The paper "Development of E-Commerce Payment Mechanism" is an amazing example of an essay on e-commerce. E-Commerce is a short form of Electronic Commerce. E-commerce relates to the conduct of business through the use of electronic mechanisms, in particular, the internet. In other words, it is the purchasing, selling and exchanging of goods and services over computer networks. All transactions and terms of sale are executed electronically. It is typically regarded as a business model or a segment of a larger business model. There are different types of e-commerce.
These include Business to Business (B2B), Business to Consumer (B2C), Consumer to Business (C2B) and Consumer to Consumer (C2C). On the other hand, the government utilizes e-commerce to conduct national business. Forms of e-commerce in the government administration include Government to Government (G2G), Government to Citizen (G2C), Government to Business G2B) and Government to Employee (G2E) among others (Rainer and Casey, 2009). E-commerce has greatly contributed to the creation of the world as a global market. Major benefits of e-commerce, and which have made the majority of the businesses to embrace e-commerce, it’ s the convenience and efficiency achieved.
This is because transactions conducted through the internet, or electronically take the shortest time compared to physical transactions. Consequently, since e-commerce is essentially involves buying and selling, there is a need for a business to develop or make use of an electronic or e-commerce payment system. There are varieties of these e-commerce or electronic payment mechanisms that a business can choose from. Nevertheless, some businesses consider the use of multiple electronic payment mechanisms. These are due to the fact that their different consumers may be subscribed to different electronic payment mechanisms.
On the other hand, a consumer may be subscribed to multiple electronic payment systems. Hence, in using multiple payment mechanisms, businesses aim at reaching consumers from all over the world and providing them with convenience in transacting. These e-commerce payment mechanisms include credit cards and debit cards. Examples of credit and debit cards are Masters and Visa cards. With credit cards, the amount of bill is deducted later, while with debit cards the amount is deducted directly from the consumers’ bank account. The consumers bear banks and other finance charges such as interests and maintenance fees.
Following this, their legal requirements or business law that guides those engaged in electronic commerce or business. There are several policies that guide Australia in the area of e-commerce. Further, the Australian Legal framework on e-commerce is provided through the Electronic Transactions Act of 1999. This was a great significance since it was showed support and encouraged the development of e-commerce in Australia. The Electronic Transaction Act was undertaken in two stages.