allowing you to work both ways.
So, can easily transfer money to all accounts. Of course, there will be a necessary time delay. Of course, not every eCommerce system will follow this commerce model. Check your eCommerce system policies to gather accurate information for yourself. Of course, the issue between you and your bank is still pending.
Online Commerce for your Internet Business
Yes, the basic principle is straightforward, But there are some complex elements to consider when putting it into practice. Knowing these elements and working on them will be the key to success for any great online commerce operation and as we have already shown.
- So, if you are going to sell products online, you need a Will need Must have internet commerce operation.
- One major problem is the time it takes to transfer money from your online account to your offline account.
- Although a long time is not a big deal (actual delays are one to four business days), it can be a problem in some critical situations.
- For example, if you need money at the end of the month to pay for office space or bandwidth expenses, this can be a problem.
- So, when managing payments or purchases according to your business strategy, be sure to account for time delays.
- Or make sure you have a debit card or payments through your e-commerce system. There is also the option to eliminate the time delay.
E-commerce System
Another concern is online security. We’ve talked about your website in this book. But it is important to consider your bank account and the bank account of your commerce system. We’ve already argued that the e-commerce system you build should be secure enough to protect you and your users from hackers, not just you.
- Not only do they bring a bad name to the company, but they can wipe out all your balance in a matter of minutes.
- The e-commerce system you create is not complicated.
- In most cases, a large team of employees is present to ensure the security of online accounts.
- However, depending on your security policies, this can lead to new awareness issues.
Deal with Compromise Accounts
To deal with compromise accounts, some online commerce systems take drastic measures: not only is your account frozen, and all the money in it is confiscated, but also your online account. The balance of any bank account is also confiscated. This makes sense. So, if hackers can access your online account.
- So, they can easily gain access to any of your linked offline accounts via bank transfer.
- If you follow up with your eCommerce system on any identity theft or hacking issues.
- So, you can usually get your balance back.
- However, this process takes time to complete, and in some cases, such as significant cases of identity theft.
- So, you may not be able to get your money back.
As a result, you need to link your bank account and your internet account to protect you from disasters. Which are unlikely to result in the loss of your business if you are not careful. The most basic criteria.
Conclusion
Set up Offline bank accounts for whatever online commerce system you are using. Must link only one of these bank accounts to your online account. Whenever you receive an online payment, transfer it directly to your linked offline account and then from your linked offline account to your other account, where your online business is located. There is no direct link to the line section. Even if your account hack and your funds are frozen or confiscated, you can still keep your money safe and continue your business.
Author Bio
Tina J. Wagner Phillips, 31, Integrity Bank Online, paid work, and bookkeeping. He has degrees in accounting, politics and economics, and is obsessed with movies and tank tops.