The very first step in online transaction is ___________.placing an orderregistrationselection of payment methodinput of payment details (2024)

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Business Environment, Ethics and Management

A

placing an order

B

input of payment details

D

selection of payment method

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The very first step in online transaction is registration. A person is required to register himself and his basic information with the vendor so that authentication of a person can be done and transactions can be carried out without any hassle in future.

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The very first step in online transaction is ___________.placing an orderregistrationselection of payment methodinput of payment details (2024)

FAQs

The very first step in online transaction is ___________.placing an orderregistrationselection of payment methodinput of payment details? ›

The very first step in online transaction is registration. A person is required to register himself and his basic information with the vendor so that authentication of a person can be done and transactions can be carried out without any hassle in future.

What are the stages of online transactions? ›

There are three stages of online transaction i.e. first - registration, second - placing the order, and third - online payment. This online transaction is completed by combining all three stages. Online transactions are used to buy or sell any item on an online platform such as Flipkart, Amazon, or eBay etc.

What are the steps involved in online payment? ›

Online transaction is a payment method in which the transfer of fund or money happens online over electronic fund transfer. Online transaction process (OLTP) is secure and password protected. Three steps involved in the online transaction are Registration, Placing an order, and, Payment.

What are the three modes of payment in online transactions? ›

Buyers will use this type of payment when they purchase goods online or offline. They can use different types of online payment methods, including debit/credit cards, wire transfers, net banking, and digital wallets.

Which method is very popular for making online transactions? ›

Credit and debit cards are the most popular payment method for making online purchases. With credit cards, the amount is debited from the user's current account at a later date, allowing them to spend more than their account balance. With a debit card, the money is withdrawn from the account immediately.

What is the first step in an online transaction? ›

The very first step in online transaction is registration. A person is required to register himself and his basic information with the vendor so that authentication of a person can be done and transactions can be carried out without any hassle in future.

What are the 5 steps of transaction processing? ›

Transaction processing systems generally go through a five-stage cycle of 1) Data entry activities 2) Transaction processing activities 3) File and database processing 4) Document and report generation 5) Inquiry processing activities.

What are the three steps to process a payment card transaction? ›

There are three steps that lead towards the completion of the process. Authorization and Electronic Data Capture, Funding and Settlement.

What are the steps required before making a payment? ›

Here's a step-by-step guide for a simple bills payable or accounts payable system:
  1. Check the Invoice for Accuracy. ...
  2. Cross-Reference Invoice Dates. ...
  3. Confirm the Work with the Project Manager. ...
  4. Check the Vendor Details. ...
  5. Record the Invoice Due Date. ...
  6. Schedule a Payment. ...
  7. Approve Purchase Orders. ...
  8. Streamline Decision-Making.

What is an online transaction with an example? ›

Online transactions are familiar to most people. Examples include: ATM machine transactions such as deposits, withdrawals, inquiries, and transfers. Supermarket payments with debit or credit cards.

What is online payment called? ›

Such a payment, sometimes also called an electronic payment (e-payment), is the transfer of value from one payment account to another where both the payer and the payee use a digital device such as a mobile phone, computer, or a credit, debit, or prepaid card.

What are the three main transactions? ›

Based on the exchange of cash, there are three types of accounting transactions, namely cash transactions, non-cash transactions, and credit transactions.
  • Cash transactions. They are the most common forms of transactions, which refer to those that are dealt with cash. ...
  • Non-cash transactions. ...
  • Credit transactions.

What is the most used online payment service? ›

PayPal is the world's most widely used payment acquirer, processing over 22,3 billion payments in 2022. More than 30 million merchants and 400 million active customers use PayPal.

What is the most common transaction? ›

There are many types of financial transactions. The most common type, purchases, occur when a good, service, or other commodity is sold to a consumer in exchange for money. Most purchases are made with cash payments, including physical currency, debit cards, or cheques.

What is the most commonly used tool to secure online transactions? ›

Two-factor authentication (2FA) significantly reduces unauthorized access to online accounts. It requires users to provide two forms of identification before accessing their accounts, such as a combination of a password, a PIN, or a fingerprint. Banks often use 2FA, commonly through SMS codes, to increase security.

What are the steps in transaction? ›

The ten steps of transaction analysis are identifying the transaction, analyzing the transaction, determining the accounts affected, determining the account type, determining the debit and credit amounts, recording the transaction in the journal, posting the transaction to the ledger, preparing a trial balance, ...

What are the steps of the transaction processing cycle? ›

There are six steps in processing a transaction. They are data entry, data validation, data pro- cessing and revalidation, storage, - output generation, and query support.

What are the stages of business transactions? ›

The six steps for recording a business transaction are:
  • Analysing the transactions.
  • Recording the transaction in journal.
  • Posting of debit and credit from the journal entries to the respective ledgers.
  • Adjusting the trial balance.
  • Preparing financial statements.
  • Removing any temporary account created.

What is the life cycle of payment processing in case of online transactions? ›

There are three stages to payment processing: validation, reservation, and finalization. The payment life cycle is related to the order life cycle stages: order capture, release to fulfillment, and shipping. Ensures that a customer has adequate funds to make the purchase.

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