ECNC (OTC:BB) - eConnect Message Board

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Microcap & Penny Stocks : ECNC (OTC:BB) - eConnect

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To: dkgross who wrote (3336)	11/3/1999 6:13:00 PM
From: M Vavolizza	Read Replies (1) of 18222

Tom's answers to Jay: To Chesley 1. We generate a transaction fee as paid to us in the same manner as 3rd. party processors are paid today. 2. Confidential information as regards banks. 3. PLUS is not a POS system whereby the ATM card and PIN is used to move cash. PLUS is the VISA system that unifies the various ATM machines across the country. CIRRUS is the Master Card system. The proper term is Interlink for POS which is VISA and Maestro for POS which is Master Card. Interac refers to the Canadian POS system which is controlled by the Royal Bank of Canada. Our proprietary server is located at a processing center Switch which gates POS transactions into the Regional ATM card networks. 4. Same-as-Cash follows the same pathway that the ATM card and PIN purchase of $50 worth of flowers at a flower shop follows. We are simply adapting the existing POS system to the Internet and moving away from virtual money. 5. The revenue stream comes from the merchant. This fee is stripped by the settlement bank at the time of transaction. 6. VISA and Master Card presently offer Debit transactions. These are Off Line ACH transactions, the same as checks and which can be stopped by the consumer. REG E of the USA Banking Rules clearly states that an ATM card with PIN POS transaction can not be stopped by the consumer... it is the same as cash. Only the merchant can stop the transaction, which is why every ATM card with PIN merchant, such as the flower shop, needs to be first sponsored by a bank is the Regional ATM card network. This rule applies globally. The key is the PIN entry which has been assigned by the Issuing Bank that the consumer banks with. To enter a PIN, special terminals must be used which include DUKPT (Derived Unique Key Per Transaction). To conclude: The Internet consumer uses her existing ATM card and PIN issued by the bank. Then by simply clicking the ePIN icon on the ACME Mortgage web site, she can then elect to either pay by enhanced credit card which is a lower merchant fee or by ATM card with PIN SameasCash. Speaking as a web merchant (theartauction.com) we will definitely incentivize the consumer to purchase art work using Cash, thank you very much. Our fee: $1 We are leading the pack.

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