The advent of the internet technology is what brought about online banking or e-banking as it is sometimes called. With the concept of internet marketing comes the realization that people can do business online and actually make money conveniently from it. Internet marketing introduced a new way of business operations in the world; it birthed the new breed of people who conducts their general businesses online and with this comes a challenge. Payment issues; how will the transaction be converted into cash. With this problem comes the solution of online banking. The concept of internet banking was introduced to fill up the gap created by ecommerce. Digital financial service providers constitute financial organization representing their services online to offer financial services to internet marketers. What are the financial services provided by online banking?
In the introduction part you already have a clue to the genesis of the migration of banking into the digital world – online banking. However, very few people especially the ones living in developing countries are still yet to understand the process involve in ecommerce. The ability of accepting payments and receiving payment online is still a challenge to most people. This is where online banking and other third party online payment processors like click bank, pay pal, alert pay, etc., comes in. Other offline bank are also well represented online to provide financial services for online marketers. The aim of this exercise is to provide a safe and secured environment for people to conduct their businesses online and receive their payment or income. For better understanding below are some of the financial services provided by online banking.
To keep money securely while making a way for withdrawals: example of financial providers that offers such services are: pay pal, alert pay, etc. These financial establishments provides an account where payment is kept until required for withdrawal. Provision of banking instruments like check as a means of payment: for instance third party payment processors like Click bank provides check as one of the payment solutions for their clients online; so also does Paypal, alert pay, liberty reserve, etc. Credit and debit card issuance: Most online banks issue credit or debit card as a means of payment. Internet merchants or business people who wish to sale their products online are provided with these payment tools to enable them accept payments online. These cards are issued by online payment processors to merchants. These merchants after registering with one of these financial providers are given the authority to use credit or debit card interfaces in their websites. When visitors comes to their websites, clicks on the button to order for a product, they will be taken to an order page where payment will be processed. The payment is then transferred into the merchant’s account, who at a time he/she likes can request for withdrawals, payment transfer, or any other transaction he/she may wish to conduct with his/her money.
Tips and comments
Online banking also provide easy withdrawal processes, example is cash withdrawal using Automatic Teller Machines (ATM). Example of online banking providing such services are: Payoneer, Paypal, Graphcard, etc.
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