Business Security: Pros and Cons of Doing Online Transaction

With the evolution of technology, a lot of things become feasible these days. Indeed, technology has brought in tremendous impact in different aspects of living. One good example is the advancement in business sector.

Business enterprises have benefited much from previous technology advances. Furthermore, as technology continues to evolve, businesses can look forward to more benefits in the future. Online transactions are very common to most businesses of today. Regardless of the business type, making use of the Internet has made every transaction easier and faster.

Nonetheless, online transaction has its own positive and negative sides. Alongside the advancement of technology, cyber crime rates have also soared high. For entrepreneurs, the higher the statistics the more dangerous specifically in terms of financial matter. So, the question is - is online business transaction safe?

Let’s scrutinize both sides.

• Round-the-clock Transaction - No more geographical boundaries! Online transaction allows enterprises to do businesses anytime, anywhere. Time difference is no longer a hindrance in making deals with foreign businesses. For instance, if you need to transfer money from you business account to an overseas establishment, you do not have to wait for banking hours. All you need to do is make use of online banking - which is 24/7.

• Increase Speed - Transacting online saves businesses lots of time. With just a few clicks, you are able to place an order of raw materials you want even if your supplier is overseas. Furthermore, if you have to settle an overdue bill, you can immediately place your payment. Indeed! No time wasted.

• Less Fees to Pay - Obviously, using the net to do your business transaction lets you save money. Imagine before, if you need to meet a client, you will have to set a meeting place. This means you must shell out some bucks for the gas, food and the meeting place itself. On the contrary, online transaction eliminates all those fees. All you need is sit in-front of you computer and do your thing.

• Threats from Hackers - Probably the ultimate drawback of doing deals and other transactions online is the cyber crime risk. Hackers these days can easily find ways to steal confidential information. In some cases, these cyber criminals can break-in even in the most secured website or database. This is why many businesses installed the most advanced anti-hacking programs in an effort to refrain from being a sorry victim.

• Security of Business Information - Some online transactions require user to key-in confidential information to complete the process. This is very risky. Cyber criminals might be able to steal sensitive business information, such as account number, contact person, contact number, customer details, etc. For instance, if you are going to apply for online business loans, hackers might steal your details and use them to do other transactions. Thus, some people or businesses avoid using the Internet for any sort of financial transaction due to security reasons.

The advantages of using the Internet for any transaction looks promising as compared to the disadvantages. Meanwhile, the cons generally point out to security of the business.

Conclusion: