Key E-commerce Terms

• E-Commerce : electronic commerce was meant for facilitation of commercial transactions electronically, using technology such as Electronic Data Interchange (EDI), Electronic Funds Transfer (EFT), etc

• Models of e-commerce : B2B,B2C, C2B AND C2B

• EDI: can be stated as collection of standard message formats to exchange data between organizations computers via any electronic service.

• SET: is a standard protocol for securing credit card transactions over insecure networks, more specifically addressing transactions over Internet. Please note clearly, SET is not itself a payment system, but rather a set of security protocols

• Merchant account: When you want to have credit card, you fill up form/details and submit same to financial institution, on similar lines when some want to start e-business/ online transactions (which need online transaction through credit, debit, charge cards), one must step up a merchant account.