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Now let’s take a look at what actually happens behind the scenes when a payment is being processed. This’ll also explain why, sometimes, when you’re making a purchase, either online or at a cash register, after you have inputted your PIN number, the card machine displays, “Dialing, processing payment.” It all takes a little bit of time.
So this is what’ll help us understand what’s going on while that time’s being taken:
So, with all this money coming in and out of the website, it’s important that it’s joined up with an accounting package, because we want to be able to see how much money’s coming in, in terms of sales. We also want to see how much money is going out, in terms of the fees we’ve mentioned that go to the service, or the payment providers, any cost going out in terms of refunds, and also the costs of each sale, in terms of costs of good, and also any variable marketing costs. It’s ideal if we can see them in one place so we can get a clear view of how much margin we’re making per sale.
And there are different ways of providing this join-up between the financial information of your website and the accounting packages that sit behind it.
And so, again, like everything else, you need to decide which of these different methods is most appropriate for the site, scale, and complexity of your business.Back to Top
Graeme Smeaton is the founder of Royal & Awesome. Along with a proven track record in defining and delivering marketing strategies that drive significant growth and create real shareholder value, Graeme is highly commercial. He has extensive experience managing PLs and other key financial statements, while being an operational board director of AFG Media Ltd, and has experience negotiating with suppliers, distributors and licensing partners.
Data protection regulations affect almost all aspects of digital marketing. Therefore, DMI has produced a short course on GDPR for all of our students. If you wish to learn more about GDPR, you can do so here:
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ABOUT THIS DIGITAL MARKETING MODULE
The E-Commerce Strategy module will introduce the characteristics of the e-commerce business model and will help you understand the corresponding business requirements and decisions that flow from their value proposition. You will learn to recognize the strengths and limitations of different e-commerce solutions and common payment methods. Finally, you will respond to a range of different illustrations showing how the level of customer service affects an e-commerce business in an industry where trust is key to the purchasing decision.