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Comparative Analysis Of Different Credit Card Processing Systems

Introduction

This paper takes a closer look at three credit-card processing systems, namely

In this appraisal, we considered different criteria such as:

Any special features and advantages of the services are also detailed.

CYBER CASH

Ease Of Use

Cyber Cash provides a Merchant Connection Kit that takes care of the connection from the merchant to the Cyber Cash services. This kit is relatively easy to use. Cyber Cash allows the user to access information about his transactions directly from the website or by means of Command APIs.

Versatility

Cyber Cash supports different languages like Perl,C,and ASP. It also provides support for a wide range of processors. It allows both manual and automated transaction settlement. It allows for voiding of transactions, and allows returns back to the customer in case of refunds.

Cost

CASH REGISTER PRICING

FRAUD PATROL PRICING

(The prices in brackets are valid when Fraud Patrol is chosen)

Services

Cyber Cash offers the following services:

Cash Register

This is a better-integrated product than most available in the market. The company provides Command APIs and Message APIs that are rich in features. Security is through triple DES encryption.

Fraud Patrol

This is a good product that uses neural network technologies to grow from experience. The software uses a database that includes almost 80% of the total credit card transactions in US, and about 60% of all transactions world-wide.

Automated Clearing House(ACH)

This is a system where the merchant can accept electronic check payments from clients. The feature is not strongly emphasised in the company's documents, and other competition products seem to better in this particular area, specifically Authorize.net.

Address Verification System(AVS)

This is a means to check the address of the credit card holder.

Special Mention

VERISIGN

Ease of use

The product is relatively easy to use. The SDK provided for the client to connect with VeriSign Servers, is lightweight. Modifying a single parameter is sufficient to implement a wide range of operations.

Versatility

VeriSign offers two approaches to credit card transactions. The merchant can either host the web pages at his own site or he can transfer the client to a secure page at VeriSign. The merchant need not worry about maintaining a Secure connection in this case. VeriSign works for all major credit cards and also has a wider range of options than others. These options include like purchase cards, debit cards and electronic check payments.

Cost

Services

The main services offered by VeriSign are:

PayFlow Link

This product enables the secure page to be stored at the VeriSign Server. This frees the merchant from the worry of maintaining a secure connection. However, this is useful only for merchants with less than 1000 transactions per month.

PayFlow Pro

This software is a small TCP/IP enabled messaging agent that controls communication between the application and the VeriSign server. It creates a dedicated SSL TCP/IP level connection thread for each transaction between the client and the server.

PayFlow FraudScreen

The FraudScreen must compulsorily be used with PayFlow Pro and never alone. It uses data mining and neural network technologies powered by eFalcon.

Special Mention

AUTHORIZE.NET

Ease of use

The product comes with a client SDK that is relatively easy to use. There are only two functions in the SDK, making it easy to handle.

Versatility

Authorize.net supports any business model and over 150 currencies, which makes it quite versatile. It provides both manual and automated transaction management.

Cost

They have a reseller scheme whereby pricing is dependent upon the reseller.

FraudScreen.Net

Services

Virtual Terminal

This software is meant for traditional merchants. Through the software, the merchant can manually enter transactions through any web-enabled PC. This replaces the standard authorization terminal.

WebLink

This is the standard product that enables the merchant to carry out automated credit card transactions. Similar to VeriSign, the merchant has the option of placing the secure page either at his storefront or at the secure servers of Authorize.net

eCheck.net

This allows online and traditional merchants to accept electronic checks from their storefront.

Pocket Authorize.net

This is a software application that will run on any Internet-enabled hand-held Personal Digital Assistant (PDA) device, allowing people to perform credit card transactions from any place that has cellular service access. This is a free service offered to all Authorize.net customers. The service works with

FraudScreen.net

This is powered by the technology of eFalcon.

Special Mention