Podcast #128: We chat with Kent C Dodds about why he loves React and discuss what life was like in the dark days before Git. Listen now.
52

It means that the merchant (here, a university)'s process is to deceive their processor by falsely submitting the charge as a "CVV2 with Magnetic Stripe failure" transaction. Having the card present during a transaction reduces fraud, so the card issuer and processing network are less likely to incur fraud investigation costs (or even eat the whole charge), ...


37

This violates PCI-DSS They are only allowed to use security code or fullstripe data momentarily during a transaction. They are not allowed to retain it, even for a minute. Even worse, this form has the fivefecta of the 3 credit card fields, cardholder name and Billing ZIP. That's all you need to plug into most website order forms. This document ...


26

The reason that they are asking for it is because they need it in order to process the credit card payment. They are required by their credit card processor to enter it. If you do not provide it, they will not be able to charge your credit card. If you want to pay for this service with your credit card, then yes, you should provide them with this code. ...


12

With BofA, you can just enter their address and it will mail them a check instead of needing to wire it to them. You don't need your landlords permission to do this (just let him know to expect the check in the mail). I did this for years, and other than the fact that the arrival date may vary by a day or two (presumably due to mail or processing delays), ...


12

A standing order is still the right way to do this. Most bank accounts have online access and will let your customer setup the standing order online, without having to fill in a paper form.


7

This is completely insecure and personally, I wouldn't supply the info. As you've reasoned, you will have no idea how your information is used once it's left your hands, and you'll never know if it's been disposed of properly (shredded/destroyed). Furthermore, the fact that they follow such insecure practices tells you that at the institution level they ...


6

To answer: What if the payee (or the payer) makes a mistake in the account number Direct payment (via online banking) is pretty common in my country (UK). There is a real chance that if you make a mistake the money will not be recoverable, since the bank only undertakes to do what you tell them to do, not what you intended to do. While not necessarily ...


6

Canadians can email or text each other money through Interac. It is fast - the longest it's ever taken for me is 20 minutes, often it's less - and secure. You don't need to know each other's banking details or even real names. I've used this to send money to my children, each of whom uses a different bank than I do, and they've used it to send money to ...


6

this is to prevent fraud, and there is likely nothing (through paypal) that you can do to speed up the process apart from making sure you verify all the accounts linked to PayPal (bank, credit, etc) and that your relatives do the same. Be mindful that Paypal is NOT intended as a large sum transfer service - they are a convenience for online payments. Using ...


6

Is this the same as ACH? It's not "the same as ACH", it is ACH. All the transfers to and from your bank accounts to Square/PayPal/other bank accounts go through ACH. The exception is wire-transfer, which goes in a different (and much faster, and more expensive) route.


6

Placing all of the information required to authorize a card not present transaction on a paper form that will be subject to potential mail theft of skimming in the office is not a particularly good idea. Other answers mention things the school should do. This is not a helpful way to think about the problem... you are not the school and have no agency over ...


5

Unless there was a mistake that you can blame on the bank (e.g.: they copied the numbers wrong from the form you filled), wires generally cannot be reversed.


4

If the error is because of you, you can request the Bank to see if there is a possibility of recall. However this is normally available only to large corporates. There is a window by the time you submit an instruction to the bank and the time it is fulfilled and recall is technically feasible. Once the Bank has processed the instruction, reversals / recall's ...


4

It's almost entirely safe to give out your sort code and account number. You already do this if you ever write a cheque, for example. There is a small risk that someone could set up a fraudulent direct debit in your name. But those can only be to organisations that accept direct debits so there's not much motive to do it, and you'd be able to reverse it as ...


4

Cash is an option. It's less common than in Europe, but 40 £20 notes are not that difficult to count or keep secure. If you are worried about security, you also need to worry about the "purchaser" just running off with the laptop without even pretending to pay.


3

In order to do that, merchants or payments-companies are using mechanism of tokens: when a customer is registered to the service or during the first payment the customer is required to pass its payment method details (the card credentials). Then the company that supply the service store a token that hold the data of the card and then in additional use the ...


3

It depends on the bank and network. Banks are to provide outgoing data at the certain time for the processing by the central clearing house (the Federal Reserve system, for ACH), which then distributes incoming data back to the banks. All this has to be done between the closing of the business day and the opening of the next one. If the transaction hasn't ...


3

Square prices are hard to beat for a small operation. I've looked around when I was considering starting up a business, and they're definitely one of the cheapest. Paypal are the second best, but I do not trust Paypal in general. However, looking locally may provide you some more options. If you walk in to one of the local banks, you may be able to get ...


3

I am not aware of a version of Interac available in the U.S., but there are alternative ways to receive money: Cheque. The problem with mailed cheques is that they take time to deliver, and time to clear. If you ship your wares before the cheque has cleared and the cheque is bad, you're out the merchandise. COD. How this works is you place a COD charge on ...


3

Yes, many banks offer such a service. Often such payments can be made through their "bill pay" interface. You log in to your account on the bank's website, enter the recipient's routing and account numbers, and off you go. You could ask your bank whether they offer this. If not, you could change banks to one that does.


3

You can speed up the process. Tell the person sending you the money, to log in in to their Paypal account and to click "confirm receipt" next to transactions related to their sending to you. After this, the money will be relased immedidiately.


3

No, there is no threshold above which electronic payment of estimated taxes is required of individuals; but corporations might be subject to different rules. Electronic payment is encouraged since whether the estimated payment was made in timely fashion, or whether the post office lost the piece of mail or postmarked it the next day etc. are no longer an ...


3

For businesses paying you, ask them to send you money via automated clearinghouse (ACH). This is the same system as direct deposit and is equivalent to writing you a check. You will need to provide the routing number and account number for your bank. In fact, if you ever do business with the US Government, they are required by law to use ACH instead of ...


2

You could buy a money order with your cash, then mail the money order to Deutsche Bank Germany for deposit into your account. You could also buy a prepaid debit card (like a Visa/AMEX giftcard) with your cash. Then, open a new Paypal account and add this prepaid card. Finally, send money to yourself using the prepaid card as the funding source. You could ...


2

I think I would simply find a friendly local who is willing to Paypal you for cash.


2

No, it is encouraged, but not required. From the 1040-ES instructions: The IRS cannot accept a check for $100,000,000 or more. If you need to pay more than that amount by check, you must use more than one check. Please consider a different method of payment other than check if the amount of the payment is over $100,000,000.


2

These are services that facilitate using credit cards. So whatever vulnerabilities there may be, your risk is limited to your liability to the credit card issuer. Usually, this means no liability whatsoever, and the most significant risk is the inconvenience of re-issuing the compromised card. Some card issuers separate the "Pay" service account from your ...


2

Each bank is different, so your question needs to be more specific. For instance, I believe Paypal and Chase settles at 7pm EST on business days. Bank of America at 5PM.


2

Are there any downsides to paying rent this way? No. Where I live there can be upsides. Some banks charge for paper transactions involving checks (cheques). Is that different, legally, from "wire transfers"? Yes, wire transfers are effectively anonymous and can be picked up as cash without a bank account, which is why they are popular with crooks. ...


1

Different systems have different fees for merchants. In many cases an incumbent system will typically have higher fees simply because there is no competition. Maestro also isn't used worldwide, so for the consumer in a "Maestro country", they now get more choice too to make their travel easier.


Only top voted, non community-wiki answers of a minimum length are eligible