A Brief History Of Payment Processing Systems

Money - It is said that it makes the world go round

. That's not strictly true; the gravitation forces being placed upon the earth make it spin around. However, we all understand the concept that without money, we would find it very difficult to make it from day to day. We need to earn money so that we can pay for food and luxuries that make our lives easier. We of course take all of this for granted that we will be paid and that the money that we use gets transferred to the correct accounts but there are a number of payment processing systems around that keep the worlds money turning and churning over from bank to bank, account to account.

With the invention of the internet money transfers have never been more popular. People order large amounts of product off of the internet and need some way to transfer it to the other users account. It needs to be secure, easy and provide the consumer with the upmost confidence. Obviously no information is exchanged between individuals when a purchase is made in person in a shop. All of the data is merely read off of the card and transferred to the bank via the data transfer connection.

Unfortunately with every new technology that emerges there are always a number of drawbacks, there will always be a number of people who will look to expose that new technology for their own financial gain, and that is exactly what has happened with the internet and payment processing systems.

Individuals quickly found ways in which they could exploit the systems that had been put in place and rob people of their hard earned money by hacking into the unsecured connections and retrieving people's card details. They then used these details to order products for themselves at the user's expense or transfer money to accounts that they owned before withdrawing it at a cash point.

Because of this there have been a number companies who have made it their profession to design, code and implement a series of new and improved payment processing systems for the internet providers and web shops around the world. Over the last decade there have been a number of initiatives that have been implemented to keep people safe when shopping on the internet. Some of these payment processing systems now include the use of the cards CSV number or a security password.

So with all these payment processing systems that are being implemented every year are you always safe when purchasing online? The short answer to that is no. Always check that the address is https and that there is a padlock on the site and if you are still unsure then check for customer reviews or recommendations.

by: Dominic Donaldson

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