Ease of Use Open Market and CyberCash - customer must interact with payment screen for every transaction First Virtual - cumbersome email process Mondex (Smart Cards) - most PC owners do not own smart card readers NetCash - consumer buys coupons from NetCash. Exact change required or merchant needs to refund in coupons of exact denominatons. Messy, consumers will wind up with a variety of denominations on their hard drive. NetChex - consumer mails or faxes a copy of a Photo ID, current address, copy of a voided check to NetChex. 24 hour Approval. Awkward procedure for the consumer, especially with electronic commerce being in its infancy. It will kill impulse shopper purchase. Acceptability Credit Card Use- very common in United States. CyberCash and Checkfree - accept major credit cards; alliance formed between two. Open Market accepts multiple credit cards and other payment options. Costs are higher than CyberCash and Checkree. Costs are 3 percent plus 20 cents per transaction. Netscape - accepts major credit cards but only works with Netscape Browser. Netscape, today, has majority of browser market but Microsoft Internet Explorer is taking some of market share away. Risk to the Merchant CyberCash guarantees payment to merchant before any product is shipped though merchant is liable for transaction fraud. Several of the other systems put a tremendous amount of risk on the merchant. First Virtual does not pay the merchant until the consumer receives the product. Big risk to merchant. First Virtual does not use encryption; does not let private info pass over Internet. With NetChex, merchant assumes all the risk. Electronic cash stored on computer - problems of losing ecash on PC from hard disk crashes as well as ease of duplicating currency by the user. Digicash uses Cyberbucks which is ecash stored on computer. NetCash - delay in getting paid Security and Encryption CyberCash - encryption from Enterprise Integration Technologies, Trusted Information Systems and RSA Data Security to create a way to encode credit card numbers. The CyberCash system operates on top of any general security system, such as SSL or Secure HTTP. The client software includes RSA public-key encryption , using a full 768-bit RSA key, as well as a 56-bit DES key, to encrypt messages. The user’s private key is encrypted and stored on the hard drive of the user. The user unlocks the private key with a password when the software is started. The customer’s bank received detailed information on each transaction, but a customer can remain anonymous to the merchant except for the IP address. CyberCash can also be set up to work with a firewall. CyberCash - currently working with Wells Fargo on a way to encrypt credit card data. CyberCash - Wells Fargo Bank, American Express, Mellon Bank, and First USA are some of the banks that offer Secure Internet Payment Service. Merchants accepting CyberCash include Hot Wired, Working Assets Long Distance, and Virtual Vineyards. Checkfree uses 768-bit , dual-key encryption system licensed by RSA Data Security, Inc. NetCash relies on security provided by a Web browser or e-mail program to protect messages sent over Internet NetChex - unique security features, including dynamic generation of keys, hardware-based identification, automatic disabling of tampered accounts, limits on the no. of checks that a customer is authorized to create, photo Ids required for account creation, and e-mail confirmations of every purchase for both the consumer and merchant. Compatibility with Multiple Browsers CyberCash is compatible with the different browsers on the market today. Netscape Secure Commerce Server does not handle multiple browsers. The Netscape product does provide secure commerce for various credit options. Like CyberCash, it uses RSA technology in its encryption in addition it uses Secure Socket Layer Protocol (SSL). Offering two options to the consumer may be a good choice - Netscape Secure Commerce Server and CyberCash. Global Acceptance Checkfree Wallet is approved by the U.S. government for export, thus can include global markets. The transactions are not anonymous, because only credit card transactions are supported. Net Cash - need a US checking account therefore restrictive if want to include a global market. Cost Checkfree - merchants pay regular credit card transaction processing fees NetCash - higher costs than other EPSs NetChex - merchants pay 3 to 5 % of each transaction , payment received in 24 hours, expensive for merchants since normally only 2-3% for credit cards CyberCash - credit card authorization charge is five cents, to which the credit card processor adds to customer fee, often 2% plus 20 cents. Charge for debit transaction is 30 cents with no processing fee, forecasted to drop in the near future. Future of EPS Chosen CyberCash - working with many strategic alliances - Wells Fargo, Checkfree, specialized ISPs in Electronic Commerce, etc. Checkfree and CyberCash entered into an agreement in July, 1995 to cooperatively develop and market products and services. This agreement enabled consumers to safely conduct payment transactions in real time over the Internet using credit cards, debit cards, checks, or cash. DigiCash - Sun Microsystems, Mark Twain Bank, difficult to prevent forgery - duplication of currency CyberCash - introduced MicroPayments this year ( nickel and dime transactions) NetCash - not efficient in that you need exact denominations for every transaction, cumbersome. NetChex - expensive for merchants but charges should decrease in near future. Merchants don’t need to store credit card info on their servers, reducing potential liability concerns. Has some interesting security features. For Smart Cards Systems such as Mondex, it may take several years for smart cards to be more accepted and readers more prevalent. Over the long term, credit card readers will be enhanced to accept Smart Cards. Netscape is also working on Smart Card technology in relation to its Secure Server. Electronic Commerce Home Page
Acceptability Credit Card Use- very common in United States. CyberCash and Checkfree - accept major credit cards; alliance formed between two. Open Market accepts multiple credit cards and other payment options. Costs are higher than CyberCash and Checkree. Costs are 3 percent plus 20 cents per transaction. Netscape - accepts major credit cards but only works with Netscape Browser. Netscape, today, has majority of browser market but Microsoft Internet Explorer is taking some of market share away. Risk to the Merchant CyberCash guarantees payment to merchant before any product is shipped though merchant is liable for transaction fraud. Several of the other systems put a tremendous amount of risk on the merchant. First Virtual does not pay the merchant until the consumer receives the product. Big risk to merchant. First Virtual does not use encryption; does not let private info pass over Internet. With NetChex, merchant assumes all the risk. Electronic cash stored on computer - problems of losing ecash on PC from hard disk crashes as well as ease of duplicating currency by the user. Digicash uses Cyberbucks which is ecash stored on computer. NetCash - delay in getting paid Security and Encryption CyberCash - encryption from Enterprise Integration Technologies, Trusted Information Systems and RSA Data Security to create a way to encode credit card numbers. The CyberCash system operates on top of any general security system, such as SSL or Secure HTTP. The client software includes RSA public-key encryption , using a full 768-bit RSA key, as well as a 56-bit DES key, to encrypt messages. The user’s private key is encrypted and stored on the hard drive of the user. The user unlocks the private key with a password when the software is started. The customer’s bank received detailed information on each transaction, but a customer can remain anonymous to the merchant except for the IP address. CyberCash can also be set up to work with a firewall. CyberCash - currently working with Wells Fargo on a way to encrypt credit card data. CyberCash - Wells Fargo Bank, American Express, Mellon Bank, and First USA are some of the banks that offer Secure Internet Payment Service. Merchants accepting CyberCash include Hot Wired, Working Assets Long Distance, and Virtual Vineyards. Checkfree uses 768-bit , dual-key encryption system licensed by RSA Data Security, Inc. NetCash relies on security provided by a Web browser or e-mail program to protect messages sent over Internet NetChex - unique security features, including dynamic generation of keys, hardware-based identification, automatic disabling of tampered accounts, limits on the no. of checks that a customer is authorized to create, photo Ids required for account creation, and e-mail confirmations of every purchase for both the consumer and merchant. Compatibility with Multiple Browsers CyberCash is compatible with the different browsers on the market today. Netscape Secure Commerce Server does not handle multiple browsers. The Netscape product does provide secure commerce for various credit options. Like CyberCash, it uses RSA technology in its encryption in addition it uses Secure Socket Layer Protocol (SSL). Offering two options to the consumer may be a good choice - Netscape Secure Commerce Server and CyberCash. Global Acceptance Checkfree Wallet is approved by the U.S. government for export, thus can include global markets. The transactions are not anonymous, because only credit card transactions are supported. Net Cash - need a US checking account therefore restrictive if want to include a global market. Cost Checkfree - merchants pay regular credit card transaction processing fees NetCash - higher costs than other EPSs NetChex - merchants pay 3 to 5 % of each transaction , payment received in 24 hours, expensive for merchants since normally only 2-3% for credit cards CyberCash - credit card authorization charge is five cents, to which the credit card processor adds to customer fee, often 2% plus 20 cents. Charge for debit transaction is 30 cents with no processing fee, forecasted to drop in the near future. Future of EPS Chosen CyberCash - working with many strategic alliances - Wells Fargo, Checkfree, specialized ISPs in Electronic Commerce, etc. Checkfree and CyberCash entered into an agreement in July, 1995 to cooperatively develop and market products and services. This agreement enabled consumers to safely conduct payment transactions in real time over the Internet using credit cards, debit cards, checks, or cash. DigiCash - Sun Microsystems, Mark Twain Bank, difficult to prevent forgery - duplication of currency CyberCash - introduced MicroPayments this year ( nickel and dime transactions) NetCash - not efficient in that you need exact denominations for every transaction, cumbersome. NetChex - expensive for merchants but charges should decrease in near future. Merchants don’t need to store credit card info on their servers, reducing potential liability concerns. Has some interesting security features. For Smart Cards Systems such as Mondex, it may take several years for smart cards to be more accepted and readers more prevalent. Over the long term, credit card readers will be enhanced to accept Smart Cards. Netscape is also working on Smart Card technology in relation to its Secure Server.
CyberCash guarantees payment to merchant before any product is shipped though merchant is liable for transaction fraud. Several of the other systems put a tremendous amount of risk on the merchant.
First Virtual does not pay the merchant until the consumer receives the product. Big risk to merchant. First Virtual does not use encryption; does not let private info pass over Internet.
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