E-commerce, Online Banking, and ATMs PDF

E-commerce E-commerce, or electronic commerce, includes a variety of online business activities involving products and services. It covers any type of business transaction where people interact electronically instead of meeting in person or exchanging items physically. Some businesses only sell on...

E-commerce E-commerce, or electronic commerce, includes a variety of online business activities involving products and services. It covers any type of business transaction where people interact electronically instead of meeting in person or exchanging items physically. Some businesses only sell online, while others use ecommerce to reach more customers. Either way, ecommerce is growing and can be very profitable. Let’s look at how it works to see if it’s right for you. How does e-commerce work? Ecommerce works by connecting sellers with customers and allowing exchanges to take place online. It can work in many different ways and take many forms. Here’s a general overview of how the process can look: 1. The seller chooses online selling channels, like a website or social media, and promotes products or services for sale. 2. Customers find the products or services and place orders. 3. A payment processor enables the exchange of the goods or services electronically via payment options like credit cards or digital currencies. 4. The customer receives a confirmation email or SMS along with a printable receipt. 5. If the transaction is for goods, the seller ships the products and sends the customer a tracking number via email or SMS. If the transaction is for a service, the service provider can reach out to schedule and complete the service. What is online banking? Also known as virtual, internet, web, electronic, or ebanking, online banking is a method of banking that allows registered users to access their bank accounts or monetary balances through the internet. You can access your funds through your bank’s website, desktop, or mobile app. In some cases, you can get limited business banking functionality from personal devices such as your Apple watch or a Samsung Galaxy watch. What is ATM? An ATM (Automated Teller Machine) is an electronic banking device that allows customers to perform financial transactions such as cash withdrawals, deposits, balance inquiries, bill payments, or fund transfers without the need for a bank teller or representative. ATMs are typically found at banks, shopping centers, airports, and other public places, offering convenient, 24/7 access to basic banking services. What are the Key Functions of ATMs? 1. Cash withdraw Simply insert your card, enter your PIN, and enter the amount you wish to withdraw. 2. Balance inquiries ATMs allow you to check your account balance, enabling you to stay updated on your finances. 3. Fund transfers Many ATMs allow you to transfer funds between your accounts. 4. Account deposits Some ATMs are equipped with deposit functions, allowing you to deposit cash or cheques directly into your account via the machine.