A business transaction involves buying, selling, and marketing. It starts with attracting customers, then agreeing on terms and payment, and ends with the buyer paying and the seller releasing the product.
A business transaction is a type of activity that includes buying, selling, and marketing elements. The overall process involves presenting an opportunity to purchase products, identifying the terms related to that purchase, and then going through the payment process to complete the transaction. Activity of this sort serves as the driving force behind all types of commerce, allowing buyers and sellers to come together and participate in events that, ideally, are to the benefit of both parties.
The process of a business transaction actually begins with the efforts of the manufacturer of a good or service to attract the attention of consumers. During this phase, the emphasis is on informing potential customers of the benefits associated with the product in question. Assuming that this marketing effort is successful, the consumers’ attention is captured and at least a percentage of the target consumer market will express an interest in purchasing the good or service being offered.
After grabbing consumers’ attention, the business transaction moves on to the process of structuring the terms of purchase. During this phase, the buyer and seller come to an agreement on the cost of the product and also how payment will be offered. Depending on the exact nature of the transaction, this may involve some degree of negotiation between the two parties, arriving at a price that is acceptable to all involved. At the same time, options for providing payment to the seller are discussed, with the buyer deciding on the mode of payment they feel is most appropriate for the type of transaction taking place.
A final component in any business transaction is the actual bidding of the payment. This involves both parties to successfully complete the process. Buyers must initiate the payment method, using one of the methods accepted by the seller. Sellers, in turn, acknowledge receipt of payment and then proceed to release the good or service to the buyer. The duration of this phase will vary, depending on the type of payment provided and the nature of the product purchased. For example, an online business transaction involving the purchase of a software product and payment via a credit card usually results in the buyer’s immediate ability to download the purchased product. On the other hand, a payment in the form of a check can take several days to clear the seller’s account, with the seller not releasing the purchased product until the payment is verified.
Asset Smart.
Protect your devices with Threat Protection by NordVPN
