crackdownonline payment

2021年1月20日发(作者：avenue是什么意思)
Online Payment

1. What is Online Payment
Online
payment
is
when
the
customer
or
buyer
makes
his
payment
transactions for the goods or services purchasing with the use of the Internet.
“This type of payment lowers the costs for businesses as the more payme
nts
made electronically the less they spend for paper and postage. Also, it helps
on
improving
customer
retention
as
he
is
more
likely
to
return
to
the
same
e-commerce site where his or her information has already been entered and
stored.” With online paym
ent, it is not necessary for the payer to be in a long
queue as payment is made in just a click of a mouse.


2. Online Payment Methods


For the purchases done online most likely he will also make his payments
online. you can find some different methods on making online payments.




Virtual
Credit
Cards.
This
virtual
credit
card
is
an
innovation
in
online
credit cards. Credit card issuer provides a special number that can be used in
place of the regular credit card number to make online purchases.

Smart Cards.
This card looks like any plastic payment card but it has a
microchip embedded on its face. This can hold more information than ordinary

credit cards with magnetic strips.
e-Checks.
An
e-Check
is
an
electronic
version
or
representation
of
a
paper check. It contains the same information as a paper check and based on
the same legal framework. It works the same as the paper check however they
are faster, cheaper and more secure .

Digital
Cash.
Digital
cash
is
an
example
of
a
digital
currency,
where
it

allows
people
who
do
not
have
credit
card
to
shop
online.
It
is
similar
to
a
traditional
bank
account:
consumers
deposit
money
into
their
digital
cash
accounts
to
be
used
in
the
purchase
online.
This
is
often
used
with
other
technology such as digital wallets .


e-Wallets.
An e-wallet is a software component that a user downloads to
their
desktop
and
in
which
the
user
stores
credit
card
numbers
and
other
personal information. When a user shops at a merchant who accepts e-wallet,

the user clicks the e-wallet and the forms are automatically filled in with all the
necessary information in just one click.

3. Security in Online Payment



Security
is
vital
when
doing
business
online
or
offline.
If
I
compare
the
traditional
transaction
using
a
credit
card,
what
the
merchant
need
is
the
signature of the cardholder and sometimes the photo on the credit card is also
use
to
verify
the
identity
of
the
customer.
In
the
virtual
world,
information
needed
are
the
credit
card
number,
the
verification
code
and
the
billing
address to verify the identity of the cardholder and fraudulent transactions are
always
around.
Common
challenges
that
the
merchants
have
to
face
are
Internet
fraud,
product
returns,
non- delivery
claims,
disputes
that
leads
to
chargebacks and etc.

Secure Socket Layer (SSL) and Secure Electronic Transaction (SET) are
the
standard
security
protocols
that
protect
the
integrity
of
these
online
transactions.
SSL
was
a
nonproprietary
protocol
used
to
secure
communication in the Internet and the Web.

SSL uses public-key technology
and digital certificates to authenticate the server in a transaction and to protect
the private information and transmit the date over the Internet with integrity .

SET is a cryptographic protocol which was designed specifically to protect and
handle
the
complete
online
transactions
both
for
the
customers
and
the
merchants.
SET
uses
the
digital
certificates
to
authenticate
each
party
in
a
transaction.
Additionally,
it
requires
special
SET
software
to
process
transactions.
With
this
pro
tocol,
the
merchant
never
sees
the
customer’s
information
like
the
credit
card
information
as
it
is
not
stored
on
his
server
which reduces the risk of fraud.


4. Online Payment in China and the world