Personal Development, Business, Finance, and Investing for Everyone
An investment in knowledge always pays the best interest.
Technology is about adoption. And that requires education.
Why we should improve education with internet and technology? We live in the Internet age. Everyone wants clicks. Online Financial Transactions These involve movement of funds or payment of goods or services done through a computer or any device connected to the internet. Common Types Of Online Transactions Bills Payment Payment of bills (e.g., credit card, utilities) through internet banking. Remittance Money sent or transferred to another account through an intermediary known to provide remittance services. Remittance commonly refers to the sending of money by Filipinos overseas to their beneficiaries. Fund Transfer
Online Shopping Buying or selling of goods or services over the internet. Online Investment Buying or selling of investment products (e.g., Unit Investment Trust Fund, stocks) over the internet. Bank Account Monitoring Tracking and recording activities or data related to a bank account. Loan Monitoring Tracking of loan payments and balances. Features Of Online Financial Transaction Generally Secured Security features such as One-Time Passwords (OTP) are provided to protect against security risks (e.g., identity theft and phishing scam). Accessible and Convenient 24/7 accessibility from virtually anywhere is possible, provided you have internet connection. Efficient You don’t need to contend with long and time-consuming queues in banks or in merchant shops. Balance Alerts Some services offer setup alerts to keep you updated on your account activities. This feature helps you monitor your accounts and avoid fees (e.g., transaction alerts and bill payment alerts).
Important Considerations When Transacting Online
Security Risks
While we say that online transactions are generally secured, these are still susceptible to security risks. Be sure to protect your personal information online. Internet Disruptions Secure a reliable internet provider as poor connection/server may disrupt and cause delay on your transaction or payment procedure. Incorrect Information For payment and fund transfers, make sure to double check the entries made before confirming the transaction to prevent sending either an erroneous amount of money or to the wrong recipient. Delayed Posting Of Transactions Not all online transactions are posted real time. Some are subject to the same over-the-counter transaction parameters. Make sure to keep a record of your transactions.
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