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CMPT 100 (33)

Payment SYstems

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Computer Science
CMPT 100
Keith Mc Ilmoyl

CMPT 100 2011-03-29 Payment Systems - Credit cards o Most popular form of online payment o Generally have pre-set spending limit o Advantages  Accepted worldwide  Limited liability for cardholder in case of theft o Disadvantages  Merchants pay per-transaction fees  Merchants may be susceptible to transaction fraud  Most of the world’s population does not have a credit card - Smart Cards o Data is encrypted o Card is physically more expensive to produce o More data stored, more cards cost. - Intermediaries o PayPal, Neteller, “cell phones.” o Act as intermediary to transfer funds between buyer and seller accounts, like a bank. o Advantages  Not reliant on proprietary software (but must agree to vendor defined payment condtions)  Good for small payments  Fast  Small sellers are able to accept credit card payments o Neteller provides many convenient ways to load/withdraw funds  No Russians allowed o FirePay  No charge to sign up, pay with,
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