Shopping Online: Convenience, Bargains And A Few Scams
Both businesses and customers have embraced online sales as a cheaper and more convenient way to shop, but just like anything associated with the internet, there are benefits and dangers associated with shopping online. Read on to learn how to protect yourself while you use this handy resource. (To read more on online buying, see Keep Your Financial Data Safe Online and 10 Things To Consider Before Selecting An Online Broker.)
Mechanics: How Does Online Buying Work?
Shopping online is just like heading out to the store. You can buy all the same things from your home computer and can sometimes even get access to better sales.
When you shop online, you have to start by searching for a product. This can be done by visiting a store's website or, if you are not aware of any store that has the particular item you are looking for or you'd like to compare prices between stores, you can always search for the items with a search engine and compare the results.
On major retail websites, companies and merchants will have pictures, descriptions and prices of the goods that they have for sale. If a smaller company does not have the means to create a website, some sites like Amazon and Yahoo! make it possible for small businesses and individuals to display products or build their own online stores for a monthly and transaction fee.
Other websites like eBay and Bidz provide an auction format, in which sellers can display items for a minimum price and buyers can bid on these items until the listing ends or the seller chooses to award it to a buyer. Most stores also have placed virtual customer service centers on their websites, so you can either call, email or chat with a live customer service representative if you have questions.
Buying and Receiving the Product
After finding and selecting your desired product, the webpage usually has a "checkout" option. When you check out, you are often given a list of shipping and payment options. Shipping options include standard, expedited and overnight shipping. Depending on the shipping company being used and your location, standard shipping usually takes seven to 21 business days and expedited shipping can take anywhere from two to six business days.
When it comes to paying for your purchase(s), there are also different options:
E-Check: This payment option is just like paying directly from your bank account. If you choose to pay by electronic check, you are required to enter your routing and account numbers. Once this is done, the amount is taken directly from your bank account.
Credit Card: When you pay by credit card, instead of swiping your card like you would at a brick-and-mortar store, you type the required credit card information into provided fields. Required information includes your credit card number, expiration date, type of card (Visa, MasterCard, etc) and verification/security number, which is usually the last three digits on the back of the card, right above the signature.
Payment Vendors: Payment vendors or payment processing companies, such as PayPal, are ecommerce businesses that provide payment exchange services. They allow people to safely transfer money to one another without sharing financial information. Before you make purchase through a payment vendor, you'll need to set up an account first to verify your credit card and/or financial institution information.
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