International e-commerce payments

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.

History

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.