Payment+Systems

__** The NFC and remote process uses 3 different payment systems; credit card, debit and prepaid. These systems provide flexibility and accessibility for payment procedures. The following is a detail description of how Kingston Mobile users can finance their purchases. In 2009 credit cards were responsible for more than $2.5 trillion transactions (American Bankers Association 2009). North America vendors and citizens are familiar with this form of payment system and are use to making payments through their credit cards. Kingston Mobile will allow users to make transaction though the NFC system or the web payments by utilizing their credit card. Consumers will have the ease of making purchases by simply supplying Kingston Mobile their credit card number. Our service will operate as the middle man by informing the credit card company of any purchases that has been made. For example, Tim is at the Ford dealership and decides to purchase the 2010 Expedition. He then scans his mobile phone (NFC system) which accesses Tim’s credit card information through the Kingston Mobile System. Kingston Mobile will then inform the credit card company on his purchase to verify and authorize his purchase. The transaction is processed and he takes the vehicle home. The credit payment system offers accessibility in making secure purchases. Kingston Mobile can be prompt with debit payments for consumers that do not own a credit card or prefer this method of payment. Instead of consumers carrying around their debt card they can make purchases directly through the Kingston Mobile system. Kingston Mobile accounts will hold the user’s banking information. This is used to ensure payments through the NFC or remote payment process. For example, Tim is heading to class and wants to pick up a slice of pizza on his way there. Instead of waiting in line when he gets to Pizza Pizza, Tim can access Kingston Mobile payments and make the purchase remotely. Through the Pizza Pizza website, Tim will pick the Kingston Mobile payment option. Thereafter, Kingston Mobile will process and authorize the payment with Tim’s bank. After the transaction is complete, Pizza Pizza will provide a conformation number to ensure its product is given to the correct individual. In 2008, 5 billion prepaid card transactions were made totaling $153 billion (Nilson Report 2009). As a result, Kingston Mobile will make available prepaid payment systems. Prepaid account opens up to arrange of customers that target different niche markets. International visitors may adopt this payment method during their stay in town. Adolescence may not have a bank account or be old enough to obtain a credit card. Also the retirement community may adopt this payment method to keep transactions simple and accessible. The Kingston Mobile prepaid payment system allows users to add money to their accounts which in turn will provide a secure payment method. There are two ways users can load their Kingston Mobile accounts. They can locate a Kingston Mobile terminal to load their account with whatever amount they choose. Also, users can make credit card payments to add money to their account. Therefore, friends and family can deposit money towards the Kingston Mobile user’s account. This method can allow parents to give money to their teens and international visitors to use their credit through Kingston Mobile payment systems. Prepaid payment methods also allow you to preload your grandparents/parents account that maybe in a retirement community. This saves them time from going to the bank and gives them instant access to money without face to face contact.
 * __ Payment Systems
 * Credit Payment Systems **
 * Debit Payment Systems **
 * Prepaid Payment Systems **