Electronic Commerce

Definition

• Business transactions that take places over electronic systems including the Internet and other computer networks. Examples of electronic commerce include buying or selling products online.

Synonyms
business online, e-comm, e-commerce

Alternate Spellings
Ecommerce, E-commerce

Related Terms and Acronyms

• ATM Alliance — Definition,
  • An alliance between banks and/or credit unions that is designed to avoid or minimize surcharges for non-bank customers at ATM machines. Customers from one bank that belongs to the alliance can use surcharge-free ATMs at all alliance banks.
• Bill Presentment — Definition,
  • An online system that allows customers to receive and view the bill on a computer, and then pay the bill electronically. Users can pay their bills immediately and the money is transferred from the account.
• Commerce — Definition,
  • The systems and activities that impact business and trade within a nation and abroad.
• E-cheque — Definition,
  • An electronic version of a paper cheque. The account holder writes an e-cheque using a computer or other type of electronic device and transmits the e-cheque to the payee electronically. Like paper cheques, e-cheques are signed by the payer and endorsed by the payee. Rather than handwritten or machine-stamped signatures, however, e-cheques are affixed with digital signatures, using a combination of smart cards and digital certificates. The payee deposits the e-cheque, receives credit, and the payee's bank clears the e-cheque to the paying bank. The paying bank validates the e-cheque and then charges the cheque writer's account.
• Electronic Cash — Definition,
  • Also known as e-cash. A system used to transfer cash over the Internet to pay for goods and service.
• Electronic Data Interchange (EDI) — Acronym,
  • EDI is a system that companies use to exchange business information electronically, virtually eliminating paperwork.
• Electronic Funds Transfer (EFT) — Acronym, Important,
  • The transfer of money between accounts by consumer electronic systems such as automated teller machines (ATMs), and electronic payment of bills.
  ➥ Also known as e-Transfer.
• Interac — Definition,
  • Canada's largest shared network of ATMs. It allows cardholders to access their accounts from any ATM on the network regardless of which financial institution owns the machine.
• Interac Direct Payment (IDP) — Acronym,
  • A method of paying for goods and services electronically with the funds taken immediately and directly from your bank account and transferred directly into the merchant's account. You use your banking card to do this.
• International Banking — Definition,
  • The operation of bank branches and subsidiaries located outside Canada. This area of banking also includes the supervision of correspondent banking relationships, foreign exchange trading, and trade finance.
• International Chamber of Commerce (ICC) — Acronym,
  • A world business organization that brings business people and experts together to formulate policies in such areas as banking, taxation and the environment.
• International Organization for Standardization (ISO) — Company Est. 1946, Geneva, Switzerland,
  • An international organization created to promote standardization around the world.
• Online Banking (OLB) — Acronym, Important,
  • Access by personal computer or terminal to bank information, accounts and certain transactions via the financial institution's web site on the Internet. Also known as Internet banking.
• Online Bill Payment — Definition,
  • A service offered by online banks, usually for a small monthly fee, that relieves consumers from having to write cheques and lick stamps to pay their monthly bills. Online bill payment systems allow people to enter the names of their creditors and the numbers of their utility accounts and pay virtually all routine bills.
• Online Debit Card — Definition,
  • A method of payment in the form of a card that immediately deducts funds from a person's bank account when used. The card may have a VISA or MasterCard logo on it, or just the name of the bank that issued the card, similar to an ATM card.
• PC Banking — Definition,
  • A service that allows a bank customer to obtain account information and perform certain bank transactions through a personal computer.
• Point of Sale (POS) — Acronym,
  • A location where a sales transaction takes place.
  • An electronic payment system for retail goods and services, through the use of credit cards or debit cards that directly access and deduct funds from a customer's chequing account. Also known as POS.
• Society for Worldwide Interbank Financial Telecommunication (SWIFT) — Company,
  • Global data processing system used by banks.