160 votes
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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 ...
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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 ...
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  • 21.8k
55 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 ...
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52 votes
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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 ...
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52 votes
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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 ...
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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, ...
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46 votes
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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 ...
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  • 709
36 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 ...
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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 ...
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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 ...
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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 ...
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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 ...
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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.
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20 votes
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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 ...
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19 votes
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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 ...
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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 ...
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16 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 ...
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  • 261
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 ...
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  • 56.6k
15 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. ...
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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 ...
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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 ...
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  • 261
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 ...
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10 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 ...
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  • 313
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 ...
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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. ...
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9 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 ...
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9 votes

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

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 ...
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8 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 ...
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  • 181
7 votes

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

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 ...
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