Exam 11: Payment Systems for Electronic Commerce

Although several companies have attempted to find a better way to do online payments, ____________________ has prevailed not only because it was an early entrant, but because it performed as well as any of its challengers.

Using electronic cash provides an audit trail.

Processing a payment card transaction online involves two general processes.List these processes.

A debit card removes the amount of the sale from the cardholder's bank account and transfers it to the seller's bank account.

A(n)____ obtains authorization for the transaction by sending the transaction's details to the interchange network and storing a record of the approval or denial.

The Check Clearing for the 21st Century Act (usually referred to as Check 2 1), permits banks to eliminate the movement of physical checks entirely.

Concerns about electronic payment methods include privacy and security, independence, portability, and convenience.

A(n)____________________, serving a function similar to a physical wallet, holds credit card numbers, electronic cash, owner identification, and other owner contact information.

Yahoo! wallet is a(n)____________________-side electronic wallet offered by the Web portal site Yahoo!

In a(n)____ system, the card issuer pays the merchants that accept the card directly and does not use an intermediary, such as a bank or clearinghouse system.

U.S.laws define organized crime, also called ____________________, as unlawful activities conducted by a highly organized, disciplined association for profit.

Transferring electronic cash on the Internet costs more than processing credit card transactions.

____ is spending a particular piece of electronic cash twice by submitting the same electronic currency to two different vendors.

What are the advantages and disadvantages of payment cards?

Microsoft Windows ____________________ is a single sign-in service that includes a server-side electronic wallet operated by Microsoft.

In San Francisco, the Bay Area Metropolitan Transportation Commission created a smart card system called TransLink, patterned after Hong Kong's Octopus Card.

The front-end processor handles chargebacks and any other reconciliation items through the interchange network and the acquiring and issuing banks, including the ACH transfers.

A ____ is a stored-value card that is a plastic card with an embedded microchip that can store information.

____ electronic cash is electronic cash that cannot be traced back to the person who spent it.

American Express and Discover card are examples of open loop systems.