160 votes
Accepted

How do people know if there are sufficient funds available when accepting payment by check?

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 ...
Pete B.'s user avatar
  • 76.1k
113 votes

Why would a loan company deposit a small amount into my account and require I send it back?

What exactly is the "small amount" we're talking about here? It is pretty common when setting up a direct deposit to send one or two payments of < $1 and to ask the owner of the account ...
Justin Cave's user avatar
  • 26.5k
62 votes

How do people know if there are sufficient funds available when accepting payment by check?

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 ...
Vicky's user avatar
  • 23.3k
56 votes

How can a client pay me for freelance work if I don't want him to know my name and he is uncomfortable using bitcoin?

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 ...
Ángel's user avatar
  • 825
53 votes
Accepted

Is there a way to bypass POS Credit Card processing fees?

Is there any way to keep accepting those cards without paying the fees? No. You're receiving a service, why would you be receiving it for free? He confirmed there is no way to scape to this. That's ...
littleadv's user avatar
  • 166k
52 votes
Accepted

What is an escrow and how does it work? Practical example

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 ...
Rocky's user avatar
  • 24k
47 votes

How do people know if there are sufficient funds available when accepting payment by check?

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, ...
Shawaron's user avatar
  • 6,244
46 votes
Accepted

Do businesses save their customers' credit card information until the payment is finalized?

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 ...
Owain's user avatar
  • 709
37 votes

How can a client pay me for freelance work if I don't want him to know my name and he is uncomfortable using bitcoin?

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 ...
Ben Miller's user avatar
  • 115k
35 votes

Why don't banks allow more control over credit/debit card charges?

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 ...
DJClayworth's user avatar
  • 33.1k
35 votes

How can a client pay me for freelance work if I don't want him to know my name and he is uncomfortable using bitcoin?

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 ...
GeekInOhio's user avatar
30 votes

How do people know if there are sufficient funds available when accepting payment by check?

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 ...
pjc50's user avatar
  • 1,675
28 votes

Why would a loan company deposit a small amount into my account and require I send it back?

There is no reason, whatsoever This is the wrong part: "and require I send it back". A reputable institution may deposit a very small value in your account to perform some tests and then ...
André LFS Bacci's user avatar
23 votes

Why don't banks allow more control over credit/debit card charges?

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 ...
quid's user avatar
  • 49k
21 votes
Accepted

How is double-spending prevented in traditional banking?

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 ...
farnsy's user avatar
  • 15.1k
21 votes

What does "buyer is maker" mean?

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 ...
jayarjo's user avatar
  • 311
20 votes

How can a client pay me for freelance work if I don't want him to know my name and he is uncomfortable using bitcoin?

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.
0xFEE1DEAD's user avatar
  • 8,468
20 votes
Accepted

Cryptocurrency: What happens to coin value when it's transfered from one blockchain network to other?

Your confusion comes from the fact that the term "transfer" is a misnomer. You are correct, movement cannot be made between the chains. What is actually happening is that one is being sold ...
Dave Harris's user avatar
  • 4,267
17 votes

What does "buyer is maker" mean?

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. ...
David Schwartz's user avatar
17 votes

How do people know if there are sufficient funds available when accepting payment by check?

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 ...
Giacomo1968's user avatar
15 votes

Why would a restaurant offer a very large cash discount?

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 ...
Dheer's user avatar
  • 57k
14 votes

What is an escrow and how does it work? Practical example

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 ...
David Schwartz's user avatar
12 votes

How to delete multiple transactions at once in GnuCash?

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 ...
User's user avatar
  • 383
12 votes

Do businesses save their customers' credit card information until the payment is finalized?

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 ...
Bert's user avatar
  • 261
11 votes

What does "buyer is maker" mean?

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 ...
carrdelling's user avatar
11 votes

How can a client pay me for freelance work if I don't want him to know my name and he is uncomfortable using bitcoin?

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 ...
piojo's user avatar
  • 211
11 votes

Why would a loan company deposit a small amount into my account and require I send it back?

You giving back money they just gave you tells them nothing about your ability to pay back a much larger amount of money over some period of time. "If we can trust this guy to return $5, we can ...
Mohair's user avatar
  • 1,020
10 votes

How do people know if there are sufficient funds available when accepting payment by check?

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 ...
jamesqf's user avatar
  • 11.2k
10 votes

How do people know if there are sufficient funds available when accepting payment by check?

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. ...
Matthieu M.'s user avatar
10 votes

Is there a way to bypass POS Credit Card processing fees?

As to why merchants take credit cards, even with fees, the common answer answer is an increase in sales. A friend started taking credit cards and her business double or tripled in volume. As her ...
Walter's user avatar
  • 221

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