Section 11: Payment Systems For Electronic Commerce .

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Category: Sales / Marketing
2. Destinations. In this part, you will learn about:The essential elements of online installment systemsThe utilization of installment cards in electronic commerceThe history and eventual fate of electronic cashHow electronic wallets workThe utilization of put away esteem cards in electronic commerceInternet innovations and the saving money industry .
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Part 11: Payment Systems For Electronic Commerce

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Objectives In this section, you will find out about: The fundamental elements of online installment frameworks The utilization of installment cards in electronic business The history and eventual fate of electronic money How electronic wallets function The utilization of put away esteem cards in electronic trade Internet advancements and the managing an account industry

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Online Payment Basics Scrip: Any substitute for cash which is not lawful delicate, and is frequently a type of credit. For instance… Digital money stamped by an organization rather than by a legislature (e.g., Linden Dollars) Gift testaments or blessing cards Subway tokens or arcade tokens

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Payment Cards The term installment card portrays a wide range of plastic cards used to make buys Credit card Has a spending limit in light of a client\'s record Debit card Removes a sum from a cardholder\'s financial balance Transfers it to the vender\'s ledger Charge card Carries no spending limit Amount charged is expected toward the end of the charging time frame

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Advantages and Disadvantages of Payment Cards Advantages: Widespread acknowledgment Usually have worked in security for dealers Disadvantage: Payment card benefit organizations charge traders per-exchange expenses and month to month handling charges

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Payment Acceptance and Processing Steps took after once a vendor gets a purchaser\'s installment card data: Merchant confirms installment card Merchant checks with installment card guarantor To guarantee that credit or finances are accessible Puts a hang on the credit line or the assets expected to cover the accuse Settlement of adjust of the backer

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Open and Closed Loop Systems Closed circle frameworks Card guarantor pays the shippers that acknowledge the card specifically and does not utilize a mediator Open circle frameworks Involve at least three gatherings (e.g., frameworks utilizing Visa or MasterCard)

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Merchant Accounts To process installment cards for Internet exchanges an online shipper must set up a dealer account New vendors must supply: Business arranges Details about existing ledgers Business and individual records of loan repayment

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Processing Payment Cards Online InternetSecure Provides secure installment card benefits First Data Provides dealer installment card preparing administrations with the accompanying projects: ICVERIFY and WebAuthorize Banks interface with an Automated Clearing House (ACH) through very secure, private rented phone lines

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Electronic Cash Term that depicts any esteem stockpiling and trade framework made by a private element that: Does not utilize paper archives or coins Can serve as a substitute for official physical coin

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Micropayments and Small Payments Micropayments Internet installments for things costing from a couple of pennies to around $1 Small installments Payments of under $10

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Privacy and Security of Electronic Cash Concerns about electronic installment strategies include: Privacy and security Independence Portability Convenience Advantages of electronic money incorporate being: Independent and compact

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Holding Electronic Cash: Online and Offline Cash Online money stockpiling Trusted outsider is included in all exchanges of electronic money Holds customers\' money accounts Offline money stockpiling Virtual likeness cash kept in a wallet No outsider is included in the exchange Double Spending electronic money twice

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Advantages and Disadvantages of Electronic Cash Advantages of electronic money: Transactions are more productive Costs not as much as handling Mastercard exchanges Disadvantages of electronic money: No review trail Money laundering and misrepresentation Susceptible to imitation

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Electronic Cash Systems CheckFree Largest ACH (Automated Clearing House) on the planet Provides online installment preparing administrations Clickshare permits a shopper to have one record at a most-trusted site and purchase from different sites without passing around a Mastercard number, enlist or give out individual data. One ID, one record, one bill.

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Electronic Cash Systems PayPal Founding in 2000 and bought by eBay in 2002 Provides installment preparing administrations to organizations and to people Peer-to-companion (P2P) installment framework Free installment clearing administration for people

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Electronic Wallets Hold Visa numbers, electronic money, proprietor ID, and contact data Give buyers the advantage of entering their data just once Make shopping more effective

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Electronic Wallets Server-side electronic wallet Stores a client\'s data on a remote server having a place with a specific shipper or wallet distributer Client-side electronic wallet Stores a shopper\'s data on his or her own PC

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Microsoft .NET Passport An electronic wallet worked by Microsoft Passport comprises of four coordinated administrations: Passport single sign-in administration (SSI) Passport Wallet benefit Kids Passport benefit Public profiles

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Yahoo! Wallet Server side electronic wallet offered by Yahoo! Gives clients a chance to store data around a few noteworthy credit and charge cards Many industry onlookers and security rights extremist gatherings are worried about electronic wallets

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W3C Micropayment Standards Development Activity Common Markup for Micropayment Per-Fee-Links Standards created by W3C Electronic Commerce Interest Group (ECIG) Provide extensible and interoperable approach to install micropayment data in a Web page Extensible framework One that engineers can add to (or stretch out) without voiding any prior work on the framework

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The ECML Standard Electronic Commerce Modeling Language is a convention that directs how online retailers structure and setup their checkout shapes Proposed elective standard that would supplant electronic wallet principles with a solitary standard

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Stored-Value Cards Stored-esteem cards can be an intricate brilliant card with a microchip that records a coin adjust Common put away esteem cards include: Prepaid telephone, duplicate, metro, and transport cards

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Magnetic Strip Cards Magnetic strip cards Cannot send or get data Cannot addition or decrement estimation of money put away on the card Processing must be done on a gadget into which the card is embedded

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Smart Cards Stored-esteem cards that… Can hold private client information, for example, monetary realities Can store around 100 circumstances more data than an attractive strip plastic card Safer than traditional Mastercards

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Smart Cards Smart Card Alliance: Promotes advantages of keen cards Promotes across the board acknowledgment of various application savvy card innovation Members incorporate organizations in keeping money, budgetary administrations, PC innovation, and medicinal services Promotes similarity among shrewd cards, card peruser gadgets, and applications

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Internet Technology and the Banking Industry Paper checks Used to make the biggest dollar volume installments Check Clearing for the 21st Century Act (Check 21) Permits banks to dispose of the development of physical checks totally That\'s the reason Wal-bazaar gives back your check to you after the exchange is done

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Phishing Attacks Basic structure: Attacker sends email messages to an expansive number of beneficiaries Message expresses that a record has been bargained and the matter ought to be revised Message incorporates a connection User enters a login name and watchword, which the culprit catches Once inside a casualty\'s record, the culprit can get to individual data

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Phishing Attack Countermeasures Most vital stride that organizations can take today is to teach Web webpage clients Many organizations contract counseling firms that have some expertise in hostile to phishing work Anti-phishing strategy Monitor online visit rooms utilized by hoodlums

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Summary Most well known types of installment on the Internet include: Credit cards Debit cards Charge cards (installment cards)

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Summary Electronic money is: A type of online installment Slow to get on in the United States Especially helpful for making micropayments Advantages of electronic money: Portable, unknown, and usable for universal exchanges

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Summary Electronic wallets Provide accommodation to online customers Eliminate the need to return installment card and dispatching data at a website\'s electronic checkout counter Smart cards are planned to supplant the accumulation of plastic cards individuals now convey Phishing campaigns make a critical danger to online money related establishments and their clients

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