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Electronic Payments

Electronic Payments. DEAN QUDAH INBS 510 11/7/2005. Electronic Payment. • Electronic payment is a payment that is transmitted electronically including telephone lines and Internet. Electronic Payment Options. • Credit Cards: 90% of the transactions are

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Electronic Payments

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  1. Electronic Payments DEAN QUDAH INBS 510 11/7/2005

  2. Electronic Payment • • Electronic payment is a payment that is transmitted electronically including telephone lines and Internet

  3. Electronic Payment Options • • Credit Cards: 90% of the transactions are made by credit cards • • E-checks: encrypted version of paper checks • • E-Cash: A consumer can by E-Cash and store it in a digital wallet. E-Cash transactions are anonymous.

  4. Electronic Payment Issues • • Electronic payment methods should lower cost • • Stealing of credit card number can be an issue • • Consumer privacy could be a problem

  5. A credit card paymenttransaction

  6. An electronic cash payment transaction

  7. Electronic check transaction • clerk authorizes it through the TeleCheck terminal

  8. Smart card(chip) • A smart card can be programmed as required. It can store electronic money, or be used as credit card or an electronic check.

  9. Benefits of Electronic Payment - Very convenient for the consumer. In most cases, you only need to enter your account information - -Electronic payment lowers costs for businesses. The more payments they can process electronically, the less they spend on paper and postage. - Help businesses improve customer retention. A customer is more likely to return to the same e-commerce site where his or her information has already been entered and stored.

  10. Benefits -24/7 online bill payment. Most of these services are free to bank customers and coordinate easily with personal software programs such as Quicken or MS Money

  11. Concerns About Electronic Payment The privacy and the possibility of identity theft. • Solutions • - Using virus protection software and a firewall on your computer. -You should also make sure that you send your credit card information over a secure server. Your Internet browser will notify you when a server is secure by showing a lock or key icon. In addition, the URL on a secure site is usually designated by the prefix "https" instead of "http." Retailers do their part by using data encryption, which codes your information in such a way that only the key holder can decode it.

  12. Authentication • Authentication, is used to verify that the information comes from a trusted source • There are several ways to authenticate a person or information on a computer; • -password • -pass card • -digital signature • -Fingerprint scan • -Retina scan • -face scan • -Voice identification

  13. Set Up E-Payment for A Business • In-house handling • All-in-one solution, services like PayPal and ProPay make it easy for you to accept credit cards and other forms of electronic payment from your site. When a customer enters his or her information on your site, your payment service authorizes the transaction and transfers funds to your account.

  14. PayPal No setup fee, No monthly fee, Free tools ( shopping cart)

  15. In-House Handling Requires; • Shopping Cart. Coolcart.com. • Secure Server. Secure Socket Layer (SSL) technology is used to encrypt the data. www.instantSSL.com.$79.05/year • a system to process credit card payments and an Internet merchant account with a bank. Credit card payment processing services are available through online companies such as Verisign

  16. veriSign Payflow Pro® Payflow Link®

  17. References • http://computer.howstuffworks.com/electronic-payment.htm • http://econ.gsia.cmu.edu/ecommerce/Ecommerce8.ppt • http://www.kentlaw.edu/legalaspects/payment.htm • http://www.clevelandfed.org/MARKET/Conf2002/PaymtSymp • http://www.corporate.visa.com/md/dl/documents • https://www.paypal.com/ • http://www.verisign.com/products-services/index.html

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