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SophomoreFodder
 
Group: Forum Members
Last Login: 3/28/2007 8:52:56 PM
Posts: 144, Visits: 434 |
| There is a lot of movement in this space, but I'm going more for a different type of micro payment. Project Name: Credit Taker Project Description: Credit Taker is a simple phone service that allows people to take credit/debit card payments with any phone. You just have to call a 1-800 number and enter in the number, expiration date and amount and it will process the transaction. It then deposits the money into a designated bank account. You get a monthly statement will all the charges that you received. The service makes money by taking 1% or $5 of every transaction which is then taken from the same bank account that money is deposited into for purchases.
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Fodder Chief
Group: Administrators
Last Login: 3/4/2008 5:30:47 PM
Posts: 179, Visits: 845 |
| Do most merchant accounts offer something like this? I've had to do credit card authorizations over the phone before, so presumably it is possible already. I assume you would really streamline the process -- kind of what PayPal has done for payment processing?
Ben |
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SophomoreFodder
Group: Forum Members
Last Login: 3/28/2007 8:52:56 PM
Posts: 144, Visits: 434 |
| | I've worked in retail and it took forever to do a phone authorization. The big thing is that you also needed to have an account set up with the credit card agency. This is something like Paypal with phones. It knows the phone your calling from and uses that to pull up your information. I see it as an "enter credit card number", "edit expiration date" and "enter amount." Wham bam done. You can set it up your account over the phone in less then 5 min and you are not charged a monthly fee, you are only charged when you use it. Between that and the lack of equipment I'm hoping that it will be popular with people who need to be on the move and have to travel light.
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Fodder Chief
Group: Administrators
Last Login: 3/4/2008 5:30:47 PM
Posts: 179, Visits: 845 |
| | I love it. What industries would you target? Why restrict it to micropayments? What are some examples of uses for it? Ben |
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SophomoreFodder
Group: Forum Members
Last Login: 3/28/2007 8:52:56 PM
Posts: 144, Visits: 434 |
| | The industries that would be targeted are small retail shops, non-profits, outdoor kiosk vendors and people who sell at craft and trade shows, and people who want to sell things on occasion. (Market is one of the things I'm still working on). And I tend not to think of them as micro-payments; I could see someone selling their car wanting to let people pay for it on their credit card rather than taking a check. In a picture perfect win win example would be a church bake sale where would by more if they could use their credit card. The church gets more money, people get their pies and I'd get my cut of every transaction. As there is a record on your credit card bill you then can also deduct it off our taxes.
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Fodder Chief
Group: Administrators
Last Login: 3/4/2008 5:30:47 PM
Posts: 179, Visits: 845 |
| | So it really is an offline PayPal. You would let anyone get an account -- that's what differentiates it from a regular merchant account. It is a really interesting idea. I wonder why PayPal hasn't put in a voice prompt phone system that does something similar? Ben |
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SophomoreFodder
Group: Forum Members
Last Login: 3/28/2007 8:52:56 PM
Posts: 144, Visits: 434 |
| As an ex-telecom designer I can tell you that the systems are completely different. It would require new hardware and software. I'm also not use of the market size; it might not be enough to get someone like PayPal interested in it.
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Fodder Chief
Group: Administrators
Last Login: 3/4/2008 5:30:47 PM
Posts: 179, Visits: 845 |
| | One issue is identifying the user. This could be done by phone number as you suggested, but I'm not sure that will work for everyone, especially in situations where there could be multiple outbound phone lines tied in to a PBX, or if someone uses a cell phone to handle the transaction. Still, you don't want them to have to punch in a series of numbers and pass codes. I have one of those conference call services, and you have to remember the 800 number and the conference ID (some even have an additional PIN above and beyond that). I have to keep a card with those numbers in my wallet, which is downright annoying. Any other ways you could get around that? Ben |
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SophomoreFodder
Group: Forum Members
Last Login: 3/28/2007 8:52:56 PM
Posts: 144, Visits: 434 |
| | I was going strictly of of phone numbers with an option to enter the phone number on the account if there are caller ID issues. Your phone number is you account information. As you can only put money in, not out, security isn't as much an issue. If you need to do something like change bank account numbers then that is where the security kicks in.
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