160

The bottom line is you don't. Checks are rarely written for that amount, currently the average checking balance in the US today is around $6,000 or so. Traditionally, checks were written for much smaller amounts. Perhaps $200 at the grocery store, $100 at the restaurants, $50 at other merchants. Many business would black list those that wrote bad ...


62

In the UK, in the 1980s, if you wrote a cheque to the seller of an item and didn't have the money in your account, the bank would bounce the cheque (and charge you a fee) but the seller would have lost their money and their item. To give slightly more protection to the seller we had the concept of a "cheque guarantee card" - which looked like an ATM card (...


54

Use an intermediary. Rather than your client meeting with that forum person, he could meet with an intermediary that will then provide that payment to the forum persona he is contracting. This intermediary could be a friend of yours, yourself posing as a friend, a lawyer, etc.


52

In simple terms, "escrow" is just a way to make sure the seller gets his money and the buyer gets the house (or goods, or whatever is being purchased). It's a way to avoid fraud and other problems. When you go to a store to buy a banana, for example, escrow isn't needed because you hand over some money and immediately walk away with a banana. With ...


47

It was also common to call the bank and ask if funds were available. It was legitimate to call the number printed on the front of the check and say, "Hi, I have this check for $300 from Artem, account number 1139391874. Is it good?" The bank would either verify funds or say that no, that check would bounce.


46

I wouldn't regard that article as knowledgeable about credit card processing systems, however: Does the restaurant's credit card system typically store the customer's credit card information after the initial authorization until the charge is finalized? If so, for how long is it typically stored? They shouldn't do, unless their business is fully ...


35

quid has expressed some of the disadvantages with this approach, but there is another. Vendors will not want to give you any goods you buy with your credit card until they are sure they will get the money. With your suggested approach buying something with a credit card now looks like: Vendor runs the credit card and have you punch in your PIN. Vendor waits ...


35

I am not familiar with Russia's postal service, but might you go low-tech and simply have the client physically mail you currency? Again, ignorance of Russian services available, but in the US you can rent a postal box for a relatively low sum and have mail delivered to that address without giving up any of your person details to the client, other than the ...


35

Use an escrow service An escrow service is a third party that holds the payment from the buyer while the transaction is in progress. Once the buyer and seller agree that the obligations have been fulfilled, the escrow service releases the funds to the seller. There are online escrow services that specialize in handling online transactions. I have not used ...


30

In addition to the other answers, there were people that relied on the delay of cheque settlement - you could make a purchase with cheque on Thursday, get paid in cash on Friday, put the money in the bank and it would cover the cheque next week when it cleared. It was also possible to "post-date" cheques, with a date in the future. This was supposed to ...


23

Credit card fraud is an extremely (to stress, EXTREMELY) small proportion of total credit card transactions. The card issuing entities all offer zero fraud liability, even on debit cards. There are millions of transactions every day and fraud loss just isn't worth developing, and supporting, an additional authentication layer that faces the consumer. To ...


20

Depending on the amount, he could use money orders (for example Western Union), Amazon gift cards (or similar) and DM/email you the codes, or mail you prepaid Visa/Amex credit cards.


19

There are a lot of details involved in the answers to your question. Some of them would require specialized knowledge and is institution dependent...you would need someone who writes or oversees code for a particular transaction. I will do my best to give you the big, economic, picture. Neither I nor most people in this stackexchange are CS experts. How ...


17

Lots of answers, but none that focuses on the example presented by the original poster: Suppose there is person A who gives another person B a check for $100,000 in exchange for something expensive in a shop. How can B be sure that A has the money and it's not a scam? If someone gave me a check for $100,000—nowadays or in the past—I would hold onto the ...


15

Why would such a large discount make business sense to the restaurant? The legit reasons could be; In his specific case, he is seeing quite a bit [above industry average] of credit card frauds and charge back. This generally shouldn't happen, could be due to large number of card swipes that are issued out of country, etc. Thus losing substantial amount ...


14

For a trade to happen, there must be a buyer and a seller. The buyer could have placed an offer to buy, which the seller took. Or the seller could have placed an offer to sell, which the buyer took. These are the only two possibilities. If the buyer placed the offer which the seller later took, the buyer is the maker (he made liquidity available) and the ...


14

Others have made great explanations of the general theory behind maker/taker logic. However to answer the original question. If isBuyerMaker is true for the trade, it means that the order of whoever was on the buy side, was sitting as a bid in the orderbook for some time (so that it was making the market) and then someone came in and matched it immediately (...


14

Suppose I want to buy a house from person X. Person X is willing to sell me his house for 200 k$. I don't have this money, so I need a mortgage. I go to my bank to obtain a mortgage. How does the escrow would work out in this practical example? Let's try to imagine doing this without escrow. Who should the bank give the mortgage money to? They can't give ...


12

Most payment systems today can utilize a token-based payment system. The original card information is sent to the payment processor, who generates a token linked to that card information, and sends the token back to the retailer. The retailer can then store this token for future transactions, without having to store the actual card number. This makes for a ...


11

If refillable payment cards are commonly used in your region, you could purchase a card and send him whatever information he would need to refill it, usually a QR code or a number. In some countries these can be refilled at convenience stores. You would then use it like a credit card, or transfer the balance to another account. Before doing this, be sure you ...


10

As a workaround I made a shortcut key for deleting transactions. With GnuCash closed, I modified the accelerator-map file. In GnuCash 2.6 and older: C:\Users\username\.gnu-cash\accelerator-map In GnuCash 3.0 and newer: C:\Users\username\AppData\Roaming\GnuCash\accelerator-map Ubuntu: /home/username/.local/share/gnucash/accelerator-map I changed the ...


10

The simple answer is that you don't know that you'd get paid, just as you don't know that you won't get mugged and have your cash stolen, or have someone steal your credit card and run up a bunch of charges. But all these things are crimes (in the US, at least), and someone who does them faces the prospect of fines and possible prison time. (With checks, ...


10

There are still countries using cheques today; they are still common in France for example, and every time I've gone to the supermarket there I've seen people (generally older) using cheques to pay. There is generally no guarantee for the vendor, when paid with a cheque, thought they have a few recourses: It is illegal to pay with a cheque without having ...


9

There are many exchanges (not only for cryptos) that use a "Maker-Taker" model. In this model: A taker is the party whose order tends to be filled on demand (i.e. does not has to wait). This part also tends to pay higher fees. A maker is the party whose order tends to stay in the market for some time, waiting for a counterpart (a taker) to complete the ...


9

Law, particularly criminal law Bouncing a check is a crime. When buying merchandise at retail, the retailer will swear out a complaint! Even for a little one, lest word get around that they don't enforce. First time, a cop will call you and say "settle this today or else". Third time, they won't call, they will put out a warrant and you are a fugitive. ...


8

Split transactions are indispensable to anybody interested in accurately tracking their spending. If I go to the big-box pharmacy down the road to pick up a prescription and then also grab a loaf of bread and a jug of milk while there, then I'd want to enter the transaction into my software as: one single transaction for the total amount, but some part of ...


7

There were many ways, but in the end, you don't actually know. List of bad accounts - Most people that accepted checks also had a system to check for a list of known bad accounts. You could get banned from using checks, or even banned from ever shopping at that store again, should you write a bad check. Once you have written a bad check it can be hard to ...


6

Yours is really an English question, in my opinion. Indeed, I would say that If the transaction is not done by you, please contact our Helpline at the earliest. is really a translation for a non-native English speaker to mean If you don't recognize this transaction Again, in my opinion, this seems a courtesy, a bank or any financial institution ...


6

You can report the violation to the payment network (i.e., Mastercard or Visa). For instance here is a report form for Visa and here is one for MasterCard. I just found those by googling; there are no doubt other ways of contacting the companies. Needless to say, you shouldn't expect that this will result in an immediate hammer of justice being brought ...


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