The e-commerce industry has seen tremendous growth in recent years particularly because of the change in shopping behaviours which the Covid pandemic has brought on. The US census bureau has stated that total e-commerce sales for 2021 were estimated at $870.8 billion. This is an increase of 14.2 per cent from the previous year. Tapping into the market is incredibly lucrative and requires far less initial investment than attempting to break into the retail space. This makes it a very appealing market for entrepreneurs. There are a wide variety of tools available to help entrepreneurs enter the e-commerce industry. The latest tools which are trending in this space are payment processors, carts and website builders.
Payment processors Payment processing is the process of an online store accepting an electronic payment for its goods or services. A payment processor is the company which handles the transaction. They transfer the customers' money to your business's bank account. They serve an intermediary function between your online store and your bank account. The payment processor serves three primary functions: transfer the data of the payment from the bank account of the...
