E-transact and Its Importance to Business Owners

E-transact and Its Importance to Business Owners

INTRODUCTION

E-transact (Electronic – Transaction) is a platform which use the internet / mobile technology for various transaction. The e-transact provide a medium for business owners to the overcome the barrier of distance and time in the day to day running of business  activities through the use of mobile phone and internet in the comfort of their homes and offices. The e-transact enable the sale or purchase of goods and services, whether between businesses, households, individuals, governments, and other public  or private organizations, conducted over computer/mobile phone-mediated networks. The goods and services are ordered over those networks, but the payment and the ultimate delivery of the goods or service may be conducted on or offline.

In Nigeria E-Tranzact International PLC develops remote real time settlement of transactions software solutions. The Company has developed an online real-time payment system that allows account holders to pay for goods and services purchased from merchants, transfer funds to any bank account, cell phone, any card, pay bills, order products, etc.

IMPORTANCE OF E-TRANSACT TO NATIONAL ECONOMIC AND BUSINESS OWNER

The impact of e-transact to businesses can be huge. E-transact transform the way products and services are created, sold and delivered to the customer. It also change the way in which a company works with its partners.

Some benefits of e - transact are as follows.

IMPROVED PRODUCTIVITY: Using e-commerce, the time required creating, transferring and process a business transaction between trading partners is significantly reduced. Furthermore, human errors and other problems like duplications of records are largely eliminated with the reduction of data entry and re-entry in the process. This improvement in speed and accuracy, plus the easier access to document and information, will result in increase in productivity.

COST SAVINGS: According to a 1999 report by Giga information Group, conducting business online will save companies around the world an estimated USD1.25 trillion by 2002. This compares to total savings of USD 17.6 billion in 1998. The cost savings stem from efficient communication, quicker turnaround time and closer access to markets.

BETTER CUSTOMER SERVICE: With e-transact, there is better and more efficient communication with customers. In addition, customers can also enjoy the convenience of shopping at any hour, anywhere in the world.

CONVENIENCE: E-transact is very convenient to the consumers since the sites operates 24 hours a day 7 days a week, thus, allowing transaction to be done at any time.

REDUCED ERRORS: The automated process tends to produce fewer errors than the traditional process since it is done electronically.

UNLIMITED SHELF SPACE: E-transact companies can display/shelve an unlimited number of goods from which the consumers can choose whatever they want.

INCREASED GLOBAL PRESENCE: E-transact companies can be accessed by people from all over the world, that is, one can purchase from wherever he/she is.

AREAS OF IMPLEMENTATION OF E-TRANSACT

i.            E-finance

ii.            E-commerce

iii.            E-trade

iv.            E-education

v.            E-payment

vi.            E-library

i.            E-finance: E-finance is defined as the provision of financial services and markets using electronic communication and computation. Electronic financial services, whether delivered online or through other remote mechanisms, have spread quickly in recent years. Despite differences among countries - including factors such as the readiness of the telecommunications infrastructure and the quality of the regulatory framework - there is much commonality and significant convergence in the spread of e-finance.

E-finance, including investing, banking, mortgage lending, and insurance is growing at a higher rate worldwide. It is a reflection of the spectacular growth of the internet. With its wide acceptability, e-finance will empower both consumers and businesses, enabling them to reduce transaction costs, speedily process of documents online, and having instantaneous access to information.

ii.            E-commerce: Electronic commerce, commonly written as e-commerce, is the trading in products or services using computer networks, such as the Internet. Electronic commerce draws on technologies such as mobile commerce, electronic funds transfer, supply chain management, Internet marketing, online transaction processing, electronic data interchange (EDI), inventory management systems, and automated data collection systems. Modern electronic commerce typically uses the World Wide Web for at least one part of the transaction's life cycle, although it may also use other technologies such as e-mail.

E-commerce businesses may employ some or all of the following:

a.     Online shopping web sites for retail sales direct to consumers

b.     Providing or participating in online marketplaces, which process third-party business-to-consumer or consumer-to-consumer sales

c.      Business-to-business buying and selling

d.     Gathering and using demographic data through web contacts and social media

e.      Business-to-business electronic data interchange

f.       Marketing to prospective and established customers by e-mail or fax (for example, with newsletters)

g.     Engaging in retail for launching new products and services

iii.            E-trade: Electronic trade, sometimes called e-trading, is a method of trading securities (such as stocks, and bonds), foreign exchange or financial derivatives electronically. Information technology is used to bring together buyers and sellers through an electronic trading platform and network to create virtual market places. They can include various exchange- based systems, such as NASDAQ, NYSE Arca and Globex, as well as other types of trading platforms, such as electronic communication networks (ECNs), alternative trading systems, crossing networks and “dark pools”. Electronic trading is rapidly replacing human trading in global securities markets.

iv.            E-education: E-transact offers institution of  learning opportunity to utilize the modern technology  in the effective use of technological tools in learning. As a concept, it concerns an array of tools, such as media, machines and networking hardware, as well as considering underlying theoretical perspectives for their effective application.

E – transact offers institutions a platform where students no longer need to go the institution physical structure or school environment to make payment as regards to their tuition fee and any other payment as regards to their studies.

v.            E-payment: E – transact provide a platform for  electronic payment where buyers and sellers make payment for goods or services offered through the Internet. Generally we think of electronic payments as referring to online transactions on the internet, there are actually many forms of electronic payments. As technology developing, the range of devices and processes to transact electronically continues to increase while the percentage of cash and check transactions continues to decrease.

Many businesses and consumers are still wary of conducting extensive business electronically. However, almost everyone will use the form of E Commerce in near future.

vi.            E-library: E - Library is the perfect resource for delivering full-text and multimedia reference essentials. The easy-to-use interface makes research easy, whether you are a middle or high school student, a public library patron unfamiliar with databases or an adult taking coursework online.

Researchers find the answers they need from more than 2,500 full-text magazines, newspapers, books, and transcripts—plus over 7 million maps, photographs, info-graphics, educator-approved websites from Homework Central and top-quality multimedia (audio/video) clips. Editor-created and maintained Research Topic pages appear for the most commonly searched queries. Research Topics highlight text and multimedia documents from e-Library to provide context around an issue, event or person, saving users time in their research process.

Generally an electronic library, commonly referred to as e-library, is a type of service that allows users, without actually stepping into the library, to read library books and conduct research at home, in the office, or at school, using the Internet.

BIBLIOGRAPHY

E-commerce: retrieved from Electronic Commerce (ecommerce) Definition | Investopedia http://www.investopedia.com/terms/e/ecommerce.asp#ixzzG3mOlh2bn
Jain, Pankaj K., 2005, “Financial market design and the equity premium: Electronic vs. floor trading,” Journal of Finance volume 60, issue 6, pp. 2955–2985.

Miller, Roger (2002). The legal and e-commerce environment today. Thomson Learning. (extracted from en.m.wikipedia.org)

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