What is the use of EDI, EFT, or Email in eCommerce?
In eCommerce – EDI means interchange data electronically, EFT means to transfer money from one bank to another, Email is to exchange message.
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Now come to the point-
EDI:
- The full form of EDI is an Electronic data interchange.
- Data or business document is interchange or exchange electronically.
- EDI is a computer to computer exchange data or business document electronically between business partners.
- It is used in B2B transition.
- Companies use EDI system to interchange data and information electronically by computer, it is a paperless transaction.
- This is used to completely eliminate the need for human interruption or intervention.
- Document list that can be shared: Inventory documents, Customer documents, Payment documents, Purchase orders, Invoices, Advance ship notice, etc.
Advantages of EDI:-
- With the help of an example, I will describe the advantages of EDI: When a buyer selects a product and purchase order, if the supplier has that product then automatically generate an invoice then buyer get that invoice easily. That process is done within a seconds.
- Paper documents are eliminated.
- Human interruption is less.
- Time is taking an important role to grow any business, and with the help of EDI, we can save more time.
Disadvantages of EDI:-
- Let’s take an example to understand the disadvantage of EDI: Buyer generates the purchase order and sends to the supplier. The supplier receives order then supplier enters the invoice into their computer. Invoice of that product is created then the invoice is sent to the buyer after that buyer enters an invoice into their computer.
- This will take more time.
- This process normally takes three to five days.
EFT:
- The full form of EFT is an electronic funds transfer.
- The electronic funds’ transfer is a process of transfer money from one bank account to another.
- The transaction takes place over a computerized network, either among accounts at the same bank or to different accounts at the separate bank.
- It is also known as an online transaction or PIN-debit transaction.
- EFTs are done on direct-debit transactions, wire transfers, direct deposits, ATM withdrawals, payroll payments, debit or credit transfers, mortgage payments, and online bill pay services.
- It is a paper-free banking system, where a very large number of invoices and payments take place over digital networks.
- Due to its benefits, electronic funds transfer systems are promoted by most financial institutions.
- This process is secure and very fast, in the future it will play a very important role to grow any business.
- EFT is secured by a personal identification number (PIN) or the login information.
- Example of EFT: ATMs, PayPal, Tez, Venmo, Square Cash, Google Wallet, Pay-by-phone systems, Wire transfers, Online or mobile banking, Electronic checks, PhonePe etc.
Benefits of EFT:
- This is a very simple and secure transferring method.
- This is a paper-free banking system.
- There is no need for bank staff.
- Great security and protection to the funds.
- cheaper
- Save time, save money, improve credit score.
Email:
- The full form of Email is an electronic mail.
- Email is the process of exchanging message using the internet through the computer, mobile phone etc.
- This is also written as electronic mail, e-mail or email.
- Email is a message that contains text, files, images, or other attachments sent through a network to an individual or group of individuals.
- The first Email was sent by Ray Tomlinson in 1971.
- Only mainframes, minicomputers, and computer networks have an email system.
- Mainly companies and institutes use the e-mail system because it is fast, flexible, and reliable.
- All online services and Internet Service Providers use email. Usually, it takes only a few seconds or minutes for mail to arrive at its destination.
Benefits of Email:
- It is secure.
- It has a low cost.
- It is quick
- Photos, documents, and other files can be shared.
- One email can be sent to more than one recipient at a time.
- You can store it in a text file.
- Easily forward to other users.
- Delete it.
- Printed out on a printer if you want a paper copy.
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