3. Use real time transactions and order fulfillment.

This means that the transaction is processed, via a special link with the bank, at the moment the payment details (usually a credit card) are submitted. Order fulfillment may also occur immediately e.g. supply of a password to unlock software, download of software or music etc., or it may still require the physical delivery of a product.This method ultimately depends upon the type of product or service you are supplying. If the order can be fulfilled via the internet e.g. computer software, music files, airline an theatre tickets, then it is possible to process the transaction (either via credit card or other means) at the moment of purchase i.e. in "real time". It usually involves a hardware and software package that allows businesses to communicate with any bank around the world in order to process credit card payments. What you'll need:
  • A merchant account with a bank that supports real time transaction processing.
  • Software that supports real time transaction processing.
  • An online shopping cart (optional)
  • A digital certificate for security purposes (usually from Verisign Inc. or Thawte Consulting)
  • A means of delivering the product or service (dependant upon what you're selling).
Advantages:
  • Allows immediate purchase by your customer.
  • No manual transaction processing.
  • High credibility for your business.
Disadvantages:
  • Expensive to set up.
  • Expensive ongoing costs including transaction fees.
  • Technically difficult without skilled assistance.
  • Increased scope for breakdowns.
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