Re: Credit Card to eCash

[Alan Olsen <alano@teleport.com>]

At 02:08 AM 7/22/96 +0000, Jonathon Blake wrote:
>	Myers:
>
>On Sun, 21 Jul 1996, Myers W. Carpenter wrote:
>
>> 	What would be the problems in setting up a web site to make a
>> charge to a Credit Card/ATM card number and return Cash, like an ATM for
>> the net?
>
>	Eight to ten years, I think.  It is called money laundering.

I find that interesting, since I can do the same thing with a bank machine.
(Or maybe it is only money laundering when you don't get your picture taken
as part of the process.)

The only problem I see is that charges to a credit card can be withdrawn by
the customer within a certain time period after either the billing or
transaction.  (I do not remember which.  It has been a year or two since I
have been responsible for CC transactions.)  The individual could always say
"It was not me" and get away with the e-cash.  Sounds like a BIG risk for
anyone setting up such a site.

>	AFAIK, that was the major legal hassle, when it was first 
>	done. << OK, so it was on a BBS, not the internet.  >>
>
>	Getting people to use it is the other major problem.

That is the big problem with e-cash as it is...  Not everyone has a major
credit card.  Not everyone is willing to go through the hastles and invasion
of privacy involved to set up an account with an e-cash provider.

When getting e-cash is as easy as getting a money order, then there might be
more interest.

---
Alan Olsen -- alano@teleport.com -- Contract Web Design & Instruction
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