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. Let us learn more about the different stages of Online Transaction in detail.
Online transaction processing (OLTP) is information systems that facilitate and manage transaction-oriented applications, typically for data entry and retrieval transaction processing. So online transaction is done with the help of the internet. It can’t take place without a proper internet connection.
Online transactions occur when a process of buying and selling takes place through the internet. When a consumer purchases a product or a service online, he/she pays for it through online transaction. Let’s find out more about it.
Stages of Online Transaction
There are three stages of Online Transactions
- Pre-purchase/Sale: In this stage, the product or service is advertised online with some details for the customers.
- Purchase/Sale: When a customer likes a particular product or service, he/she buys it and makes the payment online
- Delivery Stage: This is the final stage where the goods bought are delivered to the consumer.