Traditional charge card transactions
Once the desired good or service is selected, a payment card 104 on the personal computer side makes a payment transaction 308 with a merchant POS 312 via the merchant storefront 311. The merchant POS 312 contacts charge back-end system 130 for making authorization 316, which is considered a card-non-present authorization. If the transaction is successfully authorized, the cardholder receives his merchandise or service from the merchant. The card is a means for a cardholder to identify his account and authorize transactions therewith.
The terms “charge card” or “payment card” will be used herein below to relate to both credit and debit cards. Figure 1 shows the use of SSL for securing credit card payments over an insecure network. The protocol involved the buyer, seller, and their respective charge-card banks – the issuer for the buyer and the acquirer for the seller. Just like traditional charge card transactions, SSL sends the credit card number from the seller to the acquirer and from there to the issuers.
Small transaction fees(minimal costs to execute the transaction – significantly smaller than the already small amount of the payment). Stripe charges $0.30, plus roughly 3% of the transaction to execute the payment. Those hurdles exist already since the rise of the internet and can be considered as a real flaw in today’s internet. In the first version of the specifications for HTML, the founders of the modern internet had already envisaged such 소액결제 정책미납 and even foresaw a specific HTTP return code, i.e. 402 stands for “Payment Required”
There are many factors that contribute to the substantial minimal-fee requirement of existing payment mechanisms. In order to design a mechanism with significantly reduced costs, we need to consider — and minimize — each of these cost factors. Here is a list of the major cost factors, and the method for eliminating or reducing them in MiniPay. The MiniPay protocol involves two periodic – typically daily – processes. At the beginning of every day, the buyer’s wallet exchanges with its billing server the total spending for the previous day, and once the balance is synchronized, the billing server provides the wallet with a `daily credential`. This daily credential proves that the customer is a good customer as of that day; one could think of it as a new plastic card sent from the bank once every day rather than every year or so as common today.
Users often interpret security as equivalent to guaranteeing customers to feel secure if they receive the paid products, while merchants feel secure if they get the money for the delivered products. PayPal MicroPayments is a micropayment system that charges payments to a user’s PayPal account and allows transactions of less than US$12 to take place. As of 2013, the service is offered in selected currencies only. The PayPal charge for a micropayment from a U.S. account is a flat five cents per transaction plus five percent of the transaction (as compared with PayPal’s normal 2.9% and 30 cents for larger sums).