Ecommerce and the new world currency

Ecommerce and the new world currency

Ecommerce and the new world currency

Today the world has indeed caught up with the Internet commerce. In order to cope up with the expanding global business, the Internet had to create a common currency that will cross country boundaries and currency specifications. ( A typical e-commerce site can be viewed at www.rebelnetworks.com )Without a facility like this buying and selling across the world markets would be virtually impossible. The virtual world hence has created its own currency and mode of payment. Let us look the options that we have:

1. Credit cards - this is one of the easiest was of payment over the Internet and maybe one of the most common. The reason for this is that everyone is comfortable with a credit card and for buying anything over the internet; all you have to do is write your name and credit card number. There is a transaction cost that is charged from you by the credit cards(2-3%) and you will need to have a merchant account to receive this type of payment.

2. Paypal - this is Ebays mode of payment, and a very popular online service that facilitates the transfer of money from anywhere to anywhere across the Internet. Paypal also charge a tiny fee, but it is very low and hence a comfortable way to use. You can charge your paypal account with credit card as well as bank transfer. This method is usually added to credit card facility, though sometimes it is also used alone.

3. E-check - this is another convenient way to pay your bills over the net. However, some people shy away from it because of the amount of details one has to give the site in order to process payment.

4. E-currency - there are many types of e-currencies floating around, the most popular being e-gold. This type of currency is backed by gold, and it is used to back up payment over the globe based on the value of gold rather than any particular currency. It is easy and simple and accepted in almost every country.

5. Wire-transfer - this is very expensive way to pay, but it is also fast and very safe. Hence, this is used when large amounts of money are involved. There is most of the time confirmation over the phone when such transactions take place, hence it is indeed safe. It is also very advisable when large amount of money are involved as opposed to cheques or even a credit card, because these have a chance of bouncing but the wire transfer is not.

6. COD - this way to pay is in a way safe and in another risky. Safe because you will not give away the item unless you get the money owed to you, and risky because if your customer refuses to pick it up you end up with the shipping cost tab and also the possible damage to your item while it is shipped to and fro.

The above list is by no means exhaustive. There are many ways more to make payment and cross borders and currency denominations when doing business over the Net. However, it remains to be seen which is the safest first and then the fastest way to get money sent and received across the globe.

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