This is the buying and selling of products and services by businesses and consumers over the internet. Such a practice has exploded in the past year alone, as security issues have improved, and more and more consumers are buying goods and services online also called ecommerce.
For example the consumer moves through the internet to the merchant's web site. From there, he decides that he wants to purchase something, so he is moved to the online transaction server, where all of the information he gives is encrypted. Once he has placed his order, the information moves through a private gateway to a Processing Network, where the issuing and acquiring banks complete or deny the transaction. This generally takes place in no more than 5-7 seconds. There are many different payment systems available to accommodate the varied processing needs of merchants, from those who have a few orders a day to those who process thousands of transactions daily. With the addition of Secure Socket Layer technology, eCommerce is also a very safe way to complete transactions.
Typically there are three types of ecommerce transactions:1.business to business (Cisco)
2.business to consumer (ie etailers)
3.consumer to consumer (eBay)
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