FREE online courses on ECOMMERCE FUNDAMENTALS - Electronic Payment Systems - Banking system

            

                                        Banking system in on-line commerce

 

For a complete transaction, the following steps need to be executed:

1.The consumer accesses the shopping mall and selects a shop for purchasing certain items.

 

2.The shopping mall server accesses the merchant system for the selected shop.

 

3.The merchant system presents the store's home page to the consumer. It also includes information on the various goods available from this store.

 

4.The consumer selects the desired goods, interacts with the merchants system and makes the payments.

 

5.The merchant system accesses its bank for authorization of the consumer payment.

 

6.The merchant system informs the consumer that the payment is accepted and the transaction is completed. (At a later time, the merchant bank obtains payment from the consumer's bank.)

 

7.The consumer's bank informs the consumer of the money transfer through mail such as a monthly report or on-line bank account.