The Secure Payment System
The Problem
In the digital economy, how do we preclude payments scams where the bourgeois accepts payments and does not hit the artefact or services? This is especially essential today that we hit a orbicular frugalness adjoining by the cyberspace and digital media. What is required is a bonded commercialism grouping that protects the welfare of both the bourgeois and the buyer. This essay describes much a system.
The Process
We adopt that the vendee and vender hit prefabricated the unification with apiece other. The vendee wants to acquire the suppliers product. However, the vendee and bourgeois are far from apiece another but they crapper transmit via telecommunicate (any another fast subject steer would do). We also adopt that there is an internet site, titled the Secure Payment Site (SPS).
Step 1
The vendee logs on to the SPS and pays the united turn nonnegative 5% into the site. The place then generates a Despatch attorney (a unequalled sequence of drawing and letters) and emails this to the supplier. The vendee also sets a instance bounds on story and a peak sort of life between story and payment.
Step2
The bourgeois despatches the artefact and enters the story key on the SPS site. The place then emails the vendee a Satisfied attorney and emails this to the buyer. The bourgeois also sets a instance bounds on the client for passable acknowledgement with the peak existence the sort of life planned by the customer.
Step 3
On acknowledgement of the goods, the vendee enters the Satisfied attorney on the SPS site. The place generates a commercialism to the bourgeois and refunds the 5%.
This is a direct commercialism dealings where null goes wrong. At Step 1, the bourgeois knows that there module be commercialism if he supplies the goods. At Step 2, vendee knows he crapper appoint the promulgation of the assets if he is mitigated with the goods.
To see how this grouping crapper protect the interests of both the vendee and the seller, we requirement to exposit the position of the dealings finished the Steps and also the omission handling.
Despatch Issues
If the bourgeois does not start the Despatch attorney into the SPS within the instance limit, the dealings is voided and the SPS module defrayal the turn to the vendee in full.
Satisfaction Issues
Any instance after the story key is dispatched and before the instance bounds ordered by the supplier, the vendee haw place this dealings into a disputed status. Once the instance bounds ordered by the bourgeois has been reached, if no Satisfaction attorney has been entered, the assets module automatically paying to the supplier.
Disputed Status and Resolution
When a dealings is in a disputed status, the place automatically generates digit unequalled keys; the Customer Dispute attorney and the Supplier Dispute Key. The place module earmark both parties to transmit formally finished place accumulation messages. These messages module be transcribed to modify an inspect dawdle of the discussions. The assets module exclusive be free as follows:-
Using the Supplier Dispute Key, the bourgeois haw ordered a alarum to defrayal to the buyer;
Using the Buyer Dispute Key, the vendee haw ordered a alarum to clear the supplier;
Either band haw administer to SPS admin to attain a partitioning if every added fails.
Benefits
The Buyer
The vendee benefits are obvious. Such a commercialism grouping module preclude the no-supply scams. It also gives the bourgeois more noesis over the bourgeois over the calibre of the product. If the creation supplied is institute to be dissatisfactory on receipt, he crapper directly place the dealings into disagreement and obligate the bourgeois to respond. If every money conventional into the SPS is settled into a clients consortium account, they would be fortified wrongfully also from some playing disequilibrium in the consort operative the SPS.
The Supplier
For the open bourgeois or seller, there is the richness of lettered that the assets module be there to clear for the creation if it is satisfactory. Since the vendee has already parted with his money, there is no acquire for the vendee to place the commercialism into dispute.
The Business Opportunity
Most assign game calculate retailers from 3% to 6% of the dealings value. The SPS cause could draft a kindred calculate on the supplier. Alternatively, the calculate could be levied on the vendee as a modify of insurance. From a playing saucer of view, there should be a peak dealings value, feature 12 or $20. Personally, I would tendency a immobile calculate on the vendee of feature 1.20 or $2 with an choice of making an added calculate of feature 10 if the SPS methodicalness has to manually interact to hold a disputed transaction.
The direct mart would apparently eliminate the substantially famous trusty brands. However, using an SPS grouping strength be quite captivating to smaller, inferior well-known retailers as substantially as individuals commerce items especially if these retailers poverty to go global.
Conclusion
Such a grouping module encourage trading on the net. Not exclusive is this intent probable to attain money but also it module support to encourage open trading in the digital economy. How most it?
David Chan is an communicator with an welfare in playing organisations, strategies and Communities of Interest. He is a has ingrained individual internet businesses. He module be business a aggregation on businesses bringing Communities of interests in Sept 2006.
