Week 7 Hand-in Assignment Essay Example | Topics and Well Written Essays - 750 words

Week 7 Hand-in Assignment - Essay Example Of late, use of secure versions of HTTP and HTML (called HTTPS and SHTML respectively) has made micro-payment systems faster and safer. (Visa, 2012a; Visa, 2012b; Michel, 2001) Payclick deploys the basic principles of e-commerce transaction management. The working methods satisfy both the international legal and technical standards. It can be stated that it operates through a peer-to-peer fiscal management framework which involves extensive but careful utilization of the Internet. â€Å"An example system includes a payment processor that executes software instructions for creating and managing electronic payment accounts and an accounts database to store account data from the payment processor. The payment processor may be configured to receive a payment request from a payer, the payment request including information to identify a payee and a payment amount.† (Perlman. 2011, Abstract) In other words, simplicity of a micro-payment system lies in its transaction processing method. The main challenge is to keep the costs of the transaction processing and delivery charges as low as possible, hence less complicated and simply synchronic IT applications are called for. Principle of working of Payclick is basically the same as explained by Perlman (2011). According to the company, â€Å"You (the customer) can add funds to your payclick account using your Visa, MasterCard, credit, debit or prepaid card, or your bank account through BPay. And that’s that. You are ready to buy online wherever you see the payclick button.† (Visa, 2012a) Payclick thus supports small value payments at lower costs of transaction with least holdup and in exchange to the services and products that are instantaneously deliverable. The money transferring processes are hassle free and supported by several vendors and technologies to impart greater suppleness and