Online therapy for children, also referred to as teletherapy, has emerged as a significant evolution in the mental health landscape, particularly in the wake of the COVID-19 pandemic. Despite the relative newness of this mode of therapy, it has revealed promising results in fostering emotional and psychological well-being of children. Nevertheless, before embarking on this journey, it is crucial to be well-versed with some fundamental elements that I wish I had prior knowledge of.

1. The Psychological Prerequisites of Online Therapy : Parents often misconstrue online therapy as a universal solution. However, the readiness of the child plays a pivotal role in how effective the therapy can be. Certain cognitive abilities, such as the capacity for abstract thinking, can dictate how well a child can respond to online therapy. While younger children might benefit from play therapy or other interactive therapeutic methods, older children with more developed cognitive abilities can engage more effectively in cognitive-behavioral therapy.

2. The Importance of a Conducive Environment : At first glance, the comfort of home might appear to be conducive to therapy. However, the environment should also be free from distractions and interruptions, which is often not the case. Background noises, interruptions from siblings, or lack of private space can significantly hamper the process. A dedicated and calm space is a prerequisite for online therapy to be effective.

3. The Selection of the Therapist : When choosing a therapist, it is critical to ensure that they are not only licensed but also have experience and training in online therapy. The digital platform poses unique challenges that require specific skills, such as maintaining online engagement, managing technical issues, and creating a virtual therapeutic alliance. These are not innate skills, and not every therapist may be proficient in them.

4. The Role of Parental Involvement : Parents are not just bystanders in this process. Their role extends beyond just scheduling and paying for sessions. They need to be actively involved in the process to understand the progress, reinforce therapeutic practices at home, and provide necessary feedback to the therapist. Parental involvement, however, should not inch towards micro-management, as it can undermine the child’s autonomy and self-efficacy in the therapeutic process.

5. The Technology Involved : The efficacy of online therapy is often tethered to the robustness of the technology used. Reliable internet connection, suitable devices, and familiarity with the software used can all impact the smoothness of the process. Additionally, considerations around data security and privacy are paramount. Using platforms that are HIPAA-compliant ensures the confidentiality of your child’s data.

6. The Limitations of Online Therapy : While online therapy has numerous benefits, it is not a panacea. It might not be the ideal choice for children with severe psychological issues, those who require close monitoring, or for those where the home environment is a contributory stressor. There can also be technical glitches that can disrupt the flow of therapy.

7. The Appropriate Expectations : Finally, it is crucial to have realistic expectations. Therapy is a gradual process and doesn't provide instant solutions. There might be ups and downs in the child’s behavior and emotional state, but it's important to stay patient and trust the process.

In conclusion, a robust understanding of these factors can equip parents to make the most informed decision about online therapy for their children. It can help in maximizing the benefits while mitigating potential challenges. This knowledge can also foster a stronger and more effective therapeutic alliance between the child, the parents, and the therapist, leading to better outcomes. Online therapy has the potential to be the next frontier in child and adolescent psychotherapy, but as with all interventions, it needs to be navigated with due diligence and full knowledge.