E-commerce is the act of buying and selling goods and services and collecting payments through the internet. International E-commerce is the same transaction but between separate countries.
The history of E-commerce begins with the first ever online sale: on the August 11, 1994 a man sold a CD by the band Sting to his friend through his website NetMarket, an American retail platform. This is the first example of a consumer purchasing a product from a business through the World Wide Web.
Since then many of the e-commerce companies started to utilize this way of trading globally. However, for them bringing their product or service to an international level and collecting payments globally is a time consuming and bureaucratic process that can eat up the profit. For International E-commerce, banking presence in the given country is required and regulations are strict. Virtual Bank Accounts can make this process easier and cheaper.
Timeline
People
Further reading
B2B Pay helps you in global Arbitrage
B2B Pay
Web
May 23, 2019
Virtual Bank Accounts for International payments
Web
March 14, 2017