Online retailing allows even the smallest business to transform into a global, 24/7 operation.

Credit and debit cards, and other forms of electronic payment, are the primary means of payment – and often the only means – for online, mail, and phone order businesses.

Major online businesses also recognize the benefits of electronic payments.

In October 2008, eBay announced that it will no longer accept paper payment methods, opting for more “consistent, secure and fast transactions.

Moving away from paper payments will “greatly reduce [buyers’ and sellers’] exposure to fraudulent activity,” and provide “faster access to funds, earlier shipments and increase in buyer satisfaction.” »

In 2007, online retail spending rose 25% to $146.5 billion (excluding travel), and it showed further growth in 2008.

Reuters reports that online retail spending in 2008 rose 15% from a year earlier on “Cyber Monday” »

US retail sales were projected to grow 17% in 2008, totaling $204 billion »

Online and global business is made possible with debit and credit cards.