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Brian's
Introduction
By
Brian Walsh (Founder & CEO of
Entrepreneur.co.za)
E-commerce is specific to financial transactions
through a website. It normally incorporates
things like product databases, stock management
and ‘shopping baskets’ as well as the actual
transaction process ie credit card, debit order,
direct transfer management.
E-commerce is no longer expensive or tedious to
use in any way. It is an easily accessible tool
for entrepreneurs, and the banks have joined the
party making it easier to obtain merchant
accounts for the sole purpose of online
transactions.
There are a number of third party providers who
make it easier to access e-commerce for your
website. Most of these parties will help with
the bank applications, in particular who you
should contact in your bank, turnaround times
and requirements. Once you sort yourself out
with your bank, you will obtain a merchant
number which allows the third party provider to
set you up within a day or two.
Now, the above paragraph is relevant to credit
card transactions online, but you can also
integrate options like debit order and direct
deposits. You don’t require a merchant number
for this and there are some great third party
suppliers with regards to debit orders.
E-commerce is still a very viable business model
and more and more people are transacting online.
The market is still growing, and even in South
Africa there is a continuous upward trend in the
value of online transactions. South Africans
spent over R2.3 Billion in online transactions
in 2005.
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