Online payment systems are responsible for everything you buy online. Without that online credit card processing, Amazon, Barnes and Noble, Ebay, Walmart, literally any website that was trying to sell a good or service online would be at a loss. Because of how secure it has become, and how popular the internet is, online buying has boomed over the last few years.
Thanks to simple and safe website credit card processing, e commerce went from a scant 72 billion dollars in 2002, all the way up to 256 billion in 2011. In 2011, one third of all e commerce transactions were just from online flight and travel purchases. Yet online payment services do more than just virtually swipe your credit card. They are also the part of the check out process that keeps you updated on your purchase. They are the ones who send customers their bills and invoices, and notify them when the package has been shipped, all via email.
Not all online payment services are used for the same thing. In fact, B2B payment solutions are a whole new system altogether. You may not have realized it, but Business to Business can be a lot more complex than a simple ebook purchase. Some B2B payment solutions involve things like ERP vendors, commercial banks, business process outsourcing firms, and billing and collections solution providers.
There are even varying degrees of credit processing in both business and civilian purchasing. For instance, the third level of credit card transactions is generally the highest end. The companies using that level are those who regularly deal with customers using corporate credit cards or even government issued cards. Yes, where your card comes from can make a difference.
Next time you check out, think about all of those virtual moving parts, all of the businesses coming together to make your online check out as smooth, safe and convenient as possible. And then remember what it is like to not have online commerce. Just be thankful for the fantastic payment processing tech that we have available.