What are advantages and disadvantages of online transaction
Answers
Answer:
Online transaction processing systems (Advantages)
Easy and best solution for online shoppers.
These systems are most efficient and have excellent response times.
Very easy to use; as simple as fill a form and the rest will be taken care of by the web and database servers.
Online banking is completely based on online transaction processing systems.
Credit cards are also well-handled by these systems.
Online processing systems (Disadvantages)
At times, there occur millions and millions of requests at a time which gets difficult to handle.
During purchases even if the servers hang for few seconds a large number of transactions get affected, in turn affecting the organizations’ reputation.
Databases store all user data and account information, if these servers are hacked, it could lead to financial and personal problems (thefts).
In the case of hardware failures of the online transaction processing systems, visitors of the website get in trouble and their online transactions get affected.
Electricity problem is another issue, i.e., if there is a shortage in electric supply additional backup facilities like generators and related hardware, is a must.
Answer:
Online transaction processing, or OLTP, is a sort of data processing that involves carrying out several transactions that are happening simultaneously.
Explanation:
Advantages of online transaction:
- Supplying a useful payment method
- Lowering the need for human resources
- Giving customers a sense of security
- A greater variety of consumers are reached
- Making promotion easy
- Increasing the rate of client retention
- Facilitating quick and simple integration
Disadvantages of online transaction:
- Online payments are secure because to stringent controls like symmetric encryption, yet they are nevertheless subject to piracy
- disputed business dealings
- increasing costs for the company
- Due to the use of the internet, digital currency is difficult to trace
- Digital cash systems come with some special dangers. Since money is digital, it's possible that hackers may access the system
Thus, online transactions are a form of payment in which money is sent over an electronic network, with benefits and drawbacks for the user.