E-Commerce Jargon Decoded

Ecommerce can be a puzzling subject and many of us need a little help decoding it. So here are a few every day E-commerce jargon explained for the lay man: Immerce Immerce is the new expression being used for commerce that is done completely over the Internet. Merchant Status Merchant Status is attained, when the merchant rents or buys special software that is used to process the transaction. Depending on the bank and the type of business that you are operating, you may need to purchase or rent a hardware known as a processing terminal. Merchant Account A merchant account is obtained only after you successfully attain merchant status. A Merchant Account basically is a link between a business and a merchant bank which allows the merchant to accept credit card payments from customers. Internet Merchant Account This account permits the receiving of credit cards online. Transactions are processed online, in real time. If the card is approved, the customer and the merchant are both notified and the sale goes through. Merchant Brokers These are brokers that help in setting up credit card accounts for online businesses. They charge a setup fee and lease or sell the software and hardware as required. If getting a merchant account through a traditional bank is proving to be trouble some, merchant brokers are an option. Extranet Extranet is an extension of a corporate intranet. It joins the internal network of a company with the intranets of its customers and suppliers. This networking makes it possible to create e-commerce applications that link all parts of a business. Soft Goods