Ecommerce Software Glossary: Key Terms & Concepts

An invoice and a bill are documents that convey the same information about the amount owing for the sale of goods or services. Still, a company uses an invoice to collect money from its cu...read more

Your firm will be able to hold funds in multiple currencies if you have a multi-currency bank account. When conducting a business across borders, having a multi-currency account can help y...read more

A tax is a governmental mandatory financial charge or levy imposed on a taxpayer to fund certain public expenses. The taxation system is critical for a country's economy since money is req...read more

Contact management refers to keeping, organizing, and managing information about your customers, prospects, and sales leads. In its most basic form, an address book or an Excel or Google s...read more

Marketing automation is a technology used to assist marketing departments, and businesses promote more effectively across different internet channels while automating tiresome operations. ...read more

Customer support is a term used to describe services that assist customers in making the most cost-effective and proper usage of a product. From product planning to installation, training,...read more

The process of procuring, maintaining, utilizing, and distributing a company's inventory is referred to as inventory management. This comprises the storage and processing of raw materials,...read more

Trading money electronically is known as online payment. Computer networks, the internet, and digital stored value systems are commonly used in this process. You accept an online payment w...read more

Payment Processing is defined as providing a Person with the ability to charge or debit accounts using any payment mechanism, including but not limited to Remotely Created Payment Orders, ...read more

When a subscription business charges a customer's credit card for items or services on a regular billing schedule, this is known as recurring billing. Subscription services typically charg...read more

Dunning Management is a crucial feature of software that helps businesses effectively handle recurring payments and overdue accounts. It streamlines the process of tracking and collecting ...read more

Custom pricing models are a feature of software that allows businesses to set unique pricing structures for their products or services. This feature enables companies to tailor pricing mod...read more

Customer relationship management (CRM) is a tool that allows to keep track of all of the company's relationships and interactions with its customers and prospects. Its objective is straigh...read more

The process of keeping track of clients' orders and managing the actions required in completing them is known as order management. Accepting the order, picking, packing, and shipping the t...read more

The technique of managing a task throughout its life cycle is known as task management. Planning, testing, tracking, and reporting are all part of the process. Persons can use task manager...read more