More than price, I care about payment security, and for that I like OpenCuro because you pay using non-static payment codes and the payments don’t contain any personal information.

Another payment system that isn’t as secure, but is pretty cool is Obopay – which lets you can pay with your cell phone.

If the victim uses Credit Card and report fraud then they can be liable for a maximum of $50
Check out the regulations for credit card established by the government. Either using ACH or using Credit Card the consumer is protected (if they report the fraud) to paying a maximum of $50

The federal government has enacted regulations to protect consumers. Tel Bank of America about Reg E (or 12 CFR 205 , http://tinyurl.com/cqykeu )
They are by law required to reverse the transaction.

(Disclaimer: I work for Noca )

(Disclaimer: I work for Noca )

We are working on a social networking application where transfers of funds happen frequently. We initially reviewed PayPal but their fee structure incurred lots of fees. We decided to review Noca and have been beta testers of their merchant integration from the early onset. After working with them for several months now, not only did we find the payment solution that we sought out for, we also believe the folks at Noca are passionate about their technology and will deliver a high quality service.

We plan to launch our site which integrates with Noca for payment transfers in March 2009. Stay tuned!

As a founder off an innovative web company that not only needs a better technical solution but needs to manage slim margins very carefully finding NOCA was a blessing. I had been a customer of First Data for the past 12 months. Every month I would look at my bill and notice an assortment of charges that on my bill that eat away at my bottom line – you have transactions fees, VISA, MC, AMEX WATS auth fees, AVS WATS fees, secure gateway fees??, Interchange charges, Chargebacks/reversals, Customer Service fees, qualified rates, non-qualified rates,… Confused??? This industry has not seen any innovation in 30 years and they have and they have only seen companies like First Data get fat, dumb, arrogant, greedy, and deliver crappy service!!! This market segment is ripe for change! NOCA is a safer, easier to integrate, easier to use solution. IMO this is a wake up call to the credit card processing companies , PayPal, Google Checkout, and Amazon APS – someone please explain to me why you would not use NOCA? NOCA is working great for my company.

I hope Noca takes off because we are bring ripped off by Paypal, which is making big, big profits for a service that has low, low overheads. These guys had the chance to revolutionalise the costs of credit and payment transactions by bringing the costs down dramatically compared to offline fees, but they’ve done little more than exploit the online community and are pricing themslves on par with the offline providers. They deserve to be done.

I think NOCA enables all kinds of great scenarios – really lowers the barrier to entry for online merchants. Especially with regard to cross-border payments.

I believe the implementation (a JavaScript API making SOAP calls) is a weak-point but expect them to offer more robust solutions in the future – at least I hope so.

-Paul

Check it out at: http://www.secu...ltpayments.org/

Reg Z or not, fraud in the checking world is like 2% or 0.2% of fraud with CCs. So those trained consumers misplace concerns. If Noca *wanted* to, it could abide with reg Z and say so in the terms of service.

Consumers are fickle and once, prognosticators said, “the fax machine will never work because it needs a critical mass.” Of course fax conquered until the net age. Now check 21 from Congress means it’s time for net activity with checks.

Clarifying, my post wasn’t about ID theft. It was about Noca as a trusted intermediary for sensitive account data. The only real fraud that can be done with checking accounts is demand draft fraud, period. If Noca cancels that threat (it does) then there can be no fraud per se, though merchants may misbehave. That plus internet apps is Noca’s value added over plain old demand drafts. The point is, don’t trust merchants, just Noca, like people trust PayPal. Of course if Noca imitates PayPal they’ll be quickly hated.

The 3% CC transaction fee built into every product are pure gravy giveaway to banks, and cost us all since merchants universally pass it along. There needs to be more competition. Consumers may be dumb but business is sharp and they’ll move on a dime over 3%. A savvy marketing step from Noca would be merchants discounting the 3% CC fee to consumers for using Noca service. So everything you buy via Noca costs 3% less. Sweet…

Now CCs ARE well regulated in some ways but what the *@#$? Considering their insane arbitrary fees levied for no reason (HALF of CC profit is fees!), what-are-you-going-to-do-about-it, always-a-different-clerk, scripted customer support brush-offs, recent bankruptcy laws changed in their favor (debt slavery), legally uncapped usury rates, plus 2008 bailouts for gambling losses, and horror stories of credit bureaus wrecking lives (forget about ID theft, they’ll murder YOU as YOU), get a clue. We need alternatives.

The big benefits here are business facing, but Nova demands a change in consumer behavior, one that they may not well understand or trust. It took years for people to trust ATM’s. Now giving bank info rather than credit info–that is not the currently accepted standard. Furthermore, most of these post talk about the threat of ID theft. The other issue issue is the fact that CC transactions are regulated by Reg. Z, which is extremely consumer friendly. You get my CC info, i’m out a max of $50 (if I’m paying reasonable attention to my statements). You get my bank data, and I could be bouncing checks, missing credit card and mortgage payments resulting in real credit problems.
That said-this really does address a real concern for small businesses who would like to take payments via the web and are currently stuck with mediocre gateway solutions. I wonder if they have an API?