Online shopping

Online Shopping

What is it?

• Directly purchase goods from a seller on the internet.
• Can pay via: credit cards, debit cards, 3rd party payment, gift vouchers
• Easier than going to actual shops, quicker as can be done in just a couple of clicks.

Debit & Credit Cards

• Debit - purchase takes money directly from your bank account
• Credit - accumulate an amount of money that you will have to pay back to the bank in the next month. You could have to pay more for using your credit card.
• Insurance on using cards can protect you if you need to return/complain about goods.

Encryption and Decription

• Secure sites will encrypt your information so that your personal information will not be stolen.
• Padlock, green, https. in address bar

SSL

• Secure Sockets Layer.
• Certification to show that there's a secure connection between client and the server.
• Encrypts data, cryptographic system
• Personal info is transmitted safely and securely

Security

• https.
• Padlock IN ADDRESS BAR
• Green
• Encryption - anyone without the private key cannot access personal info so your information will not be stolen by criminals/hackers.

Advantages

• Consumer protection - can get your money back between £100 and £60,260 if company goes bust
• Quick way to borrow - can use credit cards if impossible to pay directly at time of purchase
• Instant cash
• Credit cards are widely accepted and global

Disadvantages

• Overuse- revolving credit makes it easy to spend beyond your means
• High-cost fees - can become a lot more expensive if you miss a payment
• Deepening your debt - as your balance increases, so do your monthly minimum payments.
• Still have to pay using a credit card but later

3rd Party Transactions

• A payment from a buyer to a seller has to go through a secure, safe site before the money goes through.
• Protection - only the 3rd Party Payment company knows your account details so the risk of fraud is reduced; scam sites don't get your details.

CCV/CVV/CSC

• Last 3 digits of your 16-digit code so that your info isn't stolen, sites can't use your card details.
• For security.