It just seems like we never lived without the internet, and as young as a lot of our readers are, some of us never have. On a daily basis our lives are intertwined with wireless devices and voiceless communication; while we curse it at times, it's here to stay and has had the most profound impact on planet earth that we'll probably see in our lifetimes. In addition to the many useful ways the internet has brought us all together, one facet of it has more than we actually realize at times, and that's how E-commerce has changed economies and broadened the horizons of some cultures, and both at once.
Do you remember the first time you bought something over the internet? I think I do; it was some fake sunglasses I bought online from a vendor that swore that they were authentic. I guess I'd have to agree; they were authentic sunglasses, in the broad sense. But that was a long time ago and for many of us, our reluctance to trust an online vendor has diminished. Take stock quickly. What types of merchandise do you look for and buy online? Do you find yourself getting excited about products that come from other countries? Do you seek out exotic products because they are from other countries. I guess, that's the greatest thing about E-commerce that has come about in the last three to five years. We're acquiring goods from other places that we couldn't get before, and may not have even known existed; and vice-versa, domestic products are finding their way into the mainstream in other countries that maybe were unattainable not too long ago. All of this trade is great and it does get better. As the marketplace gets bigger, competition gets tougher, and competition is always a good thing for the consumer. We like it because we have more companies competing for our business. Businesses like it because it brings mass awareness to their industry, brand and companies.
With all this trade, the banking industry hasn't been left in the dust. In fact they're stepping up their game in ways that make merchants and consumers lives easier. Today, merchants have a lot more options when it comes to their money, customers and the banks which fall in the middle. Something interesting has been happening in the banking industry over the last couple years and it's affecting the global economy every bit as much as the internet changed the hard goods marketplace. Today, consumers are statistically safer making online transactions versus in-person purchases locally. Why is this? It's simple, there's little paper trail and your personal card information is trusted by professionals that are either bonded, work for reputable banks own or are affiliated with processing or merchant service companies.
Merchants don't have or need to choose a domestic bank anymore. Whether your business is based in Columbia or the District of Columbia, you can choose a bank anywhere in the world to handle your online credit card transactions; and it's just like shopping for a handbag made in Peru that can be obtained easier, cheaper and with better services many times. And that's how the internet has helped to change the banking industry. A major factor in this is that domestic (or US) banks generally leer at E-commerce or internet based businesses as fleeting and high risk. In turn, they assess high rates and stricter guidelines to these businesses, many of which cannot be met, due solely to the type of business that the operator is running. Many of these merchants have looked internationally to banks that can offer them the services they needed and with less hassles. Long gone are the days of the scoffed upon off-shore banking industry. In fact, today when it comes to many of the products you buy online; that merchant is being funded by a non-domestic or off-shore bank. And there's nothing wrong with it. It's almost seems as though the US hasn't kept up with the times, but that will have to change if we want to be competitive. International banks specialize in multi-currency processing and reside in countries that need and benefit from an influx of money and goods are aggressive and have a lot less restrictions on the types of businesses they process for. In a way, the internet has revolutionized the banking industry in the same ways it impacted retail and wholesale, for that matter. If you're an online merchant, it probably wouldn't be a bad idea to check out online merchant service providers to see how they can make your business more efficient and profitable.
