Different types of transactions

A number of students are asking me about transaction types and what different types of transactions there are.

I thought I might start by giving you a definition in answer to your questions .

A transaction is an exchange of trade (goods and services), ideas or money between a website owner and a customer.

There are no hard and fast rules that will apply to all websites and you will need to study your chosen website in detail to see what types of transactions are on offer.The following is a brainstorm of the different types, but be careful …make sure the website under study includes them before you start writing about them!

* Sale/purchase of goods and / or services
* Return / exchange of goods and refunds
* Online methods of payment - EFT with credit card, debit card, Paypal
* Offline methods of payment (sending a cheque or bank draft or making a bank to bank funds transfer via web)
* Voucher processing e.g. Amazons (cashing in a gift)
* Loyalty card transaction (points in exchange for spending a certain amount)
* Terms of Service( seller supplies goods and services, buyer agrees to terms and conditions)
* Placing an order (intent to purchase)

We therefore need to ask ourselves a question, if placing a product in a wishlist is indeed a transaction since no exchange of commitment is made by either buyer or seller...

Perhaps you can think of more...