Monique Powell, Gleaner Online Writer

With the recent enactment of the E-Transactions Act, issues surrounding e-business and its potential in Jamaica have once again been brought to the forefront.

This long-awaited development brings us one step closer to 'e-readiness', in that it provides a point of reference and a legal framework for those wanting to carry out business transactions electronically.

However, we still have a long way to go, especially as it relates to lowering the barriers to entry for small businesses and self-employed persons who may wish to use the Internet as a sales channel.

E-commerce aspect

Some business persons who have already gone as far as to set up a website, still shy away from the e-commerce aspect, partly due to the fact that there is limited information available on the costs and procedures involved and partly because of the perceived hassle.

At least two local banks have introduced services, which allow businesses to set up a merchant account.

Simply put, a merchant account is an account set up specifically for the purpose of collecting the proceeds of credit card transactions. However, for small-business startups and 'one-man' operations, the costs involved in acquiring one of these accounts through the local banks can be prohibitive.

The good news is that there are low-cos that will allow businesses and individuals to easily sell goods or services and accept credit card payments for these via the Internet.

monique.powell@gleanerjm.com