Abstract
The e-book market is booming while the brick-and-mortar book market is rapidly declining. In 2013, Amazon.com released the 6th generation of the Kindle reader – the “Kindle Paperwhite” (also known as‘Paperwhite 2’).” Kindle books can also be read on virtually every PC or tablet device. Barnes & Noble has a Kindle competitor called the Nook. The result is that some categories of books in digital format sell better than their hardcover and paperback counterparts, as described in Chap. 5.
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Glossary
- Address Verification System (AVS)
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System that detects fraud by comparing the address provided by the buyer at checkout with the address on file.
- Authorization
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First phase of processing a credit card transaction that determines whether a buyer’s card is valid (e.g., not expired) and whether the customer has sufficient credit or funds in his or her account.
- Automated Clearing House (ACH) Network
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A processor of paper checks by converting them to electronic format via the government’s electronic funds transfer (EFT) system. Bitcoin A digital currency managed by a group of individuals and companies who own the computing power and process of creating Biocoins.
- Card verification number (CVN)
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Method for detecting fraud by matching the 3-digit verification number printed on the signature strip on the back of the credit card (or the 4-digit number on the front of the card, such as American Express cards) with the number stored by the cardholder’s issuing bank.
- Contact card
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A smart card that is activated when it is inserted into a smart card reader.
- Contactless (proximity) card
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A smart card that only has to be within a certain proximity of a smart card reader to process a transaction.
- Digital (virtual) currency
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A medium of payment that is electronically created, stored, and used in e-commerce. It can be used to pay for either physical goods or virtual ones.
- Electronic check (e-check)
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An electronic clone of a paper check, containing the same information.
- Electronic Invoice Presentment and Payment (EIPP)
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The procedures and processes by which companies present invoices and get paid for these invoices over the Internet.
- Letter of credit (L/C)
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Letter issued by one bank to another bank (usually in another country) on behalf of a buyer (e.g., importer). It guarantees a seller (e.g., exporter) that sufficient payment for goods or services will be made on time, provided the conditions of the L/C are met by the exporter.
- Micropayments (e-micropayments)
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Small online payments, usually under $10.
- Mobile (digital) wallet
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Proximity payments that are debited to a mobile phone account as a monthly fee or to a debit card account. The technology enables payments as well as processing loyalty programs and performing target promotions all in one mobile device.
- Mobile payment
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Payment transactions initiated or confirmed using a person’s mobile device, usually a smartphone.
- Payment cards
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Electronic cards that contain payment-related data. They include credit cards, charge cards, and debit cards.
- Payment service providers (PSPs)
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Third-party companies that provide services to merchants so they can accept all kinds of electronic payments. The PSPs connect all participants in the electronic transactions.
- Purchasing cards (p-cards)
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Payment cards issued to a company’s employees used to pay for unexpected purchases of goods and services, usually MROs (e.g., stationery, office supplies, and computer supplies) up to a certain limit (usually $1,000 to $5,000).settlement Second phase of processing a credit card transaction that transfers money from the buyer’s account to the merchant’s account.
- Smart card
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A plastic payment card that contains data in an embedded microchip.
- Smart card reader
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A read/write device that acts as a mediator between the card and the host system that stores application data and processes transactions.
- Stored-value card
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A card where a monetary value is prepaid and can be loaded on the card once, or several times.
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Turban, E., King, D., Lee, J.K., Liang, TP., Turban, D.C. (2015). Electronic Commerce Payment Systems. In: Electronic Commerce. Springer Texts in Business and Economics. Springer, Cham. https://doi.org/10.1007/978-3-319-10091-3_11
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