Magazine article The CPA Journal

Payment Processing in Electronic Commerce

Magazine article The CPA Journal

Payment Processing in Electronic Commerce

Article excerpt

One of the thorniest issues in the realm of e-commerce is how to provide secure channels for the processing of payments. The explosive growth that had been predicted has been somewhat dampened by the technical problems of paying for goods purchased on the Internet. However, once these issues have been satisfactorily resolved, experts are predicting a massive growth in the dollar volume of Internetbased sales. Various approaches have been taken to solve this problem. They range from e-mail messages to electronic checks to secured credit card transactions to electronic cash systems. Each type will be presented briefly.

Early Efforts

First Virtual (FV) developed an early, e-mail based payment scheme to assist Internet customers. FV serves as an inter mediary between the customer and merchant, essentially allowing the customer to use a credit card without giving the merchant the card number directly. Once the customer is set up with FV, he or she is issued a PIN to give to the merchant at the time the customer wishes to purchase goods or services over the Internet. …

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