ecommerce recommendations and related topics
digital wallet
(1) Encryption software that works like a physical wallet during electronic commerce transactions. A wallet can hold a user's payment information, a digital certificate to identify the user, and shipping information to speed transactions. The consumer benefits because his or her information is encrypted against piracy and because some wallets will automatically input shipping information at the merchant's site and will give the consumer the option of paying by digital cash or check. Merchants benefit by receiving protection against fraud.
Most wallets reside on the user's PC, but recent versions, called "thin" wallets, are placed on the credit card issuer's server. Netscape and Microsoft now support wallet technology on their browsers.
(2) Digital Wallet, a registered trademark of Minds@Work, is a self-powered portable hard drive used for storing digital camera images.
Netcheque
Developed at the Information Sciences Institute of the University of Southern California. Registered users may write checks to other registered users through e-mail or other network protocols. When the check is deposited, it authorizes the transfer of funds from the issuer's account to the receiver's account. All information is kept on a netcheque server, which is responsible for keeping accounts for customers, approving payments, and making the necessary changes in client accounts.
Security wise, Netcheque uses Kerberos for signature authentication, and it uses conventional cryptography, not public key cryptography.
Anatomy of a Credit Card Transaction: The Basics
For a bigger understanding of a credit card transaction, the consequent is a
step-by-step breakdown: from the customer making a purchase using ECmerchant to
the merchant receiving an authorization on the value request. This not only
shows who is involved in this path , however it will highlight some considerations
in choosing an Internet value supply and establishing a merchant credit card
account.
Once the merchant account is in settle with an acquiring financial school
the merchant will desire to understand how money will be moved from the customers'
accounts to the merchant account. The best path to appreciate how an Internet
merchant gets paid is to follow a typical credit card transaction path . Fully
automated from end-to-end, in most cases it takes just seconds to entire.
1. A customer visits a web site, using average web browser software,
and fills her ECmerchant shopping cart.
2. The customer and ECmerchant exchange details online regarding
addresses, delivery and final value.
3. ECmerchant then displays the 'BUY' button to the customer, and a
transaction is initiated.
4. The customer clicks the 'BUY' button, prompting ECmerchant
to mail and electronic invoice.
5. ECmerchant provides transaction details in a form or the shopper's
browser automatically opens her online wallet, allowing her to select a value
instrument.
6. An encrypted charge value message is sent to ECmerchant.
7. When the server software receives the value message, it adds
merchant identification data.
8. The value request is encrypted and forwarded to gateway server
hosted by an ECommerce value supply corporation.
9. The gateway server decrypts the message and authenticates customers'
data and merchant validation.
10. A message is sent over secure, private financial networks to the
merchant's bank or authorized processor requesting charge approval.
11. Once the request is processed, a positive or negative response is
sent back to ECmerchant and on to the customer.
12. If the transaction is authorized, a digital receipt is delivered,
and the transaction is entire and captured.
