What are the steps involved in online trading?
What are the steps involved in online trading?
Steps involved in online trading are :
1. Registration: Before online shopping, one has to register with the online vendor by filling up a registration form. Registration means that you have an 'account' with the online vendor. Among various details that need to be filled in is a 'password' as the sections relating to your 'account' and 'shopping cart' are password protected otherwise, anyone can log in using your name and shop in your name. This can put you in trouble.
2. Placing an order: You can pick and drop the items in the shopping cart. A shopping cart is an online record of what you have picked up while browsing the online store. Just as in a physical store you can put in and take items out of your cart, likewise, you can do so even while shopping online. After being sure of what you want to buy, you can 'checkout' and choose your payment options.
3. Payment mechanism : Payment for the purchases through online shopping may be done in the number of ways :
(i) Cash on delivery (COD)
(ii) Cheque
(iii) Net banking transfer
(iv) Credit cards
(v) Debit cards
4. Digital cash: Digital cash is a type of electronic currency which is found only in cyberspace. It has no physical real properties but still can be used as a real currency in an electronic format. The amount equal to the digital cash which the buyer wants to get issued in his favour is deposited by him in the bank dealing in digital cash through cheque, drafts, etc. The bank sends a special software to the buyer. Hence, while making online purchases, the buyer can make the payment by drawing digital cash from his account with the bank.
Steps involved in online trading are :
1. Registration: Before online shopping, one has to register with the online vendor by filling up a registration form. Registration means that you have an 'account' with the online vendor. Among various details that need to be filled in is a 'password' as the sections relating to your 'account' and 'shopping cart' are password protected otherwise, anyone can log in using your name and shop in your name. This can put you in trouble.
2. Placing an order: You can pick and drop the items in the shopping cart. A shopping cart is an online record of what you have picked up while browsing the online store. Just as in a physical store you can put in and take items out of your cart, likewise, you can do so even while shopping online. After being sure of what you want to buy, you can 'checkout' and choose your payment options.
3. Payment mechanism : Payment for the purchases through online shopping may be done in the number of ways :
(i) Cash on delivery (COD)
(ii) Cheque
(iii) Net banking transfer
(iv) Credit cards
(v) Debit cards
4. Digital cash: Digital cash is a type of electronic currency which is found only in cyberspace. It has no physical real properties but still can be used as a real currency in an electronic format. The amount equal to the digital cash which the buyer wants to get issued in his favour is deposited by him in the bank dealing in digital cash through cheque, drafts, etc. The bank sends a special software to the buyer. Hence, while making online purchases, the buyer can make the payment by drawing digital cash from his account with the bank.
