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Example in brief the steps involved in on-line transactions.

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The steps involved in online transaction are as follows:

1⃣Registration: 

Registration is required for making online transactions. A buyer who is trying to make an online purchase has to first register himself with the website or the online vendor by filling up a  registration form. The registration form has basic details like name, e‐mail ID, password, etc. For security reasons, the buyer’s ‘Account’ and his ‘Shopping Cart’ are password protected.

2⃣Placing an Order:

The online buyer browses through the online store and selects the goods displayed in the website. The buyer then puts the selected goods in his ‘shopping cart’. The shopping cart gives a record of all the items selected by the buyer to be PURCHASED, the number of UNITS or quantity desired to be bought per item selected and the price for each item. The buyer then proceeds to the payment option after selecting all the products.

3⃣ Payment:

The buyer is then required to make the payment to authenticate the purchase. He can do so with the help of various payment mechanisms viz. Cash on Delivery, Cheque, Net Banking Transfer, CREDIT or Debit cards, Digital Cash.

4⃣Cash on Delivery:

In this mode of payment, the buyer makes cash payment when the goods are physically delivered to him.

5⃣Cheque:

In this mode of payment, the buyer sends the cheque.

6⃣Net Banking Transfer: 

Here, the payment is transferred from the buyer’s account to the seller’s account electronically i.e. through the internet. After the payment is received by the seller, the seller dispatches the goods to the buyer.

7⃣Credit or Debit Cards:

Here the payment is made through the buyer’s credit/debit card. The buyer has to share the details of his credit / debit card on the payment gateway to make the payment, after the payment is received by the seller, the seller dispatches the goods to the buyer. Credit / Debit cards are also known as ‘plastic money’.

8⃣Digital Cash:

Digital Cash is a form of ELECTRONIC currency that exists only in cyberspace and has no real physical properties. Here the money in buyer’s bank account is converted into a code that is saved on a microchip, a SMART card or on the hard drive of his computer. When he makes a purchase, he needs to mention that particular code to the website and thereafter the transaction is duly processed. It is accepted by all leading e‐commerce websites. The digital cash numbers are unique and it is highly secure and anonymous.
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Hope it helped you


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