Payment Methods, 4Cs

• Cash
• Checks
• Credit Cards
• Credit / Debit Cards

Characteristics for evaluating payment methods

• Anonymity: This characteristic pertains to whether the payment method allows anonymity, meaning that a third party cannot trace who was involved in the payment transaction.
• Security: This characteristic pertains to whether the payment method is secure, specifically whether it is susceptible to various types of fraud, such as forged payments.
• Overhead Cost: This characteristic pertains to the cost of processing a payment.
• Transferability: This characteristic pertains to whether a payment can be carried out without the involvement of a third party, such as a bank.
• Divisibility: This characteristic pertains to whether a payment can be divided into smaller payments whose total sum is equal to the original payment.
• Acceptability: This characteristic pertains to whether the payment method is supported globally, rather than just by a closed user group.

SET PROTOCOL FOR CREDIT CARD PAYMENT

• Confidentiality - Sensitive messages are encrypted so that they are kept confidential.
• Integrity - Nearly all messages are digitally signed to ensure content integrity.
• Authentication - Authentication is performed through a public key infrastructure.