email payment

[runamok]

Is it true that it is now possible to receive payments by way of email as opposed to, say, Paypal for example?

If it's possible, then where can I find info about how this works?

[KLB]

I'm not sure of what kind of payments you would send via email, but email is not secure and one should never transmit bank or credit card information via email.

[stymiee]

Is it true that it is now possible to receive payments by way of email as opposed to, say, Paypal for example?

If it's possible, then where can I find info about how this works?

You can't receive payment via email (as a method of processing). You can have someone email you their credit card information but you still need to have some kind of a merchant account to process it through.

[runamok]

...but email is not secure ...

Personally, I don't think any method of payment over the web is secure, and I for one wouldn't buy a toothpick over the web.

But if I'm going to sell something from a website, and if there are people out there "courageous" enough to send me money over the web, well then... what the hell.

As for payment via email, it's a blurb I read somewhere that it was being done.
At the time I didn't pay too much attention to it, but now I'm getting curious.
So I'm just looking for info about it.

...but you still need to have some kind of a merchant account to process it through.

Yes, I expect you're probably right.
I really was (and still am) sceptical about it, but who knows...
Stranger cyberthings have happened before.

[KLB]

Personally, I don't think any method of payment over the web is secure, and I for one wouldn't buy a toothpick over the web.

With online transactions, there are three basic concerns: data being intercepted in transit over the Internet, data being stolen as the result of a breached server and fraudulent merchants. If the transaction is conducted via secure sockets layers (SSL) which is when the web address starts with HTTPS:// instead of HTTP:// you don't have to worry about data being stolen as it is transmitted across the Internet because it is encrypted. Transmitting financial data via email, however is always dangerous because email is not encrypted and thus easy to intercept as it is being transmitted. As a merchant, selling something on the Internet, it would be your responsibility to make sure your server that collected the payment stored data in a secure fashion. Because of the challenge with setting up secure transactions, many merchants choose to sell their wares via Ebay, Yahoo Stores etc. which also provide payment methods. This is also why PayPal is so popular as a method of payment. They provide a secure way to conduct transactions.

While a great deal of news is focused on Internet fraud, the irony is that credit card companies report that traditional "bricks and mortars" stores have almost twice the rate of credit card fraud that Internet transactions do. So ironically, assuming you purchase from reputable companies online, your risk of being victimized by credit card fraud is much lower on the Internet than if you went into a store and purchased something.

[Ted S]

To add to KLB's fantastic post... who do you really think is more reliable, an automated, secured, visa verified, multi-billion dollar system like the one Amazon.com runs or the 19 yearold college dropout who makes 7.65 bucks an hour serving you dinner last Friday and who gets to take your card all the way from the table by the window to the cash register in the backroom? It's really not a hard call.

Protecting yourself from fraud is as simple as aking a 30 second look at each site (or store) you shop at and reading your credit card statement when it arrives. There are a million ways people can get your credit card if they want to, the question is how quickly will you notice.

[mcrazor]

'Personally, I don't think any method of payment over the web is secure, and I for one wouldn't buy a toothpick over the web.'

You do know it is 2005? No offense, but the two replies before me were true. It seems there are still people out there who prefer to hand out their credit card personally to any person in a diner, restaurant, gas station or wherever instead of buying things online themselves behind their computers where nobody has access to it.

Most internet fraud is caused by people like you who hand out their credit card personally. The fraudsters take your information and order online, as there is no signature required. You hand out your credit card while this person only has to write down the number, the expiry date and CVV code.

I hate to say this, but I still do NOT understand why people are so naïve. People who claim that ordering online is dangerous, really have absolutely no idea what they are talking about. They should not have a credit card in the first place.

[stymiee]

Identity theft makes everyone uncomfortable. Although I am very comfortable making purchases online I can easily envision why others whould be skeptical. When you don't know the Ins and outs of purchasing online it's not hard to imagine how you can get burned.

[JakeJeck]

Having a police scanner and listening to cell phone calls on it - I'd much rather place an order online than over the phone anyday.

[stymiee]

Having a police scanner and listening to cell phone calls on it - I'd much rather place an order online than over the phone anyday.

Much easier to eavesdrop on a phone call then a secure Internet transaction. Shame most people don't know that.

[runamok]

Well, well... your posts certainly make me feel a lot better about buying online now.

I just made "credit card fraud" searches at Google and Yahoo!, and spent the last couple of hours reading horror stories.

But they must all be wrong because it certainly looks like you guys know what you're talking about,
so you must be the ones who are right after all.
Right?

[stymiee]

Some people are gonna get burned online. Half because they're incompetant, half because they just unlucky. But they are in the minority when it comes to online sales. The VAST majority of online sales go through smoothly and without issue. And you have to remember, credit card fraud began long before there was an Internet. And if I were to commit credit card fraid, I can think of lots of ways to do it offline that are easier to do then online.

[KLB]

No they are not necessarily all wrong. Credit card fraud does happen on line. It just happens twice as often off line and if you are using a credit card like Visa the damage they can do to you is very limited. Regardless of whether or not you purchase online, you should always monitor your credit card statements closely for suspicious charges. If you find fraudulent charges, you need to report them to your credit card company as soon as possible. If your credit card number was stolen, and illegitimate purchases made, the credit card company will remove the fraudulent charges from your credit card statement and issue you a new credit card with a new credit card number.

Remember there is a big difference between identity theft and credit card fraud. People can not commit identity theft with only the information printed on a credit card; they can only make fraudulent charges. In the U.S. your liability in regards to fraudulent charges is extremely limited and most credit card companies now do not make you liable for any fraudulent charges so that people will be more comfortable purchasing online etc.

My only personal recommendation is to not purchase anything online using a debit card attached to your bank account, because even though the bank would probably put the money back, it could be inconvenient if your checking account was temporarily drained.

Also when making purchases on line, make sure it is from a vendor you reasonably trust and that the transaction is taking place via secure sockets. The address in the address bar should start with HTTPS:// and there should be a locked padlock in the address bar or status bar depending on your browser.

I purchase things all the time online, I'm just exceedingly careful whom I'll purchase from and I always keep eyes on my monthly charges. I've been doing this for years and have never had a problem.

[El Camino]

I see that you have a maple leaf as your avatar so I will assume you are a Canuck.
The major Canadian banks do have an email payment system called "Interac Email Money Transfer". You can send money to anyone who has online banking with any Canadian bank. Login to your online banking and look for this option, CIBC does a good job of hiding it. Enter the amount and the recipient's email address. When the recipient gets your email (in about an hour) he will follow a link to an Interac page that lists all the major Canadian banks. He selects his bank, and logs into his online banking site to confirm & accept payment.

FYI non-Canadians - Interac is a Canadian electronic/ATM payment system similar to PLUS & Cirrus.

[runamok]

THAT'S IT!

The "Interac Email Money Transfer".

Thanks a whole bunch El Camino.

Now I know where to get the info; at the banks themselves.