Chapter 11: Class Notes

ONLINE PAYMENT SYSTEMS

What you should know:
B2C vs. B2B
Payment Methods
- cash, cheque, debit card, credit card
Online Payments
- Bank EFT - electronic funds transfer
- Credit Card: >85% worldwide, >95% in the US, only 5% of all credit card transactions, accounts for 50% of all credit card fraud
- Scrip: Flooz, Beenz - cannot exchange for cash, but can use it to buy merchandise online
Consumer Concerns
- Privacy & Security
- Independence - having the ability to use whatever payment method i choose
- Portability - what to be able to access it everywhere, not just on my home computer
- Convenience -
- Phishing - bank or other trusted authority giving you money, you've got a third party trying to pretend or portray themselves as that trusted authority, log in to your account - the link they give you is never the exact link for your bank