A Report On Online Payment Systems

2681 Words11 Pages
DEVRY UNIVERSITY E-Payment Systems ECOM 210 [Type the author name] Executive Summary Sue and Joe Johnson, owners of the book store Bunker Books, have launched an e-commerce website which has already improved the way Bunker Books do business, and has increased level of sales, expanded business to local and foreign markets and improved relationships with its existing customers. Today, the Johnsons would like to develop collecting payments online and secure their website and database. After assisting the Johnsons developing their e-marketing and developing their social media campaign, I was asked upon to help them developing an e-payment via their website and ensure that the transactions are safe and secure. Third…show more content…
In fact, consumers may feel confident in online transactions when they use a credit card because they realized that a third party, the credit card company or issuing bank, was involved and could help protect them against fraud. Indeed, in most cases, the consumer 's liability for fraudulent credit card charges is limited to $50. From Bunker Books’ standpoint which already accepts credit cards in its store, taking credit card payments over the Internet will be comparatively simple. It mostly consists of setting up two Web pages, one to promote the business and its rare book collection, and the other to process order information. However, it can be challenging to create the merchant accounts in order to begin accepting credit cards. A lot of banks are hesitant to set up accounts for online merchants because they deal with "card-not-present transactions," or transactions in which the physical credit card and holder 's signature are not used. Thus, the approval process for these accounts is typically laborious, and the fees on sales have a tendency to be higher than those charged to regular merchants. Smart cards Smart cards are alike to credit cards, excluding that they stock information on an implanted chip rather than on a magnetic strip on the back. Bunker Books’ customers will be able to load money into an
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