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Key minimal characteristics of Zenten's online payment system, and finally

Propose standard for handling payment security, international customers, returns and non-paying customers .

Modes of payment available via the internet

For consumer purchases the credit card is the mode of preferred payment in the U.S., it's estimated that 90+ percent of all online payments are by credit card. This as maybe, in Europe this is not the case, especially in Germany (Europe's leading economy) debit cards are the preferred mode of payment for online purchases from e-tailers. It should be noted that new forms of payment are emerging, such as prepaid accounts etc.

The typical payment process

The typical online payment system constitutes a six-step process. And it follows the following outlined sequence:

Potential customers visit the site.

Potential customers view products and their brief descriptions.

Potential customers select products and put them into an electronic shopping cart.

Potential customers select available payment options.

Online payment is handled securely, by a specialist payment processor.

Payment is approved and confirmed both to seller and to the customer.

Purchases are delivered to the customer via a designated carrier service.

The key problems with online payments

Fraud is top concern for payments made online for both Zenten and online customers.

With credit cards, customers might repudiate transactions which they have done and the merchant has already shipped leading to the card company disallowing a transaction and reversing it.

Sometimes people develop payment habits and they are reluctant to change them.

There is still no comprehensive hard data on how people pay online, payment culture owing to the novelty of the system.

Cultural issues with payments across different countries

Within any given country, and sometimes within states or regions of a country, there are distinct approaches to payment, depending on:

The range of payment options available locally,

Local payment habits and practices, e.g. Some cultures are averse to credit cards.

Local or national regulations that govern payment

Zenten needs to be aware of a prevailing payment culture, of the areas that it intends to trade in. Zenten can never assume customers automatically have credit cards.

Based on the above Zenten intends to accommodate the following range of payment options on its Web:

Credit or debit card payment

Credit transfer and electronic checks

Direct debit

Prepaid plans