High availability of online transaction website
With practically everything being available online many small-scale business websites has taken up the online transaction method. Not only can a customer now get information and the availability about the product but can also purchase it online and get it delivered to his/her door step.
It is only preferable for any businessman to avoid personal interaction with the customer and get everything done through the virtual web. This takes the business to a larger scale and the bigger it can grow.
Important considerations to be take before availing online transaction
The traffic expected to your official business website. This can be checked by admin of the website. If the website is bringing a lot of traffic and it is convenient to get orders online and complete the transactions then only the online transaction facility should be made available.
The costs involved. Many Internet Service Providers allow to build in your website for as less as 30$ per month. The traffic should compensate for these costs and give profits.
The websites should be made using professional domain names because unknown/complicated domain names tend to discourage the customers from sharing financial information to you website. Go Daddy, eNom, Net firms, etc offer domain names at affordable rates. Secure Sockets Layer (SSL) certificate should be purchased from the domain service provider. It provides a 256-bit encryption and keeps the customer payment data safe from hackers. All the above domain name providers offer SSL certificates at affordable rates. One must always take professional advice and get your website audited by an independent expert.
How to build a transaction website
Before buying the domain name and the SSL certificate you must create an attractive website for your business which is easy to navigate and place orders. You can take professional help by website designers or recruit a web developer.
To receive the payments from the customers you can use the payment services provided by PayPal or World Pay. Transactions are charged like 1.4%-3.5% for each transaction which is less than many known credit card suppliers. Using reputed service providers like PayPal or World Pay will make your customers comfortable in sharing their credit card details.
Also another way of receiving payments is to set up a merchant account with a credit card provider. This will be done by opening an account and obtaining bank references. Here too you need to pay a % for each transaction (Varies depending on your business). These however, attract a higher risk due to high risk of card details theft. Few credit card merchant services are; American Express, Streamline, CCAvenue etc.
Furthermore, the marketing of the product should be proper and elegant on the websites. Inclusion of photos, graphics, and specifications attract more customers.
The biggest advantage of online transaction is that you get the payment at the time of order, thus improving your cash flow. You can focus more on sales and marketing as online transactions are easy to manage. This gives more exposure to your product.
The only disadvantage with this system is the risk involved. If you put in sufficient effort with respect to the security of your website then online transaction proves to be another way to make more money.
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