In this lesson, let's talk about some of the lingo associated with E-commerce. It's important to understand their wording so you can easily set up your E-commerce solution. Now I've created a work file for you with some of the basic terms. I'll throw in some other terms as we talk about this, but these are the very essential ones that you need to know. I'd recommend going ahead and opening it up so you can make some notes beside it if you need to. So let's get started. E-commerce is the first one. That means Electronic Commerce. People or businesses buy and sell services or products online. Now they do that as business-to-business E-commerce, business-to-consumer, or consumer-to-consumer E-commerce. Maybe an eBay store would be consumer-to-consumer. The next thing down is a the Shopping Cart. Everybody has purchased online, hopefully, and you've put items in a shopping cart. Shopping carts allow you to buy multiple items or multiple services. I could go into Amazon, say I want to buy a Kindle Fire today. I'll add it to my cart. At any time I could go look at my cart and as you can see right now I've got three items in my cart. Now nobody at Amazon is out there yanking items off the shelves and throwing it into a box to ship to me right now. I have not paid. And until I actually pay and complete that transaction nobody's going to be grabbing these off the shelf to give to me. The shopping carts are virtual, and that's the biggest part of E-commerce. People will add things to shopping carts but you want them to finish the transaction. You want them to check out, so you have to make sure that when they get to this point the payment options are really easy to do. Now when people pay they check out and they pay with credit cards, maybe you'll let them mail you the old check, just depends on how you want to allow the payment. You can use a service like PayPal, where they have the merchant account and gateways and processors all in one and they take care of everything. Or you could set up an actual merchant account where you can actually accept credit cards, and that merchant account will do all the processing on all of that for you and deposit that money in your bank. Now if you ever see this CVC2 and CVV2, those are card verification codes. For this one, that's the code that's printed on the back of credit cards, like MasterCard. They're required at check out to hopefully reduce fraud. This one is the card verification value. Those are on Visa. Same thing. They're trying to reduce the amount of fraud by putting those codes on the back the cards. Now another term you'll see periodically is a Chargeback. A chargeback is a credit card transaction that gets billed back to me, the merchant, the seller. Someone is saying, "I want this removed off my account. I don't want it on there." Now the card owner may be disgusted because they're dissatisfied with the product they received or the service. So the card issuer, like MasterCard is going to initiate that chargeback for them. The next thing we're going to get into when we go through all the E-commerce is Credit Card Processors, Merchant Accounts, and Gateways. Now credit card processors are actually going to handle all the details of processing our credit card transaction. They make sure that the card is actually valid and we have enough to actually cover the purchase that we're trying to make. Now a merchant account, that's where we can accept credit card payments directly rather than through a service like PayPal. Now gateways, they're going to talk to those credit card companies for us, the bank, and our website. They're going to provide that gateway in between all of there. Now some merchant accounts do include that, but those are the three basic elements. Now E-commerce is on here. Some people talk about M-commerce, which is mobile commerce, your smart phone, your wireless, so that's another type of commerce you may hear about. You'll hear about real-time processing when these things happen that the credit card is processed in "real time" means it's actually happening right then. And the other one on our list here is SSL Ð Secure Sockets Layer. This simply is a protocol that encrypts our data as it passes across the Internet. Only the sender and the receiver can see that information. I always think of it as like I have a key. I can open that and when I send it to Amazon, Amazon can open that, nobody in between can. Businesses buy a security certificate. It's a text file that is used by that SSL protocol to establish a secure connection. Now if you use a hosted store, a lot of times you just get your SSL certificate right there from them. Sometimes you don't need it. If you use PayPal, like here's my PayPal, see that https? That means it's secure. Don't ever buy something from somebody who doesn't have that. And I can also hit this little padlock and read more about that security. If you want to try it out you can always go to VeriSign and right here, see there's a free trial, you can test it out for 30 days and see how it works. Now you may or may not need this. It depends on what type of payment option you use or what type of store you set up if the hosted store provides this. So let's stop here and we'll continue on in the next lesson with a few more bits of terminology.
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