Will Micropay Be Helpful in the Ecommerce Project - Essay Example

Will micro pay be helpful to you in your group's eCommerce project? Take a position and justify your position in a 3 to 4 paragraph essay with 1 cite from the text, 1 cite from a recent article and your experience.

Micro pay will help us with payments that are to be done online. With our e-commerce project, Micro pay will assist us to get payments done online. Micro pay is an electronic money company that assists in online payments to various people. Micro pay is an eCommerce site offering money transfer services. The money transfer is done without exposing the account details of the sender to the buyer. On purchase, the money is transferred directly from the buyer's account to the seller's account. The transaction can be monitored by the buyer through logging into the Micro pay account. In the event of any loss, Micro pays to refund the cost of the purchased item and the cost of the initial postage value. This mode of payment offers Privacy, integrity, and non-repudiation, and the authorizing entity, in this case, Micro pay issues the users against any losses. Micro pay facilitated the payment of large values as well as small values. The cash value accumulated in the Micro pay account is transferable to banks and internationally. The system is easy to use and allows users to log in and transact business from different locations and computers. One has to register with both eBay and Micro pay to be able to utilize Micro pay services (Hsiao-Cheng, Kuo-Hua, & Pei-Jen, 2002).
How Micro pay works
Micro pay does not provide a different way of banking but is just a middleman in the transactional processes. Credit and debit card transactions travel on different networks. When a merchant a transaction to be made through Micro pay, they will do so by paying a small fee which is normally 2 percent of the transaction. There is also an interchangeable fee that is charged for all the companies that take part in the transactions. The fee is universal and is charged for any company that is involved in the process.
The part that Micro pay comes in is in that both the buyer and the seller deal with Micro pay after they have provided their banking details. Micro pay then handles all the transactions that will take place between all the banks that will be included and will pay the interchange fee. They will recover the money that they pay for the interchange from the fee they charge for receiving the money. They also get it from the interest they get from the money they left in their accounts (Han Zhang & Haizheng, 2006).
I am sure that Micro pay will assist us in our e-commerce project in the fact that it will help us to get payments done to various clients. It will also help us secure our money and trust. Their security is trustworthy and we are able to bank on it getting payments and making payments.

In a 3 to 4 paragraph essay with support from the text, theory discusses the following: As a customer, what is your biggest security nightmare, and how do you expect the site to protect you?

My biggest security nightmare is having our online account hacked and all the funds transferred to other accounts. This will mean that all our money for undertaking the e-commerce shall have been lost. Micro pay will be of great help in the sense that the online transactions will be secured. Due to the nature of Micro pay in the sense that it has all the personal information of many users on the Internet, it has an extra layer of security for the purpose of securing the data it handles on the Internet. The details that it handles include bank account numbers, addresses, and credit card numbers. With other online transactions, this confidential information is transferred from the merchant to the buyer on the Internet (Jacobson, Magnes, Patrik, & Gunnar, 2004).
One that the site will help us with is the use of a security key. To address the issue of security, Micro pay has a $5 security key which is a device that is able to generate a security check digit after every 30 seconds. After the generation of this key, the user will then link this code with his/her account number. The code, which is usually 6-digit, is used together with the user ID and password thus ending up creating a security code that is unique in nature (Jacobson, Magnes, Patrik, & Gunnar, 2004).
After many scams which went on the Internet, Micro pay came up with a plan that would be used to keep criminals who keep opening dozens of accounts with stolen credit cards at bay. This plan is the uses the Gausebeck-Levchin test. This plan has been widely used by many websites when one is trying to open an account. The code that is generated by this program will not be deciphered by any machine except human beings alone. So far, this has been the most noticeable milestone in the security of Micro pay (Jacobson, Magnes, Patrik, & Gunnar, 2004).
Another way that the site will help us is the use of some other programs to watch for some suspicious programs to look for fraudulent activity. These programs will look for any red flags that might be a sign of fraud that is about to take place. The red flags usually include cases like a sudden increase in the volume of transfers in an account, IP addresses that are not valid, and credit card charges which are denied (Guttman, & Viktor, 2007).