Mediated Three-Party Payment Methods
- is a model for community-building mutual credit systems. The LETSystems Home Page provides information on British applications of LETS, and the econ-lets mailing list site includes list archives. The latest word on multi-LETS can be found at LETSgo. We also maintain a directory of LETS resources to visit.
- What are Time Dollars? The Time Dollar model was designed to keep track of--and thus encourage--community service and volunteer work, and has been successfully adapted for use in many communities. See The Time Dollar Institute page for more information.
Step into the lobby of
Security First Network Bank, an internet savings bank.
- If, for whatever reason, you can't conduct secure transactions online, you can always use toll-free or metered telephone calls to transfer or verify payments. For example, the Secure800 system generates a transaction number online but payment is transferred over the telephone.
Credit Card-Related Online Payments
- Some new (Fall 1999) free email-based payment systems, including PayPal/X.com and Flooz, bill the sender's credit card or bank account, or deduct the payment from an account prepaid by check or money order. PayPal recipients may receive payment by check, or have it directly deposited to a bank account; Flooz recipients may use their payments at certain online merchants.
- 1ClickCharge consumers download a "super-thin client" (wallet) and prepay for a block of micropurchases by credit card.
- Other micropayment enterprises relying on third parties include
- Trintech's NetWallet and ezCard aim to "provide consumers with simple and secure eCommerce payment instruments".
- Trivnet's WISP merchant server bills micropayments to the consumer's ISP account.
- iPIN also bills digital content purchases to the buyer's ISP account.
- QPass is another wallet-based system that bills the buyer's credit card for aggregated purchases.
If you're running a server, people can download a Cybercash wallet, and then send their credit card number encrypted safely over the internet. They also have a new micropayment system, Cybercoin which we'll talk about in the micropayment section.
- IBM now offers a micropayment wallets and servers.
- Netscape offers a wide range of secure
server products. Considering that they're the most predominant browser cruising the net, and that there's already seamless integration, this is an obvious, compelling solution, and helps enable a lot of other solutions.
--led by the folks who brought you software.net--offers real-time credit card processing.
- Open Market provides secure
servers and other transaction software.
- software (currently available only for PCs) will process transactions via credit card or ATM/debit card.
- Outreach allows merchants to process credit card transactions online in real time.
Ziplock will allow online vendors to provide customers key codes to their products only after credit card payment has been verified.
- The AuricWeb system allows ISPs to log online transactions just like other accountholder statistics.
- CyBank adapts telephone billing models--prepaid cards and metered charges--to Internet purchases.
- SecureProcess handles real-time Electronic Funds Transfers, ACH transactions, and credit card payments online.
- Sales Associate will host and manage your "virtual storefront" for you.
- eVend helps you handle your online credit-card authentication.
- develops and markets real-time credit card payment servers.
- The SET specification for encrypted electronic transaction data, developed by VISA and Mastercard using the encryption methods pioneered by RSA, is now being applied in Korea, Singapore, Taiwan, Japan, and elsewhere. Before you study the massive official documentation, read one Wired author's skeptical report, "Is the Web set for SET? How to tell a proposed networking standard will be D.O.A.".
Check-Based Online Payments
For More Information
We're putting on the web some articles we find particularly relevant as well as links to other economic theory on the net.
Roy Davies's Money--Past, Present, and Future and both the Money and Payment
Systems page from the Institute of Finance and Banking at the University of Göttingen and the payment
mechanisms designed for the internet from the Network Payment
Mechanisms and Digital Cash page are fine supplemental resources.
Can you suggest other resources?
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