On 29-Jul-05 Alan Pope wrote:
On 29/07/05, Ted Harding Ted.Harding@nessie.mcc.ac.uk wrote:
Hi Folks,
I'm wondering about the mechanism underlying say on-line purchase.
Superficially, it seems you tell someone your card number, and they then somehow communicate with your bank and get money out of your account without further intervention by you.
No, they need card number, expiry date (and sometimes start date), name of account holder (sometimes exactly as it is on the card), address where card is registered and often also now the 3 digit number on the back of the card printed on the signature strip.
OK, granted; but that's information you part with when you do the deal. (It can also all be read off the card by someone who sees it, and if they also know your address ... ).
They also need a merchant account setup with the bank.
I think this is the info I was after -- the hidden mechanism which allows it to work! I didn't know about merchant accounts.
Thanks, Ted.
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