Chapter 6 - E-commerce payment systems. This chapter include objectives: Describe the features of traditional payment systems, discuss the current limitations of online credit card payment systems, understand the features and functionality of digital wallets, describe the features and functionality of the major types of digital payment systems in the B2C arena.
Lecture Money and banking - Lecture 04 introduce a number other forms of payments. The main contents of this lecture include all of the following: Credit card, electronic funds transfer, e-money, stored-value card,...
Credit cards are a means of exchange, not a
payment. Ultimate payment by the card user occurs
at the end of the month when a cheques is written or
a bank a/c is debited to settle the outstanding
balance. In that respect, credit cards are akin to
trade credit for the users, and a substitute credit long
extended by retailers to customers.
You have something you want to sell on the Internet. Maybe it's a book, or a CD or
a piece of software you wrote. You are in luck. The time has never been better.
Internet shopping has become a mainstream activity. Increasing numbers of people
are willing to open the wallet to purchase items or services over the Net.
"But," you say, "How do I collect the money from the customer?"
Good question. There are several methods of collecting monies from online sales.
Many online merchants offer 2-3 choices of payment methods so customers will
Some people distinguish between savings and investments, where savings are
monies placed in relatively risk-free accounts with modest rewards, and where
investments involve more risk and the potential for greater rewards. In this
book we do not distinguish between these ideas. We treat them both under
the umbrella of investing.
In the recent past many card issuers have extended the range of tools available on debit cards. A chip
on the card makes offline authorisation of guaranteed card payments possible. In addition, bank cards
can be used as prepaid cards (the GeldKarte system of the ZKA).
As a consequence of the merger between the Europe-wide edc (European debit card) service and the
worldwide Maestro system, since the beginning of 1998 many POS terminals and cash dispensers
throughout the world have been available to holders of ec cards with the Maestro logo.
INTERNATIONAL ORDERS ARE WELCOME. BOOKS ARE SUBJECT TO PRIOR SALE. NJ residents: the 7% sales tax is added to all direct pay orders (money orders, checks/cheques, etc.) It is up to ABEbooks to collect sales tax when they receive payment (credit card, paypal, etc.) Books may be returned as per ABEBooks return statement and you have requested a Return Authorization. EXCEPTION for buyer changed mind
Club, Eurocard in connection with MasterCard, Visa) has grown from approximately 10 million at the
end of 1994 to more than 18.8 million at the end of 2001. At the same time, the number of acceptance
points (especially in the retail sector and the hotel business) has increased substantially. In 2001,
German cardholders made payments by credit card amounting to approximately EUR 37.2 billion. In
spite of this, credit cards are still used far less than other payment instruments (eg debit cards) in the
Federal Republic of Germany.
pattern contrasts with the monthly payments typically associated with
AFDC/TANF and food stamps, and it may provide a way to gain addi-
tional insight into the nature of credit markets and consumption behavior
for low-income families.
Our goal in section 3.5 is to summarize succinctly what has been done,
to evaluate the strengths of this work, and to identify areas where addi-
tional work could be useful to either verify existing conjectures or alter
what we thought was known.
In Germany, the cheque has never become as important as it has in many other countries of the
western world. In terms of numbers it accounts for a mere 1.3% of all cashless transactions, in terms
of value just 2.7%. It is used for only 0.1% of all payments at retailers. On account of the increase in
more efficient debit card payments, the importance of the cheque is steadily decreasing. A further
decline in cheque payments in retail business can be expected as the eurocheque guarantee ceased
at the end of the year 2001. Although the number and value of...
Payment cards in the form of debit cards are usually issued by banks as bank cards with which
customers may also draw on their account balances outside their bank (eg cashless payments at
automatic cashpoints, withdrawals at cash dispensers).
Bank cards as payment cards have evolved since their introduction as guarantee cards for
eurocheques (ec cards) and their main function today is for electronic payments at payment terminals.
The main purpose of this report is to present the diversity and wealth of experience
that savings banks have developed throughout Europe in the field of socially respon-
sible activities. It illustrates this joint commitment with concrete case studies from
a range of European countries, offering an overview of the fields in which savings
banks are active, and providing examples of what they concretely do, how they inno-
vate to adhere to stakeholders’ needs and diversify their initiatives.
Commerce involves the exchange of value. By the end of 20th century, the exchange of financial value had evolved from coins, notes and other instruments to sophisticated epayment systems. In e-payments, the exchange of value is represented by the exchange of data. It is easy, fast and cheap to transfer data, but these benefits come at a cost. The physical authenticity of payment instruments such as notes and coins can be checked. In e-payments, the parties involved will probably never even see or talk to each other.
Introduction What is online payment processing? How hard is it to implement online payment processing on my website? What is an online merchant account, and how do I get one? Can I offer other methods of payment other than credit cards? Should I get an American merchant account for U.S. customers? 4 3 3 2 2 2 What if you can’t get an online merchant account? What is PayPal? What are chargebacks and how can I prevent fraud in general? Summary Resources 6 7 4 5 4
For online retailers looking to add real-time payment processing to their website, the process...
Social funds do not operate in a vacuum. The broad trends and changes
occurring in the countries in which social funds operate form a back-
drop for the subsequent discussions and debate to take place during the
next three days of this meeting.
Experiences with social funds show a great deal of heterogeneity. A va-
riety of players are involved in social funds. The content of social funds
programs themselves vary greatly, and views about their efficacy di-
The terminal networks of the various and competing network operators (of which there were 30 at
year-end 2001) are connected to the banking industry’s centres for the authorisation of electronic
payment by debit card in the electronic cash system. By the end of 2001, following a continuous
increase, about 306,000 electronic cash terminals had been installed (including electronic cash offline)
- mainly in petrol stations and retail outlets.
Alpine Medical Corporation (AMC) accepts credit card payments from its patients. Following are the batched transactions for May 19.
1) Total charges on MoreMoney and Wind credit cards were $42,000. These cards are “bank cards” and AMC receives daily cash settlement directly to its bank account, net of service charges of 1.5%.
2) Total charges on EuropeanExpress cards were $6,000. This card is not a bank card, and settlement does not occur until approximately two weeks following the date of the transaction.
Since the 1970's there has been growing evidence supporting the frequently heard
conjecture that credit cards encourage spending. For example, it is known that people
who own more credit cards make larger purchases per department store visit (Hirschman
1979), and that restaurant tips are larger when payment is by card (Feinberg 1986). There
is also evidence that credit card users are more likely to underestimate or forget the amount
spent on recent purchases (Soman 1999).