Summary: Read about Internet Payment Services here.
Ever since the dawn of e-commerce, Credit Cards have ruled the roost among Internet Payment methods, primarily because they were already in wide circulation and used extensively by the brick and mortar business. However, credit cards, while great for the day to day purchases in the physical world, came across one big problem in the virtual world.Credit cards have managed to take care of security through signatures and photocards. But in the virtual world, how is anyone supposed to check the signature or the facial features of someone logging in from half a world away? For more information read more...
It's not exactly news to anyone running an auction site that by and large, online auctions are based on trust. The trust is that a seller will provide the object that was sold, as promised, and that a buyer will pay for the piece. However, trust is often a rare commodity in the Internet world. This is where an intermediary online payment service such as TradEnable comes in handy.
Tradenable allows buyers and sellers to set terms online. After both parties agree to the terms, Tradenable emails the buyer, asking him to pay the amount to Tradenable. The payment can be made via credit card, personal or business check, money order, cashier's check or wire transfer. All payments must be made in US dollars.
This is kept in an escrow account, and the seller is informed via e-mail to logon to Tradenable's site to get the shipping details. After the goods are received, inspected and approved by the buyer, the seller is paid by Tradenable for the goods. If the buyer is dissatisfied and returns the goods, the seller will also be given time to inspect and accept the goods as returned. In this case, Tradenable returns the money to the buyer.
Payment Terms
i-Escrow charges on a sliding scale depending on the transaction amount and payment method.
For Credit Card Transactions:
Up to $500, the i-Escrow fee is 6 percent with a minimum fee of $2.95.
Between $500.01 and $2,500, $30 and 5 percent of the transaction amount over $500.
Between $2,500.01 and $5,000, $130 and 4 percent of the transaction amount over $2,500.
Credit-card transactions above $5,001 currently aren't accepted.
For Cash Transactions:
Up to $500, the i-Escrow fee is 6 percent with a minimum fee of $5.95.
Between $500.01 and $2,500, $30 and 3 percent of the transaction amount over $500.
Between $2,500.01 and $25,000, $90 and 1 percent of the transaction amount over $2,500.
Cash transactions above $25,000 currently aren't accepted.
Naturally, this would mean that I-escrow wouldn't really be the preferred option for small transactions.
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