Online transaction in general refers to the process of conducting financial transactions electronically, typically via the internet. When it comes to subscription and billing management, it includes any transaction in which a customer pays for a product or service using an electronic payment method such as a credit card, debit card, or electronic funds transfer.
Online transactions in a subscription business include a variety of payment types, including one-time purchases, recurring billing, and subscription renewals.
In this type of business, online transactions can be processed using a variety of payment gateways, which are services that facilitate the transfer of payment information between the customer and the business. Payment gateways can be integrated with a business’s subscription management software to automate payment processing and reduce the need for manual payment processing.
Online transactions can provide a number of benefits, including convenience for customers, faster payment processing, and reduced overhead costs associated with manual payment processing. However, it is important to ensure that online transactions are secure and compliant with relevant regulations and standards to protect the privacy and security of customer data.
