1994-05-30 - Re: digital clearinghouse idea

Header Data

From: nelson@crynwr.com (Russell Nelson)
To: cypherpunks@toad.com
Message Hash: ba71d1ec3f1c1f446ffc1e8a3ec6ecbff272301d7d94ee0f9829a33e8a6b5f65
Message ID: <m0q7yZW-000IAWC@crynwr.com>
Reply To: <9405300140.AA28585@ah.com>
UTC Datetime: 1994-05-30 04:00:42 UTC
Raw Date: Sun, 29 May 94 21:00:42 PDT

Raw message

From: nelson@crynwr.com (Russell Nelson)
Date: Sun, 29 May 94 21:00:42 PDT
To: cypherpunks@toad.com
Subject: Re: digital clearinghouse idea
In-Reply-To: <9405300140.AA28585@ah.com>
Message-ID: <m0q7yZW-000IAWC@crynwr.com>
MIME-Version: 1.0
Content-Type: text/plain


   Date: Sun, 29 May 94 18:40:48 -0700
   From: hughes@ah.com (Eric Hughes)

   If you use the ACH system, you can't pre-authorize sporadic payments
   for arbitrary amounts.

I talked to both Fidelity Checks and Checks-By-Phone, and both of them
said that they would accept electronic mail as evidence of
authorization.

They work as alternatives to credit cards.  When a customer calls you
up, you tell them that you can accept a check over the phone.  They
read you the check number, account number, and routing code.  You
submit that information to them by modem and they print up the checks
and overnight them to you.  Fidelity Checks charges $200 startup fee
plus $2.50 per check.  Checks-By-Phone charges $350 startup fee plus
$2.00 per check.

They both contend that this a standard way to buy things and that
customers accept it.  Personally, I've *never* had a vendor suggest
that they could write a check on my account.

-russ <nelson@crynwr.com>      ftp.msen.com:pub/vendor/crynwr/crynwr.wav
Crynwr Software   | Crynwr Software sells packet driver support | ask4 PGP key
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