Legacy Payment Methods
Why People Use Legacy Payment Methods in a Networked Environment: the Advantages
Buying these days has been more convenient if it will be compared to how it is done in the previous decades. The history of trade has gone far beyond the use of precious belongings and money as payments. Today, the most widely used form of payment, aside from the direct use of cash, is the legacy payment method such as the use of credit cards. With legacy payment methods, people don’t need to have cash on hand to be able to buy.
After some time of the trend of using credit card in trading activities, and with the emergence of new technologies, trading has entered in a new sphere where buying became easier and more convenient than when the use credit card was just at a young age. That is, when legacy payment methods can already be utilize in trading activities done in networked environments such as the Internet. As a consequence of this advanced mode of trade and payment, where shopping can be quickly done just right at the front of a computer without requiring people to go to stores, or where paying to cashiers will not require one to bring enough cash, there has been an increased rate of buying and shopping activities online. According to Bill Orr (1998) on the of the advantage of legacy payment methods in a networked environment,
She saves the cost of paper checks and the bother of carrying enough cash for “walking-around” purchases.
The advantages provided by the use of legacy payment methods in a networked environment are the reasons why consumers continuously use it in trading activities and why many businesses accepts them for payment. In the side of the consumers, credit cards (which is always in a networked environment) makes almost everything express. Beehive online lists the following advantages of having a credit card, the most widely used legacy payment method in a networked environment.
A credit card makes it easy to buy something now and pay for it later.
It’s much safer to use a credit card than to carry around cash. If you lose your credit card, you can ask your credit card company to cancel your card, and no one else can use it. But if you lose cash, your money is gone.
Credit cards are also convenient. You can use them to make hotel, car rental and other reservations. You can buy items over the phone or online.
You can also use credit cards for emergencies, like unexpected car repairs, when you don’t have the cash to cover the expenses.
Finally, using a credit card gives you a credit history, which helps to get home loans and other credit in the future.
In the side of the business owners, on the other hand, R&R Web Design Online lists the following advantages that acceptance of credit cards as mode of payment can similarly provide them.
Common sense and practical experience prove that a company can increase sales significantly by accepting credit cards online.
The safest recommended method of payment according to the American Bar Association is by credit card for both face-to-face and online purchases.
With online credit card processing, you will capture many more orders from people buying on impulse.
Your business establishes Internet business creditability by accepting credit cards online.
Your business will have a competitive edge over the competition who do not offer similar online credit card payment services.
Your business will be able to take orders 24-hours a day, 7-days a week, 365-days a year.
The online secure server ordering process does not have to be monitored, leaving you and your staff to concentrate on other areas of your business.
Your business will receive payments quicker – as opposed to waiting for postal mail.
Despite of these advantages that were mentioned, which creates the power to convince consumers and business owners to use and accept legacy payment methods in a networked environment, there are also a number of disadvantages why some people are hesitant to use such mode of payment. They are especially true when they are used in a networked environment particularly in the Internet.
Issues, Disadvantages, and Solutions in Legacy Payment Methods in a Networked Environment
One of the most critical issues that exist in the use of legacy payment methods in a networked environment, such as the credit card, is how secured are the financial and personal information of the credit card users. Especially when used online, where information is oftentimes vulnerable to threats and unauthorized access, there is a high possibility that credit card information may not be secured. This thus is causing great concerns for consumers.
One of the processes when using credit cards in an online trading activity is the transmission of credit card numbers. If the server or web site that handles the information exchange between the consumer and the receiver is susceptible to unauthorized access, there is a chance that the credit card information may be stolen and used by another person for his own personal transactions.
In general, because information security in today’s technology hasn’t been totally provided with solution, wherein there are still a lot of information viruses that travel between networks and where unauthorized access to information is still a big problem, we can conclude that legacy payment methods in a networked environment is similarly not secured. However, despite of this, there are several solutions that have been developed to protect information from payments made in a networked environment.
One of the most common and basic solution that was developed to protect sensitive data is encryption in which information are sent in random forms of code. This was made more secured with SET (Secure Electronic Transaction) technology. In SET, the credit card number is not totally disclosed to the merchant. Instead, it is sent in encrypted form and can only be decrypted by the user with the use of digital signature that is known only by the user (Claessens, 2002). However, because of the complex process involved in SET, such as the requirement of a software, called “wallet,” in the user’s machine, this method is not commonly used.
Another recent development in the legacy payment methods in a networked environment is the emergence of software and card readers for the users that allow them to swipe their cards themselves without the need to disclose the credit card number online. Claessens suggests that Real-life electronic payment means, such as electronic purses (e.g., Proton ), and debit cards, are also starting to be deployed on the WWW. Software and card readers are now available (e.g., Banxafe ) that provide the necessary hooks to browsers and Web servers to connect these real-life electronic payment systems to the WWW.Finally, with the common existence of mobile phones to many individuals, legacy payment methods in a networked environment can be done via mobile phone’s SMS capabilities. Authentications are done with the use of random codes that are sent to mobile users that are in turn used to complete a payment transaction.
Orr, Bill. The Great Card Question: Will it be Smart or Debit?
ABA Banking Journal, Vol. 90, Issue 9, pp 54-57.
2005. The BeeHive Online. 2005. http://www.thebeehive.org/money/credit-cards-benefits.asp
Advantages to Accepting Credit Cards Online.
R&R Web Design Online. 2005. http://r-rwebdesign.com/accepting_credit_cards.html
Claessens, Joris, et. al. A Tangled World Wide Web of Security Issues.
First Monday Online. http://www.firstmonday.org/issues/issue7_3/claessens/#c7
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