What is a transaction?
In E-Commerce, Transaction means any sale or purchase of products or services, manage by any network and that method specifically designed for the goal of receiving or placing orders.
After ordering the products or services by those methods, the payment and the delivery of the items or services do not have to be always conducted online.
E-commerce transactions are more secure and valuable to customers rather than purchasing something from a shop. Sometimes retailers don't refund the money but in e-commerce transactions, almost every store owner gives you a money-back guarantee.
In online stores, transactions include different fees and expenses like Payment gateways, Returns and exchanges, Shipping, and Ecommerce platforms.
In konigles, We have some seller tools that directly connect with your shopee and Shopify store to track every transaction and process with your customers.
The best way to E-Commerce Transactions
There are several things that you should be aware of before doing any online transactions.
Contact details of the customer: If you see any wrong details filled in the customer (For eg, the shipping address is different from the billing one) then you should send an email or call to verify that before doing any transactions with that customer.
Collect the card account information: Getting current card information from the consumer is the main key for eCommerce transactions. you should know if this card information is correct (eg, MasterCard owner or visa card owner is current or not) or if any scammer trying to put a fake virtual card.
Verifications: Always enable two-step verification with your customer for more secure transactions.
Authorize transaction: All e-commerce transactions must receive with authorization approval even if your customer is a repeat or old.
Delivery: Always update your customer delivery dates and where the shipment is reached.
Advantages of transactions
- Fast and secure
- Fast access
- You got an update in a few minutes
- Trust with the customer
- Low cost
- Flexibility of locations
- Error recovery
- Track each element of the process
Disadvantages of transactions
- Sometimes compatibility problems
- Internet errors
- Overload problem
- Setup cost is high (Buying licenses)
- Sometimes maybe fraud
Q. What are the Transaction Fees for selling in Shopee Philippines?
Ans. Shopee has implemented seller fees in the marketplace for every successful order transaction, read this.
Q. What is transaction purpose?
Ans. A transaction is a completed agreement between a customer and a seller to exchange items or services in return for money.