Online transaction processing has become the order of the day. Online transaction processing undergoes constant improvisation and change to stay in tune with the market demands. Online transaction processing is said to be the key factor in deciding a company’s stake in the market for the competitors may otherwise have an edge because online transaction processing services cater to a global audience. The trends in online transaction processing are improving day after day.
Online transaction processing enables internet based applications to function in an efficient manner. When applications are dealing with online details transaction processing helps in providing the required information in the form of input and deriving the results by carrying out the operations in the form of output. They are used in most of the business in the current scenario.
What Is Online Transaction Management?
Online transaction management is the process of managing the information processed by transaction processing services. Software programs are used for online transaction management. They are incorporated into service oriented architecture and web services.They are used for many activities like online purchase and selling and net banking services.
What Kinds of Online Transactions are Possible?
Almost all transactions that are performed using a computer or other automated machines can be performed online. The only prerequisite is that they must have internet facilities and must make use of online transaction processing tools and the relevant software programs. Online transactions have greatly saved time money and labor. These are the trends in transaction processing. Some of the online transactions that take place in day-to-day life are as follows:
Making Purchases and Sales Online
There are lots of ecommerce websites wherein people can make purchases and as well sell their goods online. The company hosting the website will arrange for the transfer of funds after deducting the commission due. In some cases they will also undertake to deliver the goods to the buyer and as well as deliver it from the seller by collecting professional charges.
Banking Transactions
A customer’s physical presence is not required to perform banking transactions anymore. Customers are given passwords wherein they can login into their account and make all sorts of transactions like payments and crediting money to their account. The customer will be able to do all the banking transactions except handling cash physically,
Enrollment
Several websites providing information and resources like software programs and other downloads collect your membership details in an online form. Once they are stored in the system you will automatically be updated with newsletters and any clarifications that you seek will be answered easily if you quote details of your membership account number.
e-Books and Library
The advent of internet has done away the concept of papers and manual labor as far as possible. Computerization has effectively helped to reduce and in some cases even diminish the paper space occupied in offices. Internet has enabled you to read articles, access journals and even books online. Similarly you will be able to skip pages within second. Therefore apart from the saving the cost of buying the books you gets to save lot of time by reading online.