Unit 4 Application Assignment: Accounting - The Language Of Business – Coursework Example
E-Commerce Payments (Insert Payment has been the life-blood of doing business. There has been a shift in the way of doing business. The shift in business is as a result of the current technological advancements. One major shift had been the introduction of electronic way of doing business. In order to cater for electronic transaction, e-commerce payments have also been integrated in the business (Burns, 2002). The use of E-commerce payments became a reality following widespread installation of computers in banking and finance systems.
There are various characteristics that make e-commerce payments desirable for use in business. The player can easily automate, generate and process multiple payments within a short time (Burns, 2002). Automation of a payment process has enabled production of immediate results as well as a capability of open accessibility to many business players. E-commerce payments have promoted globalization as well as a facilitating development of new business models, to cater for the new technological developments.
Although the introduction of e-commerce payments has promoted business activities in the world, its impacts have presented negative impacts among business players (Burns, 2002). The use of e-commerce payments has contributed towards collateral information loss during a transaction involving two or more jurisdictions (Davlin, 2014). The loss has been an embedment payment audit trail. Immediacy and timing of e-commerce payments leads to coerced payments being initiated by fraudsters. Openness and accessibility of e-commerce is also susceptible to online attacks and exploitation by fraudsters. Once the funds are transferred, it is not easy to reverse the transaction (Burns, 2002).
The information contained in the article is of high value to all business stakeholders. Both buyers and sellers need to be aware about advantages of using e-commerce payments during business transactions. Also, clear information should be provided to anyone wishing to contact e-commerce transaction about the possible negative impacts, associated with electronic payments.
Burns, S. (2002). Unique Characteristics of Ecommerce Technologies and their effects upon Payment Systems. Retrieved November 22, 2014, from www.sans.org: www.sans.org/reading-room/whitepapers/ecommerce/unique-characteristics-ecommerce-technologies-effects-payment-systems-572
Davlin, A. (2014). 10 Essential Things Your E-Commerce Site Should Have. Retrieved November 22, 2014, from www.hongkiat.com: www.hongkiat.com/blog/essential-things-ecommerce-site-should-have/