Question

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

Answer 1

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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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$<marquee >Hope it helped you$

Answer 2

Steps involved in online transactions:

The steps involved in online transactions are as follows:

Registration:

Registration is required to make online transactions. A buyer who is trying to buy online must first register himself with a website or online vendor by filling in the registration form. The registration form contains basic details like name, e-mail ID, password etc. For security reasons, the buyer's 'account' and its 'shopping cart' password is safe.

placing an order:

The online buyer browses through the online store and selects the goods displayed in the website. The buyer then places the selected goods in their 'shopping cart'. The shopping cart gives a record of all the items selected by the buyer, the number of units or quantity required for the selected items and the value for each item. The buyer then reaches the payment option after selecting all the products.

iii. the payment:

The buyer must then pay to prove the purchase. He can do this with the help of different payment mechanisms, such as Cash on delivery, check, net banking transfer, credit or debit card, digital cash.

cash on delivery:

In this mode of payment, when the buyer is physically distributed, the buyer pays the cash.

Check:

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

Net Banking Transfer:

Here, the payment is transferred from the buyer's account electronically to the seller's account through the Internet. After the seller receives the payment, the seller sends the goods to the buyer.

Credit or debit card:

The payment is made through the buyer's credit / debit card. After payment by the seller, to pay, the buyer has to share his credit / debit card details on the payment gateway, the seller sends the goods to the seller. The credit / debit card is also known as 'plastic money'.

Digital Cash:

Digital cash is a form of electronic currency that is present only in cyberspace and does not have actual physical properties. Here money in the buyer's bank account is converted into a code which is saved on the microchip, smart card or hard drive of his computer. When he buys it, he needs to mention that particular code on the website and after that the transaction is duly processed. It is accepted by all major e-commerce websites. Digital cash numbers are unique and it is extremely safe and unknown.